How to start your business in USA as a foreigner-image

What you know to start Import Business

What you know to start Import Business

At first to start a business you have to have a bank account.You have to know what is required to open an account of a bank.To open a bank account you have to collect a bank account opening form from a bank website.To fill up the bank account opening form and submit it to a bank branch with required documents, such as :

1) Photograph, 2) Voter ID 3) IRC 4) Driving license 5) Nominee ID 6) Nominee photograph 7) Valid Trade License 8) Member- ship certificate of importing items. and so on.

After opening bank account you have to make a business transaction minimum three months as per bank rule. It may be vary by the banker and customer relation.

Banking documents requirements vary country to country.You have to submit the bank’s requirement in which country you have to open the account.

Import registration certificate(IRC) collect form the Chief Controller of Import and Export (CCI&E) of the respective country.

Valid trade license collects from Municipal corporation, City Corporation, Union Porishad,

Member certificate collects from respective items importer association.

And then you have to decide which merchandise or goods to import from abroad.You have to know the merchandise H.S.Code ( Harmonized System Code).

After getting the H.S.Code you have to calculate landed cost of the imported goods:

1. a)L/C Value for US$ 22,230.72

b) CD 25 %

c) SD 35 %

d) Vat 15 %

e) AIT 3 %

f) DSC 4%

g) AIT 1.5 %

h) PSI 1%

i) Others 5 %

       Total

: Tk. 15,78,000.00

Tk.   3,94,000.00

Tk.   5,52,000.00

Tk.   2,96,000.00

Tk.     47,000.00

Tk.     63,000.00

Tk.     24,000.00

Tk.     16,000.00

Tk.     80,000.00

Tk. 30,50,000.00

Magin 30% Tk.       9,15,000.00
Required MPI facility Tk.     21,35,000.00

Lets the total landed cost Tk. 30.50 lac taka.

After that you have to consider the expenses of staffs salary, office rent, Transport fuel cost, caring cost, insurance, bank interest or profit and other costs etc.

Considering above all, to calculate the unit price of local currency and found that your imported price is less than your local available price then you imported the items of goods. And you will be benefited, other wise you will be loser to import goods from other country.

HS CODE

Classification of commodity introduced in early nineteenth century in Europe. Internationally accepted coding system first introduced in 1931 as Brussels Nomenclature and in 1937 as League of Nations Nomenclature. Present nomenclature has been introduced by Customs Co-operative Council (CCC) as CCC N (nomenclature) in the year 1959.
The term “HS Code” refers to Harmonized System Code . The HS code is used by Customs agencies worldwide to assess duties, collect trade statistics, and generally to control imports and exports. The system begins by assigning goods to categories of crude and natural products, and from there proceeds to categories with increasing complexity. The codes with the broadest coverage are the first four digits, and are referred to as the heading. The HTS therefore sets forth all the international nomenclature through the 6-digit level and, where needed, contains added subdivisions assigned 2 more digits, for a total of 8 at the tariff-rate line (legal) level. Two final (non-legal) digits are assigned as statistical reporting numbers if warranted, for a total of 10 digits to be listed on entries. To ensure harmonization, the contracting parties must employ all 4-digit and 6-digit provisions and the international rules and notes without deviation, but are free to adopt additional subcategories and notes.

 

 

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