In the world of exports and imports, proper documentation and following the principles of international trade is of paramount importance. It is not mandatory that every entrepreneur should be aware of such things, instead, hiring well reputed customs house brokers could do wonders in this regard.
The U.S. Government Department of Labor statistics revealed that currently 13,000 active Customs Brokers are working in the US. An entrepreneur should opt for the one who has maximum experience in dealing with foreign business and international trade. These brokers are not only experts at processing duty drawback claims, but they also provide other services to the traders as well.
Duty Drawback Claim Processing: This is one of the most important works of Customs House Brokers. As per the latest statistics, around $2-billion drawback claims go totally unclaimed in the United States. The major reason why entrepreneurs refrain from claiming duty drawback refunds, is a lack of proper documentation and the inability to fulfill legal formalities.
Legal Consultancy on Export and Import: These service agents are fully competent to process the legal claims of the traders. Starting from filing the drawback claim and creating the complied supporting documentation, these brokers are expert in dealing with specialty drawback matters daily. The Customs House Brokers have a professional team to look into such affairs which makes an incredibly difficult process easier.
Understanding Classifications in International Trade: In international trade and business, the HTSUS classification is necessary. These brokers are master classifiers and have in-depth knowledge on foreign trade and businesses. The brokers classify their clients business into appropriate classification ensuring proper compliance with the legal rules and payment of relevant duties and taxes. Right HTSUS number on entry summary is necessary to verify that duties have been paid successfully.
Useful Advice and Tips to Traders: These brokers often give useful advice to business owners that allow them to grow their knowledge in drawback affairs. These not only help traders to stay cautious and manage their businesses in a better way but also let their businesses flourish. Other advice includes how to expand business outside the US, how to earn more among other things.
NAFTA Research and Analysis: Apart from their regular custom duties like duty drawback, payment of customs, etc., these brokers also conduct independent research on international economics and trade associations. With faster data and documentation processing, these agents save around 33% of the time that traders and entrepreneurs would normally spend researching the proper channels to complete a drawback program.
In the US, NAFTA analysis is important for any business owner wishing to explore North American markets. It helps American traders know the prevailing economic scenario in Mexico and Canada to tweak their strategies accordingly.
The Customs House Brokers are professionals in their own domain and provide high quality services 24x7. These agents also provide extended services relating to drawbacks involving third party exporters and importers amongst other traders. In a way, it helps a business get refunds back in a fully legal and transparent manner. They make the entrepreneurs’ tasks easier by handling all the complicated tasks including legal technicality.