Over the last few years, China has created enough production infra-structure to turn into a production super-power and has started manufacturing a large proportion of various consumer products of the world. Today, importing from a country like China has become a successful tactic for many businesses of the world to increase their profit margin.
However, importing any product is not a cakewalk. Particularly for any newbies, it can be very challenging. Unless you take support from any China import agent, the process of importing from China is very confusing, complex, and can become costly too.
Whatever gain that you must have anticipated may end up with loss due to transit delay, wrong delivery, regulatory fees, and a host of many other problems.
If you are planning to import from China, then you must know the following few tips before you hire any Chinese import agent.
1. Plan your import objectives
It will be a good idea to have a clear picture of what your objective is. Whether you want a cheaper source of components and raw materials, import those products that are not available in your country, or anything else.
2. Identify a legitimate, and reliable supplier
Now by taking the help of any local import sourcing agent hired in China, you must try to identify a list of a few legitimate and reliable suppliers of your desired product. This is not a too easy job to do unless there is any local representative available on your side.
3. Negotiate the right deal
Once you have identified a few lists of suppliers in China, then you must try to negotiate the terms and price, delivery. etc. A Chinese import company should also be involved in such negotiation, as without their participation it is impossible to communicate with the Chinese companies.
4. Get a clear contract
All these discussions and negotiations should be able to get you a clear contract based on which you should start your business with any Chinese company. If you have a clear contract then you can reduce many risks.
5. Choose your chosen mode of transportation
Mode of transportation is also another big hassle due to which your arrival schedule can be greatly hampered and upset your schedule. You can opt for shipment through air or sea depending upon your priority.
6. Declare the details of your import to HMRC
If you are from a European country then any imports from outside of the EU must be declared to HMRC. Usually, this is done by using a Single Administrative Document that is also known as a form-C88.
7. Check if you require any import license
In certain cases, you may need an import license for a few list of items for importing any product or component from China. You may check that before importing.
8. Taxes and duties
You must get yourself acquainted with various taxes and duties that you have to pay. As a matter of fact, you must take into account all these while you are calculating the import cost of any item from China.