A company plans to act as an agent for imported goods and has doubts about payment. Both the principal and the agency company have different opinions. The best answer points out that generally, whoever bears the cost and risk of the goods should make the payment. It is more common for the principal, as the actual demander and owner, to make the payment, but both parties can negotiate in the agency agreement. If the agent makes an advance payment, interest, risk bearing, etc., should be clarified to avoid disputes.
How exactly should I proceed with the declaration for entrusted import and remittance? I’m completely confused!
Resolved
Our company recently engaged in entrusted import business and now needs to declare for remittance, but I have no idea where to start. What is the specific process? What materials do I need to prepare? Are there any specific points to pay attention to? I hope someone knowledgeable can help with a detailed explanation. Thank you very much!
Trade Expert Insights Answers
David ChenYears of service：10Customer Rating：5.0
Trade Compliance AdvisorStart a Chat
The declaration for entrusted import and remittance mainly involves the following steps and precautions:
First, determine the declarant. Generally, the entrusted importer handles the declaration.
Regarding the process, you need to register your company in the relevant system of the foreign exchange administration (such as the Trade Foreign Exchange Monitoring System) to ensure your company is eligible for remittance. Then, when remitting funds, accurately fill out the remittance declaration form, including the remittance amount, currency, payee information, etc.
For document preparation, you need to provide documents that prove the authenticity of the import business, such as the entrusted import contract, import customs declaration, and invoice. It is particularly important to ensure that all information on the documents is accurate and consistent, otherwise the declaration may fail. In addition, pay attention to changes in foreign exchange administration policies and operate according to the latest requirements.
After remittance, you also need to properly handle accounting and retain relevant documents for future verification.
Michael ZhangYears of service：10Customer Rating：5.0
Customs Clearance SpecialistStart a Chat
Remember to accurately select the remittance purpose code according to the actual trade situation when declaring, otherwise it may also cause problems.
Kevin HuangYears of service：3Customer Rating：5.0
E-Commerce Export AdvisorStart a Chat
Pay attention to the time limits for declaration, and do not miss the prescribed remittance declaration time window.
Daniel KimYears of service：4Customer Rating：5.0
Commodity Inspection and Quarantine ConsultantStart a Chat
Carefully check the payee's account information to avoid remittance errors that may lead to troublesome issues such as fund returns.
Sophia WangYears of service：6Customer Rating：5.0
International Logistics CoordinatorStart a Chat
If you encounter complex situations and are unsure how to declare, you can consult the local foreign exchange administration department for accurate guidance.