Importing is not joke. It is one of those businesses that are subject to numerous regulations and statutory requirements, and on top of all that, it is critical to know international trade in depth. When it comes to clearing goods from the customs, things like procedural formalities, tariff classification, valuation, and payment of duties do matter. If you are thinking of starting an importing business, contacting a customs broker is extremely handy. An import broker can help you understand the regulatory and compliance needs, which can be very specific to certain goods and commodities. Here’s more on what you must know about customs brokers, also called import brokers.
The fundamentals
Firstly, let’s clear one thing – It is not legally mandatory for importers to work with customs brokers. You don’t have to always hire one, although the advantages are way too many to be ignored. All brokers are licensed and regulated by U.S. Customs and Border Protection (CBP), and a broker could refer to an individual, association, corporation or even a partnership. Brokers don’t help in bypassing the existing requirements and compliance needs, but they have a huge role to play when it comes ensuring compliance.
What can an import broker do?
- Your import broker is capable of handling all the paperwork and payment to customs on your behalf, for which have to sign a power of attorney.
- The broker will evaluate all commercial documents, so that regulatory requirements are met.
- A customs broker is also your best bet for proper tariff classification. They will also double up as the liaison between you and other agencies, so that goods are cleared while meeting existing import rules.
- If you want to expand to new markets, your import broker can also help with consulting and advice. They can offer tailored solutions for each client, so that specific business goals are met.
- They will also check for refunds and duty drawbacks, as and when applicable.
Final word
Call an import brokers to know what they can exactly do for your business. Start with a free consultation session, and setting up an account with the right broker shouldn’t take more than a few minutes online. The eventual cost of hiring a broker always pays off, considering the extent to which they manage your imports. Just don’t rush in selecting an option and work with an import broker with experience in your sector.
