8-Step Importing Guide For First Timers

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8-STEP IMPORTING GUIDE FOR FIRST TIMERS
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Importing goods is all about utilizing a
countrys comparative advantage
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Each country will have different prohibitions and
tariffs on certain goods
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8-STEP SUMMARY ABOUT BRINGING IN GOODS FOR SALE
AND DISTRIBUTION
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CHECK IMPORT LAWS AND REGULATIONS
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Every country has its own laws and regulations
about the inbound flow of goods. Do your homework
and study them
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Prohibitions vs Restrictions
You need to apply for a permit or license to
import the goods from relevant authorities in
your country
You absolutely cannot import the goods into the
country. There is simply no way around these
prohibitions
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SEARCH FOR PRODUCTS SUPPLIERS
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Its time to start searching for the actual goods
that you want to import. The easiest way is to
search online at Alibaba or attend a trade
show to meet suppliers in person
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Manufacturers Vs Trading
Trading companies, on the other hand, are simply
middlemen. They work with many suppliers
Manufacturers make the product themselves and
will sell the goods directly to you
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CALCULATE LANDED COSTS
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Landed cost includes the original price of the
product, transport fees, customs, duties, taxes,
insurance, currency conversion and handling fees
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ORDER PRODUCT SAMPLES
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You need to order a batch of samples before you
fully commit to a supplier or two
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These samples could have been the best ones out
of a large production run. The final goods may
differ from what you have seen in person
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NEGOTIATE PURCHASES
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A rule of thumb here is dont just go with
the cheapest price
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Get exactly what you pay for. Weigh up
the quality of the samples along with their
asking prices
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Sales Confirmation
Youll send a purchase order in anticipation of
your purchase. Then the supplier will reply with
a sales order confirmation
Type and quantity of goods
Value of goods
Weight of goods
Transportation charges
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Inspection Services
Inspection services can happen at various stages
of the import process
During the manufacturing process to identify
quality or production problems
During dispatch and packing to ensure the right
goods and quantity are shipped out
At the dock to ensure that the correct goods are
loaded and shipped
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When youre buying goods in another country, you
may have to deal with international currencies if
the sales confirmation order is not in your home
currency
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ARRANGE CARGO TRANSPORT
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Responsibilities and risks that buyers and
sellers assume when the goods make their way from
the sellers warehouse to the buyers warehouse.
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Common Incoterms
CIF (Cost, Insurance and Freight) The seller must
also present the invoice, insurance policy and
the bill of lading to the buyer
FOB (Free On Board) FOB means that the seller
will bear all the costs and risks until the goods
are loaded on board the ship
EXW (Ex Works) The buyer pays all transportations
and bears all the risks until they receive the
goods
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Engaging professional services for the first few
shipments at least until you understand the
import process and take over from there
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PREPARE FOR CUSTOMS
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INVOICE
Guarantee payment provided the required documents
are in order
PURCHASE ORDER
Verifies the country from which you have imported
the merchandise
Sale document describing the goods, the quantity
and their price
Used to arrange bank financing
LETTER OF CREDIT
CERTIFICATES OF ORIGIN
BILL OF LADING
Description of the purchase and contents for
shipments by air
INSPECTION REPORT
List of all the boxes contained in the container
Description of the purchase and contents for
shipments by sea
Report from inspection service
AIRWAY BILL
PACKING LIST
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Another good reason to use a customs broker is to
make sure that youre on the right side of laws
and regulations
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RECEIVE SHIPMENT
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If youve engaged a shipping agent or customs
broker then give yourself a pat on the back and
take a well-deserved break
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-gtgt Order Management System
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You need to observe your countrys laws and
regulations on the import of certain goods
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