Every day more people are interested in importing, as it is a very profitable alternative for anyone who wants to start a business; even more so with the large number of Free Trade Agreements that open the doors of the main factories in the world such as India or USA.
The only thing that will be needed to import is to be prepared, with the objective of defining whether the products to be imported are commercially competitive. However, many do not know the details of the import process, since the issue is not as simple as buying from an outside company, bringing the products and selling them. Abdul Rimaaz Legal consultancy, gives us 5 tips to import successfully:
1. DEFINE WHAT PRODUCTS YOU NEED: To choose a product when exporting or importing, the ideal is that you opt for innovative products that differentiate yourself from the competition.
It is advisable to make a Pre selection of at least three products, then check if the product you have chosen is free or not from the payment of tariffs (taxes that apply to import or export), and if it is subject to any special regulation.
To avoid customs problems, you also have to know if the product you are thinking of importing into the national territory is prohibited or has regulations.
2. LIST AN INVESTMENT PLAN: Like any business we have to take into account the cost of the product, project the profit you would get once you sell them, and determine the cash flow and the projection of payments. This little plan will help you not to slip in your new endeavor. Be realistic with your investment capacity and careful with current expenses.
LEGAL LINK TIP: Take into account when preparing your investment plan that the goods to be imported may be subject to a tariff; anti-dumping duties (trade defense measures to counteract the sale of products at unfairly low prices) according to product or country of origin, the VAT, among other duties.
3. CHOOSE YOUR SUPPLIER: The choice of supplier must go through a study of the required product and investment capacity. Therefore, it is usual to get a wide range of products based on the price / quality / quantity ratio. Once the supplier has been chosen, it is advisable to check on social networks, chambers of commerce or others if it has failed in terms or quality to other importers.
4. GO TO AN EXPERT: You must choose the freight forwarders and customs. The former will be in charge of loading, consolidating and deconsolidating the cargo, in addition to transporting it, while the customs agent represents the importer before the country’s customs. This is very important to avoid having any problem with the entry of the products.
It is ideal to contact a professional who will advise you on the import duties corresponding to the merchandise you wish to import, in order to analyze the viability of the process. In addition, he is the one who will review the documentation corresponding to the entry of the merchandise.
5. BE CAREFUL WITH THE FORM OF PAYMENT: Payment for imports will depend on the volume and mechanisms that the parties agree to. In low volumes it is usual to make virtual purchases using similar payment methods; on the other hand, when they are larger volumes, the use of bank transfers or letters of credit should be chosen based on the trust and value of the merchandise.