importing 101: importing into the u.s. – basic requirements and procedures
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DESCRIPTIONTekle Sebahtu Ph.D. http ://www.stcinternational.us [email protected] Importing 101: Importing into the U.S. – Basic Requirements and Procedures . Import Requirements and Procedures Agenda. Getting started Role of Custom House Broker Customs Entry process - PowerPoint PPT Presentation
Importing 101: Importing into the U.S. Basic Requirements and Procedures Tekle Sebahtu Ph.D.http://[email protected]
1Import Requirements and Procedures AgendaGetting startedRole of Custom House BrokerCustoms Entry processImporters responsibility under the Mod Act.Documents Required to make EntryWhat importers should tell their exportersQ&A
2Importing is not a right, it is a privilege, which can be revoked if rules and regulations are not followed.Getting StartedCompany assessment Planning, Commitment, Knowledge and Relationship.
License or a Company to import?
File entry documents yourself or hire assistance?
4Role Of Custom House BrokersConduct Customs Business (Valuation, Classification, Admissibility & Marking )
International documentation, packaging carrier and routing information.
Import quota information
Marine insurance rates and coverage
Must give Power of Attorney
5 The process of filing documents with Customs at the port of entry to get goods released.What is Customs Entry?
6Types of Entry
Foreign Trade Zone Entry
Warehouse Entry (Bonded)
Transportation ( In Bond) Entry7Who Can Enter Merchandise
Owner of merchandise
Purchaser of merchandise
Custom House Broker (Licensed)
8Formal VS Informal EntryFormal Entry Value over $2000. Value over $250 (trade sensitive articles e.g. textiles)Exceptions (for list visit CBP website)
Informal EntryValue less than $2000. Value of less $250 (trade sensitive articles e.g. textiles)Mail shipments (Duty Paid to Postal Employee)
Major Differences -- Formal VS InformalBond requirementsLiquidation process
9Customs Entry Process
15 CalendarDays10 Working/Bus DaysOne YearArrivalEntryCF3461Entry SummaryCF7501Liquidation
No changeAdditional dutyDuty refunded
Step 1AdmissibilityStep 2Valuation10Importers Responsibility Under The Mod Act (Informed Compliance)Other Agency RequirementsMarking
Duty Assessment (Valuation)Classification (HTS)
Accurate Transaction Documents11Documents Required to Make EntryBill of Lading or Airway Bill or Carriers CertificateCommercial or pro-forma invoiceEntry/Entry Summary CF 3461/7501 or Entry/Immediate DeliveryPacking listOther agency document requirements (FDA, FCC, DOA, ATF, CPSC, FNS) 12What Importers Should Tell Their ExportersInvoice typed, must clearly describe imported product. Product in the invoice to match with the packing list that will accompany the goods. Invoice should shows all discounts and the net price. Avoid commingling products, use separate boxes whenever possible. Mark goods and boxes legibly with the Country of Origin. Itemize cost of transportation and insurance
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