Importing & Exporting Without Breaking a Sweat
So you want to start exporting goods? You’re not alone. The question is: what do you need to know before jumping into global trade? As it turns out, there are quite a few things that can turn an export or import business into a booming success story. Some of them start from hiring Freight Forwarder Brisbane, finding your first client overseas and measuring risk exposure, to working with customs brokers domestically and abroad.
You’ll want to gather all the legal documents for your business as well as any paperwork needed by customs where you live and abroad. This includes things such as COO certificates or articles of incorporation (where applicable), tax registration papers, licenses and permits, etc. You might also consider investing in an international trade lawyer if this is likely to be a lifelong venture due either to large volumes or complexities in what you are doing. A good rule of thumb is that anything which could result in more than a minor fine should be handled by a lawyer.
You’ll also need to file the appropriate paperwork with customs where you live and abroad – either via an online filing portal or through a broker who will handle that for you (or both). You’ll need to deal with the Department of Foreign Affairs and Trade, or DFAT.
You might want to get business insurance as well in order to protect your company from liability if something goes wrong overseas – for example an export shipment is delayed due bad weather. You can’t control all factors that will influence how quickly things happen, but you’ll be able to sleep better at night knowing that there’s a safety net beneath you should anything go wrong financially.
Both exports and imports have their own unique risks associated with them, so it never hurts to do some research before diving into international trade head-first. The best way to make sure this happens is by seeking out qualified advisors who specialize in this area such as accountants or attorneys experiencedYou may want to research other potential agreements before deciding what route best suits your business needs.
Finally, once all this has been done, export experts recommend finding niche markets overseas since they tend to be less competitive than larger ones on international scale.