The Perks of Importing Goods from China
Posted: Nov 20, 2017
China is now considered as one of the world’s greatest superpowers and is a serious rival for the USA in the quest for being the world’s largest economy. Also referred to as the ‘factory of the world’, China is a beloved importer for the UK.
Since, China is outside the European Union, there are several procedures or things that are needed to be considered if you’re importing commercially.
- Firstly, get the right commodity codes for the goods you’re planning to import.
- Make everything sorted regarding filing in a VAT or registering it.
- Pay accordingly the duty required.
- Get a licence for your chosen goods.
- Assure the fact that your goods are not banned from being imported or require an import licence.
- In order to commercially and legally import into the UK from China, you’ll need to hold an Economic Operator Registration Identification (also known as an EORI) number. This is used by UK Custom.
- You must also need to have Custom Registration (CR) number and Power of Attorney (POA) for non-document goods except personal effects, regardless of their value.
All of the labels and invoices that you use need to include the full details of the sender and receiver, the quantity of the goods, their value and a description of the contents in descriptive form. Moreover, it should also display Commodity Codes and a typed invoice containing no manual changes.
There are some products and shipments that will require an import license, so in such situation you will have to check with the China Entry-Exit Inspection and Quarantine Bureau.
When you import from China, you may also be held to several duties and taxes. Fortunately, the government’s official website has a Trade Tariff and through using its tools you will be free to look for import commodity codes, and will be able to find tax, duty and licenses that are supposed to be implied on your goods.
Suppliers around the world offer a varied range of goods options that respectively suits your business type. You might be able to connect to lower-priced supplies with competitive edges or new supplies that allow you to sell a completely different product.
When importing there are a number of things you will have to consider. This may range from managing long-distance relationships to organizing international transport and customs clearance. Moreover, as Britain prepares to leave the European Union the importance of import from China to the UK becomes more and more crucial.
Hi, I am Jessica Williams and I have a passion for business & finance. I love reading and writing blogs and articles on finance. Follow my blogs to know more