This article for anyone who thinks they may want to know how to start to import goods into The USA and/or virtually any country where they are permitted to import and export. The intent is promoting and/or to sell their products a lot of this article may be common knowledge to some and new information to others.
IMPORTING
I suggest you find out who has the item ('s) you think you want to buy and sell and/or to import. Do a comprehensive research on the industry, and the market you wish to buy and sell in. While I am not able to share with you, in this article where on the internet to go a search for suppliers. You should be able to figure it out.
You may consider going down to or calling your local courthouse to find out about how, or if you need to registering your idea of an import business. It is also suggested that you start and list your business as a Sole Proprietor. Consult with your tax or legal person for advice. But this method of setting up your business usually, in my opinion, has the best tax advantages.
Obtain a pro-forma invoice or firm offer from your selected supplier. Make sure that their quotation includes, among others, the terms of shipment such as FOB, C&F, or CIF. Your payment can be done in number of ways. You can use a wire transfer, letter of credit and/or an approved credit account with the supplier you have selected. For someone just starting out, and without a lot of cash you might want to strongly consider a wire transfer, my personal favorite, or a letter of credit which is issued by you from your bank. There several other methods of payment, which you may elect to use iin the future. They are documents against payment, documents against acceptance, prepayments with is another avenue of a wire transfer.
Many times when I write an articles like this where I try to answer the first questions people have I am told " well that is just common knowledge" I am not trying to do anything in the very brief, is share with you, the reader, some tips on how to start an import business. One must start some where. My favorite phrase is " You have to start from where your at" I you already know this great for you and congratulations. If you did not know this, well I have the honor of maybe helping you to at least check it out.
