Business makes the world go round, and trade growth is up 3% in the United States, according to recent data.
If you’re a budding trade company that wants to keep growing, it’s crucial that you get a handle on how you address your imports and exports. Learning to master these trades with detail and precision can be a difference-maker now and in the future.
What should you know about facilitating merchandise through customs?
The tips below show you exactly what you need to know about custom entry so that your imports and exports are handled smoothly.
Get to Know the Various Types of Custom Entry
Your first step should be to understand the various types of custom entry.
There are countless types of entries you’ll need to log when going through customs, including Transportation and Export (T&E) entry, warehouse entry, Temporary Import Bond (TIB) entry, Immediate Transit (IT) entry, and 4455 Certificate of Registration.
Each type of custom entry has its own nuances and obligations you must fulfill. The key is to understand what kind of freight you’re dealing with so that you can handle this issue with impeccability.
Be Precise When Filling Out Your Customs Entry Forms
The onus is on you to clearly declare inventory whenever it’s crossing a border. This happens when you fill out your customs entry form.
You probably know all about Global Entry if you’re an avid traveler. This streamlines your paperwork and processes so you can expedite the time it takes to get off the plane and to your destination.
You can do much of the same with imports and exports depending on how you decide to handle your forms.
When you’re filling out the form, you will have to fill in data involving the description of the goods you’re bringing in, the total cost and value of your goods, customs classification numbers, and other specifications.
Understand Informal Customs Entry
Make sure that your logistics manager stays on top of these details so that your business is conducted smoothly and without incident. There may be a situation in which you don’t even have to formally address your customs. With informal entries, you are declaring goods that hold a value of $2,500 or less.
There may be some exceptions to this rule depending on the type of merchandise that you’re bringing in. Get clear on this to make sure that informal customs entries are an option for you.
Stay up-to-date with regulations and touch base with professionals that can guide you.
Professionals can give you tips on handling all your shipments in a quick, easy, and streamlined manner. Using these tips can help you out in every part of your business.
Handle All Your Import and Export Needs Impeccably
Custom entry is a piece of cake when you consider the information in this article. These are points you definitely need to keep in mind if you are regularly importing and exporting goods.
Reach back out when you want to learn more about business and entrepreneurship in all of its forms.