An import refers to a product or service produced abroad (other countries) that is purchased in the United States. Countries are most likely to import goods or services that their domestic industries cannot produce as efficiently or cheaply as the exporting country.
As a customs broker, we serve every country and most industries.
Imports are foreign goods and services bought by residents of a country. Residents include citizens, businesses, and the government. If they are produced in a foreign country and sold to domestic residents, they are imports. Even tourism products and services are imports.
There are two basic types of imports: Industrial and consumer goods.
The procedure for import trade differs from country to country depending upon the import policy, statutory requirements and regulations, and customs policies of different countries.
Exports are incredibly important to modern economies because they offer people and firms many more markets for their goods. One of the core functions of diplomacy and foreign policy between governments is to foster economic trade, as encouraging exports and imports for the benefit of all trading parties.
Companies export products and services for a variety of reasons. Exports can increase sales and profits if the goods create new markets or expand existing ones, and they may even present an opportunity to capture significant global market share. Companies that export spread business risk by diversifying into multiple markets.
We are here to serve you and to work with all governmental entities to facilitate both imports and exports, as well as being a good customs broker consultant!
Business Analysis and Customs Audit Services
Depending on the nature of the products, there are various taxes, duties, and excises to be paid. Plus, international trade is governed by a whole host of regulations. To maximize compliance, importers and exporters need to be familiar with all applicable laws.
As experts, we can help businesses navigate the sea of changing regulations and understand specific requirements related to commodities.
The role of an analyst is to work as an intermediary between the customer and the government, utilizing the knowledge of multiple partner government agencies, while understanding the requirements and policies for such business or industry. An analyst can suggest areas where processes may be refined to mitigate risk.
A customs audit is an evaluation of company practices and records. The audit assists in judging the integrity of information supplied through a self-assessment and to determine level of compliance with legislative requirements.
As an importer or exporter, the company is responsible for the accuracy of information supplied to customs, and a customs broker must be used to prepare and lodge product declarations. The broker and the company must ensure all documents are examined, retained, and checked for accuracy and errors.
A customs analyst may also provide proactive auditing of internal policies, procedures, and processes which may include commodity classifications, record keeping requirements, and customs entries. An experienced team will review import and export records, both electronic and physical documentation, which will reduce risk, plea mitigation if fined, and provide better legal compliance.
We are here to be your partner . . . do not go it alone!