Phase 5 Individual Project
When conducting business overseas it is important to know the legal regulations (N/A, N/A) which should be considered as the first part of the business plan. One should do their research about how business is handled to avoid illegal activities that one may not be aware of. Some of the regulations are permits, licenses, requirements, documentation, and laws that apply in that country. There are laws for importing merchandise into another country so therefore one must check with someone who specialize in that area of laws. As an importer one must give customs a complete report on the delivery of goods. On December 8, 1993 the Customs Modernization Act was put into place in order to “shift legal responsibility (N/A, N/A) from Customs to the importer for declaring, among other things, the value, classification, and rate of duty applicable to entered merchandise”. Importers should use reasonable care when complying with Customs requirements in order to fulfill their duties as importers. As part of Customs they strongly enforce requirements from other agencies which include Environmental Protection Agency, the Drug Enforcement Agency, and the Food and Drug Administration. All of these agencies are included to make sure goods passes safety requirements before any goods are imported into another country. If it is determined that an importer fail to use reasonable care they could face monetary penalties for not following laws. Any company that has large import activity should have satisfactory procedures in place in order to make sure they’re in compliance with Custom laws. Many importers use Customs Broker (N/A, N/A) to handle their files for them. These agencies are licensed by Customs to deal with files for importers. As an importer there is specific documentation requirements needed before any goods can be imported into another country. So therefore, importers...