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An Introduction to Importing

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An Introduction to Importing

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CPD Value: 10 points

Course Outline

The seminar will offer practical guidance to prospective and existing importers by considering the basic procedures, terminology and documentation involved in importing. It will give an overview of the entire importing process including supplier selection, evaluation of risks, supply chain, terms of delivery, methods of payment, selection of clearing agent, duty and excise and the role of UK customs

The course will highlight some of the pitfalls that often cause importers to incur unnecessary costs and delays in arrival of goods and suggest some ways of avoiding these. It will increase understanding of customs rules and procedures and look briefly at some of the duty and excise relief's available.

Download PDF file of course outline

Topics Covered  

  • Background to Importing- Balance of Trade - Primary and Secondary Imports
  • Indirect and Direct Importing - Merchants Agents and Distributors
  • Organising for importing
  • Role of Clearing Agent
  • Evaluation of Risks
  • Supplier selection criteria
  • Terms of Delivery and the supply chain
  • Insurance -Whose responsibility and limits of insurance
  • Methods of Payment-Letters of Credit and Drafts
  • Processing an Import order-The contract of sale
  • Consignment Documentation
  • Import Licensing
  • EC trading and preferential areas
  • Tariff Quotas - open, banded and critical
  • The harmonised System
  • The role of HM Customs - duties and excise
  • Customs - Valuation and declaration
  • Duty suspensions and reliefs
  • Course Objectives
  • The ability to make an informed choice of their preferred method of importing
  • An understanding of the necessity for and appropriate selection of a clearing agent
  • The ability to identification appropriate criteria for supplier selection
  • The ability to evaluate source country risk
  • The ability to select the most appropriate Incoterm
  • An understand the implications of payment methods for securing delivery
  • The ability to identify the documentation required and the parties responsible for preparation.
  • An understanding of what should be included in a sales contract
  • An understand the need for and where to acquire and import license
  • An overview of the duties and excise payable and the reliefs available

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