Therefore, "starting from scratch," a company aiming to begin its import operations should pay attention to the following steps:

Step 1 – Qualification – NOTE.Possible contractual adjustments will be necessary, such as amending the articles of association to include import activities within the company's purpose.;

Step 2 – Tax Classification of Goods – NOTE.The correct choice of NCM (Mercosur Common Nomenclature) will have a direct impact on the tax rate;

Step 3 – Research Foreign Suppliers – NOTE.The importer must ensure a good choice of supplier, avoiding product shortages and, above all, tax problems;

Step 4 – Contacting the Supplier – NOTE.Contracts between exporter and importer must include the terms of sale, payment methods, transportation, dimensions, technical specifications, delivery deadlines, among other things. This protects the importer and ensures proof of the legality of their transaction.;

Step 5 – Import License (LI) – NOTE.Before initiating an import operation, the importer must verify whether internal administrative controls are required, since this analysis is normally necessary before the goods are shipped abroad, otherwise a fine may be imposed.;

Step 6 – Loading the Goods and Contracting Transportation – NOTE.The shipment will take place soon after the issuance of the import license (LI), when necessary. The freight itself will be handled by a transport company or freight forwarders. For customs clearance, the bill of lading, commercial invoice, certificate of origin, and any other necessary certificates will be required.;

Step 7 – Contracting the Foreign Exchange Transaction and Payment to the Exporter – NOTE.These payments will be controlled by the Central Bank, depending on the agreements reached between the importer and exporter.;

Step 8 – Settlement of the Foreign Exchange Contract – NOTE.: It will occur immediately (within 2 business days of the exchange closing date) or in the future (up to 360 days from the date of contracting);

Step 9 – Release of Goods/Customs Clearance – NOTE.The act that determines the start of the customs clearance process for imports is the registration of the Import Declaration (DI) in Siscomex, except in cases of Advance Clearance, when the actual payment of taxes inherent to the import occurs.

For all phases and organizational aspects, experienced legal representation proves indispensable.

The guidance of specialized professionals is essential.

Source: Federal Revenue Service

If you have any questions, please consult our team so we can assist you. Our firm specializes in Customs and Tax Law!

News commented on by Fabricio Norat, Lawyer, graduated in Law in 2014 by FMU/SP. Area of Expertise: Customs Law, Tax Law. Brazilian Bar Association (OAB): 431.023.