Successfully navigating through government regulations, compliance requirements, and international trade trends is a top priority for importers. A customs broker serves as a vital source of trade knowledge, providing a high-value service for companies looking to stay ahead of the curve.
The expertise of customs brokers extends beyond facilitating transactions to include an in-depth understanding of the entire supply chain. A trusted broker helps to ensure reliability, accuracy, and efficiency. They become an indispensable partner who works to safeguard your interests while reducing friction for your trade operations.
Extensive industry knowledge
Customs interactions involve more than handling a bunch of paperwork and determining the tariffs that have to be paid. They include understanding complex rules about origins of goods, trade agreements, and restrictions on items such as steel and timber. Import brokers know the ins and outs of customs laws, regulations, compliance, and other key issues. Instead of dealing with complex customs rules, you can focus on running other aspects of your business while a broker takes care of the rest of the details.
Lower duties and taxes
Customs broker can carefully check your purchase orders and invoices to find ways to lower duty costs before shipping the goods. Depending on the origin of goods or the reason they’re being imported, your goods might qualify for reduced duty or GST exemptions. A customs broker can assist in determining what type of additional documentation can help to reduce duties and possibly eliminate taxes.
Reducing costs and mitigating risks
Businesses are responsible for making sure all your declarations to agencies like the Canada Border Services Agency (CBSA) follow the letter of the law. Errors and omissions can lead to fines, audits, or even the seizure of your goods at the border. Customs brokers can make sure that all the information you provide is accurate and relevant. When your shipments meet all the rules and regulations, you reduce costs and business risks.
Managing supply chains efficiently
Customs brokers offer services such as freight forwarding and warehousing. Brokers know how to leverage different transportation modes and methods, which can help to keep your supply chain running smoothly and efficiently. Working with a broker helps your goods get to where they need to go.
Selecting a customs broker requires an evaluation of your business needs and information about the broker. Understanding the knowledge, credentials, and capabilities of a customs broker will reveal how they can help your company. Some aspects to consider include:
Fees
What fees are involved? Ask questions to your broker so you’ll understand the total cost of moving your goods before you get your first invoice.
Availability
Make sure your broker has a presence at the major border crossings. If a problem arises, it’ll be easier to take care of. Is your broker easy to contact when you need them?
Communication
Communication is key and helps to foster solid business relationships. A great broker communicates clearly and consistently and will ask you for all relevant information about your goods and your company.
Documentation
Keeping accurate and accessible records is an essential part of business and compliance. Brokers should seamlessly handle paperwork and be able to respond to audits should they occur.
Problem solving
Some circumstances are beyond you and your broker’s control. Experienced customs brokers know how to apply solutions that mitigate risk, reduce costs, and move goods on time if unexpected problems arise.