How to Import to the US

Importing into the United States is easier than it ever has been in the past due to all the free-trade agreements signed over the last 20 years. Making a profit domestically through foreign imports is common place and is outsourcing many American jobs. American companies view free trade as a way to make a big and fast profit without consideration of what the effects will be to the American economy in the future.

Difficulty: Moderately Challenging

Instructions

Things You'll Need:

• Import compliance manual
• US customs form 7501
• Import quotas outline
• Customs valuation encyclopedia
• US harmonized tariff schedule

1. Administer your business with the use of technology. Online contracts and digital signatures will save you money, time and overhead costs.

2. Learn the cost to import goods into the United States. There will be up front costs such as taxes, but it is the hidden costs that can make or break your profitability.

3. Purchase a copy of the US Harmonized Tariff Schedule and know what your import tax should be before your products even reach the US Customs. Many importers are overcharged—don't let this be you.

4. Read the Customs Valuation Encyclopedia—it is a reference guide that breaks down the import process into the United States.

5. Study the import quotas outline that will explain the tariff rates and clarify the North American Free Trade Agreement so that a lay person can understand the rules and regulations involved with the import of goods into the United States.

6. Implement your own unique compliance program for your import company with the aid of the Import Compliance Manual. This resource can be used as a template for your company's organizational structure and circumstances involved in your sales.

7. Expedite the US Customs Form 7501 through use of a downloadable .pdf file that you can open and use at any time. If your paperwork is filled out in advance, you will save valuable time.

Tips & Warnings

• The US Customs Form 7501 will help you calculate your dutiable amount and payment required for the import.
• Know what your classification tax rate is so you will not be overcharged.

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[magnadea]

on 5/11/2009 Great information, thanks! 5* and rec