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How Importing Is Done There are countless of businesses that have realized how beneficial it is to import goods. As a matter of fact this can be made simpler if you’re dedicated and determined in making this happen. Yes it is true that different countries have different policies for importing but in this article, we will discuss the general process on how this thing is done. Step number 1. Make inquiries – first leg of the process is to find a trustworthy and reputable supplier overseas. Overseas suppliers are going to connect you to other suppliers and allow you as well to get different quotations. Once you have agreed on a contract, you may now proceed in the next step. Step number 2. Getting the right licenses – most countries are requiring importing license before allowing goods to enter their territory. To get an import license, the prospect importer should file for an application and has to be approved by the licensing authority.
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Step number 3. Finalizing the importing process – after getting the import license, the importer now has to create a contract and make an order. Actually, there are several important points that must be taken into consideration similar to ensuring your contract is clear and covering all areas of engagement, estimated manufacturing time and the expected date of delivery, company’s standard and the shipper’s terms.
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Step number 4. Letter of credit – suppliers can’t just risk of not getting paid and for this reason, they often issue letter of credit or often referred as L/C or L.C to the buyer and asking them to fill it out and send it back to the supplier before shipping the merchandise. Step number 5. Making the payment – as a matter of fact, the terms of payment agreement and method of payment will vary depending on the options offered to that company and also, your familiarity with the supplier. Making payments via PayPal or using your credit card is oftentimes the most preferred method for importers to use when dealing with suppliers for the first time. These methods can cost a bit more yes but they’re the safer option that can be taken. Step number 6. Documentary bill – as soon as your supplier received the LC, they’ll now arrange for the shipment of goods according to the contract’s specification. Step number 7. Clearances and customs – when the goods have arrived the port, the buyer will be in charge for taking custody of it and bring them to the desired business or storage location. On the other hand, before claiming the goods, the buyer will get an endorsement letter, which allows them to take custody of the goods.