Perhaps, the reason why you got into this page is that because you want to know the essential steps of importing from China to Canada. This kind of business has attracted several entrepreneurs from countries which are considered major players in the worldwide economy, as they believed that there’s more to earn by engaging with this business.
Most businessmen anywhere in the world today opt to import from China mainly because of the competitive prices of the products that they manufacture. These low prices also reflect China’s low cost of living. By knowing the secrets of how to import from China to Canada, wholesalers, retailers, or distributors can expect a lot of business opportunities that can increase their profit margins. No country comes close to China when it comes to the availability of low prices of commodities with their corresponding quality.
If you wish to get into this type of trade, you have to consider a number of things such as the following:
- Just like any other business, your intended market must be identified first. You might as well conduct a market research with this and see to it if there are opportunities for growth in the future.
- To give your suppliers an idea of what you really want, you must find out your product requirements before you even place an order.
- Meanwhile, it is also important that your imported products must arrive safely and on time. To achieve this, hire a good freight forwarding company.
- Your customs duty as well as your taxes must be determined also in order to know the total cost of your business venture. Thus, it is vital to know these things before you even get into this business. In comparison to US, Canada differs significantly when it comes to import duties.
If we try to look at it, Canada and the US have many things in common but each country have their own way of keeping their commerce.
On the other hand, be aware that all of the three government levels in Canada namely the federal, provincial, and municipal, have their corresponding responsibility in regulating their commerce industry. Each of these departments has a designated process with regards to their international trade. They are as follows:
- In order to manage investment from foreign investors, the Administration of Investment Canada Act was established which is being handled by the Department of Foreign Affairs and International company and Industry of Canada.
- The Revenue, Customs and Excise Canada Designation take responsibility of the collection of taxes and duties on the imported goods that enter the customs drop-off point.
- The Canadian International Trade Tribunal is in command of the investigation of illegal trading practices.
Although Canada has certain practices that are being administered by various groups of people, their major importing processes are still the same with other countries. Some of these common import practices include the customs inspection and procedure once the goods arrive at the country’s port, the filing of the bill of entry by the importer, and the payment of duty and taxes. Take note that the amount of import duties depends on the quantity of the shipment. To claim the imported goods legally, any issues must be settled by the importer first.