Trade Off : Import and Export Documents
Category: Import and Export | Nov 29, 2009 |
In today’s shrinking world, there is hardly any business transacted which does not require goods and services to cross national shores. Import and export activity is routine for many businesses, and the lifeblood of others. No doubt, you have used imported materials in your company before, but if this is the first time that you are importing or exporting something directly yourself, the following checklist will help you.
It is said that international trade does not deal with goods or services, but with documents. Strange, but true! The importance of correct paperwork cannot be overstated when it comes to import and export transactions. If you’re the type who cannot abide paperwork, may we suggest that you hire someone who can! Documentation is crucial to international trade, and there’s plenty of it to deal with.
The documents required to successfully complete an import and export transaction vary from country to country, but broadly they will cover the following:
Purchase order – sure, this is a business requirement, but a purchase order may also be needed by the buyer or seller for arranging finance. A bank may ask the importer for a copy before it issues a letter of credit to him, which will be used to pay the exporter. On the other hand the exporter might be able to get financing from his bank, on the basis of a confirmed order (also called purchase order financing).
Letter of credit – this is used for making payments for imported goods, once the necessary documents are handed over (see, we told you they were important). A letter of credit basically says that the importer’s bank guarantees to pay provided all the papers stipulated in it are in order.
Shipment documents – a bill of lading is needed for sea shipments or an airway bill when goods are sent by plane, as proof of dispatch.
Certificates of origin – some countries have restrictions on the volume of business that can be done with other countries. Alternatively, there may be tariff benefits accorded to goods from specific supply sources. In such cases, an exporter will need to submit a Certificate of Origin, which is endorsed by a designated regulatory authority or Chamber of Commerce.
Quality or inspection certificates – if the buyer specifies an inspection prior to shipment, be sure he wants to see some proof of that on paper!
Packing list – finally, something that makes sense! How would you like to receive a container full of cartons with no clue as to which one contains what item?
Invoice – but of course! Make sure you’ve written everything correctly, including the currency of transaction.
Others(!) – these are specific requirements, and change from country to country. For example, Australia has stringent quarantine restrictions governing the trade of food and animal products. You would need to secure a permit, or subject your goods to an inspection or both.
This might seem like a long list, but is in no way exhaustive. That is why you need to hire someone who understands import and export documentation, so that you can be sure that your international business proceeds smoothly.
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Could anyone suggest a name for my import-export oriented firm?I am establishing an import-export company. The company will be focusing security and protection and other similar products. Can anyone please suggest me some decent names that have some meaning. I want the name to sound good, easy to pronounce and more over the name should be able to tell something about the business.
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there are people who are exporting andhave just one room office in their house. they don't have any manufacturing unit or any godown, but they surely have the market knowledge and demand of the overseas buyers.
Products like handicraft items, homefurnishing, fashion accessories, arificial & immitation jewelery, cotton bags, rugs & carpets and lot many products are manufactured in remote areas of India and can be sourced from there.
but to choose a product you have to analyse few parameters like which country you want to target & products which have high demand in overseas market…. you can get this details from htttp://www.cybex.in
At this time the Internet is not taxed in the US. You do not need a license to do an online business.
However if you plan to ship books or materials to the students you might have to pay extra. You can get around that by trying to find all your materials somewhere like Amazon.com (get an affiliate acount and you can still get some money off of what the students purchase there). Or, if you make your own materials for the class, consider making them somewhere like CafePress.com so that its a US company shipping them (mention OddThotz as a reference if you create a CafePress shop)
I've heard this is a good business. You should start getting some information from places like http://www.sitesell.com/salary.html , and just soak in all the information you can. Good luck, and thank me later!
You might check with your bank to see if they have an ExIm department. They can give you some advice on the licensing and provide the necessary Letters of Credit, etc.
unfortunately, you need connections. i have a the same degree and the only job that i could even get an interview with were sales positions. it sucks that you can't get a job without experience, but you can't get experience without a job! my suggestion is to get an internship in this field during your last semester. if you can't find one in import/export, just get one in another business field. any experience (whether paid or not) is better than none.
good luck!
Try contacting exporters and importers in your area, send an email to sell@epog.org for information
You can't do it unless you have a home base.You need tractors trailers,drivers,you need alot of money to do this.One tractor trailer combination unit alone used would cost you a small fortune.You need a license to open the business, insurance and the list goes on and on.I would venture to say at least $500,000 to get started.You would be better off to be an oo (owner operator) and drive coast to coast.I thought about doing it,and my father drove he said even oo's don't make much $ any more,he told me to drive for UPS one rout back and forth.Really good money.Especially double trailers,like go to NJ,spend the night,drive back,hook,drive back,spend the night,over and over.Depends on where you drop and hook,that's just an example.But it would always be the same rout,talk about easy money,and you work a week then 3 days off,then over and so on.
I don't know if this site is any good, but it seems to be marketing to you….
http://www.importexporthelp.com/trdspx1.htm
Be aware that there are very complicated export licensing laws and there is a lot of liability for criminal violations if you mess up. But, since you are an accountant, you are probably very detail-oriented.
You don't. That field is covered by regular companies, and if anybody claims they can "set you up" in homebased import/export they are LYING!