How to Start Import Business from the USA
By setting up an import business in the USA, you can bring new goods from abroad to the domestic market. In return, you open up foreign markets and new customers by exporting goods from the USA.
Depending on the good or service, you may need a license or permit to export it from the U.S. as a part of your business
Basic Requirements for an import business
- Business registration / entry in the commercial register / residence permit. Business registration with the concerned authority
- Eori number. ...
- Customs tariff number. ...
- Duties. ...
- Import sales tax. ...
- Excise duties. ...
- Additional duties and agricultural components. ...
- Anti-dumping or anti-subsidy duties.
1. Import Regulations
In addition to the specific challenges, there are also numerous regulations that you must observe for import business. The chambers of commerce, customs, CA of abroad can help you.
2. The main factors involved in importing are:
- Payment Terms
- Shipment Terms - INCOTERMS (FOB, CFR, CIF), etc
- Importing new products
- This means creating a new offer with goods that are not yet available on the domestic market.
- Price / performance
- This means to achieve a competitive advantage since goods can possibly be procured cheaper or in better quality abroad via import.
3. Business plan for founding with import
When starting a business in the Import area, you should draw up a business plan. The business plan helps you to develop your business idea and is required during the financing meeting with the bank advisor.
By setting up an import business, you can bring new goods from abroad to the domestic market. In return, you open up foreign markets and new customers by exporting goods from the USA.
In addition to the specific challenges, there are also numerous regulations that you must observe for import and export. The chambers of commerce abroad can help you.
4. Important imports
Chemical products, motor vehicles, and their parts, machines, or electrical devices are imported particularly frequently in the USA. At the same time, the range of imported goods is extremely diverse and there is hardly anything that is not imported. The possibility of importing new, cheaper, or better goods seems tempting at first glance, but the risks involved in importing should not be ignored.
5. Basis requirements for imports
Before starting your business start-up by importing, you should check the following requirements:
- Which markets are relevant for you, from which countries do you want to import goods?
- Quality of the imported goods
- Where can you find the goods you are looking for of the appropriate quality or at the right price?
- Import costs
- How high are the transport costs for the import?
- Export restrictions
- Is it possible to export from the country or is it subject to certain conditions?
- Import regulations
- Do the imported goods meet local standards and regulations?
- Important for the import: Local partner
- How do you want to find the right business partner there?
- Market knowledge
- Do you have the necessary knowledge of these markets? These include language, culture, economic, political, and legal circumstances.
- Import regulations
- Are you familiar with the import regulations in the USA? Are there any import restrictions? What are the import duties?
6. Tips for starting up in import
Below you will find tips that can be helpful for the points mentioned:
You can obtain detailed information on countries, their markets, and conditions from the Society for Foreign Trade and Location Marketing - USA Trade & Invest and from the Chambers of Foreign Trade.
7. Find business partners for import and export
Here, too, USA Trade & Invest and the chambers of foreign trade in the respective countries are good addresses that can help you get in touch with local companies. Of course, you can also do research on the Internet and yellow pages on your own. Visiting trade fairs is also suitable.
8. USA import regulations
Within the USA, the movement of goods is largely unproblematic. However, you must apply for a VAT identification number.
9. Import from non-EU countries
For some goods, there are import restrictions or bans. Your contact for commercial goods is the Federal Office of Economics and Export Control BAFA - the Federal Agency for Agriculture and Food (BLE) is responsible for agricultural products. You can find information on all matters relating to customs here. Atlas is an electronic system that is intended to facilitate customs declaration and clearance.
What you should also think about when importing are extended delivery times, the risk of a delivery failure, and exchange rate risks.
10. Information about Rules and regulations can be obtained from
- Federal Office of Economics and Export Control BAFA
- Here you will find regulations for import and export restrictions on commercial goods.
- Federal Agency for Agriculture and Food
- The BLE is responsible for agricultural products.
- Customs
- For regulations and information about customs, click here.
- You can deal with customs matters online through Atlas.
- Information on countries, markets, and databases to search for business partners
- The chambers of foreign trade are competent local contacts.
- USA Trade & Invest also prepares a lot of information and helps with international business.
- Information and business partners can be found on the provided portal.
- For more details you can click here
Import insurance
- The federal portal with information on import insurance can be found here.
- Foreign trade data and statistics
- Data on foreign trade prepares the Federal Statistical Office on
- These data are presented graphically in the atlas of foreign trade statistics
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Tags: start import business in usa, importing into usa, learn import business