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Basic Import / Export Procedures

Basic Export Procedures

1. Market Research and Setting Objectives of Distribution

  • Selecting target markets, methods of exportation and channels
  • Setting foreign market objectives on pricing and terms

2. Trade Regulations

  • Export regulations and requirements
  • Overseas import regulations and requirements
  • Patent, trademark and copyright

3. Making Contacts

  • Enquiries from interested overseas buyers
  • Checking buyer's background from ECIC and / or banks

4. Quotation and Terms

  • Making offers and quotation for potential buyers
  • Costs, quotations and pro forma invoices, and terms of sale

5. Sales Contract

  • Confirming the sales contract and terms of transaction such as payment terms

6. Contract Execution

  • Producing or sourcing goods
  • Packing and labelling
  • Arranging shipment
  • Preparing exports documentation
  • Arranging insurance, if necessary

7. Customs Clearance

  • Arranging export declaration and applying for export licence when necessary

8. Getting Paid

  • Subject to the payment terms specified in the sales contract, the exporter should present the required documents to the relevant parties for payment

 

Basic Import Procedures

1. Setting Market Objectives

  • Setting market objectives on pricing and terms

2. Sourcing Products

  • Identifying potential suppliers
  • Sourcing channels of distribution

3. Trade Regulations

  • Import regulations and requirements, and checking whether import licence is required 
  • Patent, trademark and copyright

4. Making Contacts

  • Sending enquiries to suitable suppliers

5. Settling Quotation and Terms

  • Analysing the supplier's quotation and offers
  • Costs and terms of sale

6. Financing the Purchase

  • Preparing for working capital
  • Types of bank financing and application, such as exporter credit or other bank facilities

7. Sales Contract

  • Confirming the sales contract and terms of transaction such as payment terms

8. Preparing Payment and Insurance

  • Preparing payments and insurance specified in sales contract (eg. when payment term is D/C, submit D/C application to the issuing bank; when trade term is FOB, arrange cover note with an insurance company)
  • Preparing insurance, cover note, when necessary

9. Acquiring Goods

  • Receiving shipping advice and arrival notice
  • Receiving export documents from the exporter
  • Collecting goods from the specified shipping company or forwarder

10. Customs Clearance

  • Arranging customs clearance and import declaration

 

Basic Outward Processing Procedures

1. Manufacturing Base

  • Setting up / liaising for overseas production facilities (e.g. a joint venture partner)

2. Confirming Contract

  • Confirming the outward processing contract with the processing partner

3. Transporting Materials

  • Arranging shipment of the raw materials, parts or semi-manufactures to the overseas processing partner
  • Arranging imports of the finished / semi-finished products

4. Manufacturing Completed

  • Further processing the products into the final end-product
  • Inspecting the finished / semi-finished products
  • Arranging exports of final products to the Hong Kong consignor

5. Preparing Payment

  • Preparing payments of the processing fee to the overseas processing partner
Content provided by Picture: HKTDC Research