Whether you’re considering importing from Asia or you’ve just found some wonderful products that you want to bring back to Australia, you can be overwhelmed by how the import process works. But, don’t fret. This guide will give you an overview of what the process entails and help you feel more confident about beginning your import business from the Asian countries. With these tips, you’ll be able to streamline your shipping and avoid some common mistakes other entrepreneurs make when starting an import business from Asia.
What You Need to Know
Depending on what you’re importing, you may be subject to a whole range of duties and taxes. The first step is to look into whether or not your product will be subject to any tariffs. Depending on where it was manufactured, your product could end up getting taxed at as much as 50%
It’s also important to know that many products are subject to quotas, meaning that there are limits on how many units can enter a country in a given year. So if you want to import more than these limits allow, then you might have to apply for an exemption with your local customs office.
Picking the Right Supplier
It can be tempting to simply choose the first supplier that comes up when you search on Alibaba or Global Sources for a particular product. If you’re just starting out, it’s likely a good idea to stick with suppliers who have been in business for several years. There are a lot of newer companies on these platforms; as a general rule of thumb, be wary of businesses that only exist online. Asking your network or running an online background check may provide insight into whether or not these companies are trustworthy.
Compare the Quotes
The key to importing is to get quotes from different suppliers and comparing them. There are a few ways to go about doing that. The first way is by comparing your options, which might require you to do a little homework. Keep in mind that price isn’t always representative of quality. In fact, paying a little more for better quality can save you money in the long run because poor-quality goods tend to break down and impact your reputation faster than higher-quality alternatives.
Shipping Route
Depending on where you’re importing goods from, there are several different shipping routes to choose from. If you’re importing bulk quantities of goods or regularly ordering goods over a certain dollar amount, you should use a shipping route that allows for customs clearance. However, if you’re just ordering one-off items or small quantities of goods (or if it’s your first time importing), it might be easier and more cost-effective to use a direct shipping method.
Customs and Duty Fees
Just because you’ve got a great deal on a large shipment of products doesn’t mean you won’t have to pay an additional amount at customs and that amount can vary depending on what country you’re importing from. Before making any purchases overseas (and before ordering too many samples), research duty fees and import restrictions in your own country to avoid major costs down the line.
Hire a China Sourcing Agent
If you are starting a business or launching a new product, it’s best to hire a sourcing agent to help you find suppliers in your industry. This person will be responsible for finding potential vendors that meet your needs and getting them in contact with you. A sourcing agent is also helpful if you are working with an architect or project manager on another continent. A sourcing agent Australia can take care of these tasks, so you don’t have to worry about them while focusing on other things.
The author is a reputed sourcing agent committed to offering fully customised sourcing solutions to reduce costs and minimise hassle. Visit https://www.epicsourcing.com.au for more details.