Importing & Exporting | The Biz Knows

Importing & Exporting

Importing and exporting is a means of taking your business international. Going global will increase your sales, since a large percentage of purchasing power resides outside of the US. The level of achievement will be dictated by the ability to adequately meet trade requirements of involved countries. Here are some pointers for getting started.

Obtain industry directories, manufacturing lists, and other helpful information from consulate or embassy offices in the countries where goods will be imported and exported.

As preparation for importing goods from other countries, keep in touch with the consulate in your country.

Contact your country’s taxation department to acquire a registration number

Determine if a license will be necessary to import and export your goods. Items deemed as high-risk, such as liquor and pharmaceuticals, usually require a license.

Reach out to your government to find out if there are any embargoes or trade barriers where you plan to import or export goods. Also be sure to contact the consulate or embassy to learn about any restrictions on goods from your country.

Acquiring a Letter of Credit, for international trading, from your bank can significantly reduce risk. The bank will ensure no money is exchanged prior to receipt of expected good.

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