Running an import/export business entails a lot of customs issues, whether you have been in the game for a while or are barely starting out. But with the right customs broker to guide you through the process and recommend which action is best suited for you legally and professionally, you too can import/export your goods with minimal to no customs issues.
Our customs broker agency in El Paso has decades of experience assisting local and national businesses recognize and resolve complications with customs before they become serious.
The first rule is that any good import/export business needs to know compliance. When you take on the responsibility of bringing goods in and/or out of the United States, you need to be sure you are in total compliance with both U.S. Customs import/export and international trading laws.
That means that you not only need to know all about U.S. Customs compliance, but you need to familiarize yourself with the customs transactions and procedures of whatever country or countries you are doing business with. This includes everything from product control to labeling requirements and duties. You need to do this in order to avoid common customs issues that can negatively affect your business and finances.
When you are dealing with foreign markets, the most basic thing you always have to know is the currency exchange rate of the country versus the US Dollar. Some businesses forgo this and simply choose to do business exclusively in dollars instead. However, it’s always good information to know.
When you trade internationally, you must be aware of what is legal and what is not. This means familiarizing yourself with the Foreign Corrupt Practices Act (FCPA). Bribery is the most common violation of this act, so make sure you know what is and isn’t allowed.
Before you even begin to import goods into the U.S., you need to find out if there are import restrictions on your chosen goods, as well as licensing requirements to avoid future customs issues. You always want to make sure you are complying with state and foreign import regulations. Failure to do so will result in fines, penalties, and other consequences for your business.
When you are importing and exporting to and from foreign markets, you need to know if their compliance regulations are the same as the U.S. For example, every country may not have the same packaging requirements. Should your labels be in English or the local language? Do they have rules as to how products should be transported? This information, as well as speaking with a U.S. customs broker will help minimize your business risks.
Good record keeping is always important to ensure that you and your clients are protected. Keeping track of product orders, transportation logs, product manifests, and other records means that you can prove your business has been in compliance in case you ever have a problem.
These are only some ways to avoid serious customs issues when you are in the industry of international trade. There are many more things to know and keep track of, from transportation to financial issues. Your best option is to look for a licensed professional customs broker in El Paso to help you with every aspect of customs.
At RM Customhouse Brokers, Inc., our team has the expert knowledge to deal with any customs issues and regulations for you. We have made it our business goal to ensure that your business begins or continues a track record of success when it comes to importing and/or exporting.