Of course, you can operate some corner store and make do with limited market share. But if your goal is to make your presence strongly felt in the industry and bring in substantial profits, you can’t afford to avoid going to a global scale. Typically, the quickest way to European markets is online selling, and e-commerce businesses are those who can easily turn it to their advantage.
On the one hand, importing provides you with a world of new opportunities. Bringing your goods to countries, where the consumer purchasing power is far higher than that in your domestic market, and the demand for your products is on the dramatic rise, is like finding a gold mine for your business. But on the other hand, imports are often associated with strict customs requirements, not to mention tax levies and duties. No matter what country you want to import from, some headache is to be expected if you choose to expand your reach to Europe and beyond.
Things to be prepared for
First and foremost, you should make sure that imported goods are compliant with the customs regulations of the country you’re bringing them to. Then you will have to pay all tariffs, import duties, VAT, and excise taxes which are levied on your products. To estimate them, you need to determine your tariff code. For this purpose, be sure to fill out a customs declaration form and find out the country of origin.
In international trade, the country of origin is one of the key factors that determine how much you have to pay in taxes and duties. In the simplest terms, it is where your goods have been produced, and where your raw materials have been supplied from. All your imported goods should bear the mark of the country of origin, so customs can classify them and implement the right treatment.
Therefore, you should never turn a blind eye to the country of origin and customs documentation. For simplifications of the procedures and easier admittance, you can become an Authorised Economic Operator. This status can be acquired by registering with HMRC.
How to make import processes easier
If you aim to bring your products to Europe for sale on a regular basis, it’s better to have some local partner on your side. Getting teamed up with an order fulfilment company is one of the most rewarding cooperation strategies available to e-commerce sellers. Reliable third-party services can help you with storing, packing and shipping whilst guiding you through the maze of import/export regulations.
For those who want to expand their business reach to not only the UK but also all European and global markets, Minatus comes up with an all-in-one solution. We are here to deal with order fulfilment on your behalf and make the import/export procedures less taxing for you. With Minatus, you will have access to considerable resources and a bazillion market opportunities.