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Organising import of goods: first steps
Today on the SinkraNova blog we are talking about how to organise the import of goods to Ukraine. If you are a beginner in the field of foreign economic activity and you have a partner from whom you are going to buy, import, sell or use goods on the territory of Ukraine, you must first organise two important points: the payment block and the delivery block.
Conclusion of the contract and customs work
For the payment block, you apply to the bank and open a foreign currency account to pay a non-resident of Ukraine under your foreign economic contract. For the delivery block you need to apply to the State Customs Service for an accreditation card. You can use the services of a customs broker or do it all yourself. In any case, you will need a good broker who will provide you with full information on the foreign economic code of your goods, the amount of customs duties and the payments you should make when importing the goods.
First of all, in order to carry out the transaction, you need a foreign trade contract, in which you specify the subject of the agreement, i.e. what you are buying, at what prices, on what terms of payment, delivery, who will pay for transport and other costs, as well as the guarantees and liability for failure to comply with the terms of the contract. In general, it looks like this: you bought foreign currency, paid to a non-resident, then he sent you the goods, you did the customs clearance and customs declaration - the deal is done, you have brought the goods to sell them on the territory of Ukraine. Of course, you need to carefully calculate all the taxes arising from the implementation of this contract, as well as take into account the exchange rate difference.
For the payment block, you apply to the bank and open a foreign currency account to pay a non-resident of Ukraine under your foreign economic contract. For the delivery block you need to apply to the State Customs Service for an accreditation card. You can use the services of a customs broker or do it all yourself. In any case, you will need a good broker who will provide you with full information on the foreign economic code of your goods, the amount of customs duties and the payments you should make when importing the goods.
First of all, in order to carry out the transaction, you need a foreign trade contract, in which you specify the subject of the agreement, i.e. what you are buying, at what prices, on what terms of payment, delivery, who will pay for transport and other costs, as well as the guarantees and liability for failure to comply with the terms of the contract. In general, it looks like this: you bought foreign currency, paid to a non-resident, then he sent you the goods, you did the customs clearance and customs declaration - the deal is done, you have brought the goods to sell them on the territory of Ukraine. Of course, you need to carefully calculate all the taxes arising from the implementation of this contract, as well as take into account the exchange rate difference.
What are the risks of importing goods?
We have already mentioned the exchange rate difference. This is the difference in the cost of goods (services) due to the current change in the exchange rate of the national currency against foreign currencies. Hence the currency risk - the danger of currency (exchange rate) losses due to changes in the exchange rate of the currency of payment in trade, credit, currency and other operations.
Another possible danger in import operations is working with unreliable partners. For example, you may make an advance payment but not receive the goods. Therefore, work with legitimate companies that have full legal documentation and a good reputation. In business, there is no room for simple human trust - everything has to be checked. And only when you are sure of a potential partner's reliability should you proceed with the transaction.
How can you check out a foreign company? The first place to look for information is government registers. This will give you basic information about the company. It is also useful to check the register of taxpayers and the court register. Don't be lazy. It is better to spend time searching for information than to bite your elbows later because you have lost money.
We have already mentioned the exchange rate difference. This is the difference in the cost of goods (services) due to the current change in the exchange rate of the national currency against foreign currencies. Hence the currency risk - the danger of currency (exchange rate) losses due to changes in the exchange rate of the currency of payment in trade, credit, currency and other operations.
Another possible danger in import operations is working with unreliable partners. For example, you may make an advance payment but not receive the goods. Therefore, work with legitimate companies that have full legal documentation and a good reputation. In business, there is no room for simple human trust - everything has to be checked. And only when you are sure of a potential partner's reliability should you proceed with the transaction.
How can you check out a foreign company? The first place to look for information is government registers. This will give you basic information about the company. It is also useful to check the register of taxpayers and the court register. Don't be lazy. It is better to spend time searching for information than to bite your elbows later because you have lost money.