Liquor Import Business
If you would like to start a liquor import business, it is important to be guided with some tips.
These will give you the guidance you need in order to thrive in the path that you have chosen.
Use Directories and List of Manufacturers for Sourcing
Several countries have set up embassies or consulate offices in foreign countries in order to endorse the exporting of their commodities. The embassies will provide you with directories in the industry and many more. In most cases, the website of the embassy contains manufacturer lists and directories and email links that you can utilize for sourcing. In order to successfully import liquor, you also have to communicate with a certain country’s consulate located in your country.
Procedures to Follow and Licensing Requirements
You also have to contact the taxation department of your country to ask concerning registration numbers or other legal procedures that must be followed. For an instance, if you are a Canadian citizen, you need to have a registration number that is given by Canada Customs and taxation Agency or CATA. Upon informing them of your plans to export or import liquor, they will provide an annex to the number of your business, which is utilized on import documents.
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Apart from the registration number, you should also know the requirements for licensing. Several countries do not have any requirements for licensing for most commodities. However, since you are planning to import liquor, a license is indispensable since restrictions and quotas commonly occur.
What You Need to Know About Embargoes
In importing, you might also be faced with an embargo, which refers to a trade barrier that is set up against other foreign countries. So, the first thing you need to do is contact your government to know whether there are embargoes or restrictions against the certain country you consider. Then, you have to get in touch with that country’s embassy or consulate to see if there are any restrictions against the liquor from your country.
Other Things You Have to Keep in Mind
In a liquor import business, it is also important to join Chamber of Commerce or Boards of Trades. Apart from networking, you also need to research resources and libraries that will provide you complete and verified information about the liquor trade.
Custom brokers will also be of great help to your liquor import business. For years, it has already been proven that small businesses that try to handle their paperwork run into setback at borders. In just a single mistake committed, they can be fined. Therefore, veterans in the liquor import business advise novice businessmen to consider the service of a professional custom broker.
You also need to have familiarization with Incoterms, a standard definition in trade dictating the payment and shipping duties of every party. The most well-known Incoterms are as follows: Carriage Paid To, Delivered Duty Unpaid, Ex works, Cost, Insurance and Freight and Free on Board. You also have to consult the bank for details with regard to letters of Credit, which is the widely used payment form when trading in the international market. This will minimize your risks in importing liquor, as your bank gives assurance that the liquors are delivered just before the cash is exchanged.
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Regardless of the current economy, a liquor store business is a stable business and worth investing. There are plenty of factors to consider on how to evaluate a liquor store business and sell it later on. Therefore, you must be well-prepared in dealing with the difficulties when searching for a liquor store for sale.
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