ISF and Trading Companies
Tuesday I went to a seminar sponsored by UPS about importing product from China. Even though we’ve been importing hardware (sometimes in large quantities) at Sewell since 2001 I was surprised by how little I really knew about the process.Anyway, if you’re importing from China and you don’t know what the ISF (importer security filing) is you really need to educate yourself. Starting in January 2010 importers will need to file this special form for ocean shipments (does not apply to air yet). A lot of the information is the same old stuff we always had to give customs, but ISF requires that you investigate and name your manufacturers.If you’re buying directly from the actual manufacturer this shouldn’t be a problem but if you are buying from a trading company you need to do some investigating. Somehow you have to convince the trading company to disclose the actual manufacturer - and you are responsible for making sure they tell you the truth (you will be penalized for providing false information, not them). The standard fine for incorrect information will be $5k per filing. Ouch.I’m not really sure how I feel about this - I used to think we were always better off dealing directly with manufacturers but many of them are clueless about our market and don’t really care about customer service. Of course most trading companies are just as bad or worse (because there is no barrier to entry), but occasionally we find a really good trading company who can find just about anything we want for a minimal fee.By the way, ISF actually went into effect this past January but everybody is given a 12-month period to get up to speed, so for all intents and purposes it won’t be enforced until next year. You should, however, at least look into the implications of this new requirement.
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Interesting!
Comment by Pam — May 27, 2009 @ 8:16 pm
I don’t really know much about this stuff. But it’s a very informative article
Comment by Kie"cash instant approval"Cheb — May 28, 2009 @ 3:21 am
Good luck! On your exporting business
Comment by Clo"interior fabrics"Son — May 28, 2009 @ 3:49 am
Thanks for sharing your experience about exporting.
Comment by Dane"IT Graduates"Channel — June 2, 2009 @ 12:43 am
We all have to learn from that experience, thanks.
Comment by Arc"Boracay Sports"Noah — June 2, 2009 @ 12:56 am
“Standard fine for incorrect information will be$5k per filing”? That really hurts.
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