High Standards? Stringent Regulations? Agents Help You Clear Customs for LED Exports to Singapore!

I. Reach an agreement first

Interact with international purchasers through trade fairs and other means. After the contract is signed, a purchase order notice will be sent to the factory along with a copy of the contract, and the factory will prepare for production.

II.Letter of Credit

Under normal circumstances, international trade is settled through letters of credit. The usual practice is to allow foreign merchants to open a letter of credit through a bank before execution. The time limit must be specified, and it cannot be renewed after expiration. The company is responsible for obtaining the certificate.foreign tradeIII. Reform of Direct Loading upon Arrival at the Port

III. Certification by the foreign trade company and notification of inventory status

After the bank confirms the letter of credit first, the foreign trade company also confirms according to the original contract terms. Once approved, the original will be destroyed for future payment, and a copy will be sent to the factory. After the factory attests, production will be formally arranged in the workshop. After the factory is ready for production, we fill out the delivery order and ship the products to the warehouse of the trading company.

IV. Export trade

After the goods are received at the warehouse of the trading company, the relevant department handles the shipping procedures, including chartering a ship, booking a destination, inspection application, insurance, depreciation, customs declaration, etc.

V. Customs declaration.

The customs declarant must fill out the customs declaration form and attach relevant documents. The customs declaration form shall be issued after accepting customs supervision and paying taxes. Special voucher for customs declaration and tax refund. In addition, the export receipt must be attached with a verification form. It is stamped with the release seal by the customs and copied to the foreign exchange administration.

VI. Written payment

After completing the above procedures, the trading company receives the original letter of credit, bill of lading and other documents and submits them to a foreign exchange bank such as the Bank of China.

Automobile ExportIn order to crack down on tax evasion, the customs and tax departments are now strictly examining the operation of buying export declarations. If the behavior of buying export declarations is discovered, the regulatory authorities will require tax replenishment (even a 2% tax rate may be a considerable amount). In addition, fines may also be imposed on the relevant responsible parties.When negotiating, the bank must convert foreign currency into RMB at the purchase price of the day, fill out the exchange settlement notice, deduct handling fees, etc., and transfer it to the foreign trade company.

VIII. After planning to receive the remittance, the foreign trade company fills out the plan list after deducting the basic prepaid freight, insurance premium, commodity inspection fee, agency business fee, etc., as well as the net amount of the factory.

IX. Tax - refund productsExport ClearanceAfter completing and finalizing the financial sales process, the entrusted enterprise fills out the Export Product Tax Refund Application Form monthly or every 10 days and submits relevant certificates (copies). At the same time, attach the tax - refund application form to the agent. The Product Certificate issued by the operating unit shall be sent to the competent export tax - exemption institution at the place of operation.Export RepresentationX. The finance department of the factory, based on the export invoices, payment notices, tax refunds, etc. transferred by the foreign trade company, promptly makes relevant accounting entries and records.

What are the main responsibilities of foreign trade import and export agency companies?