30 April 2021 –

Understanding the mechanism of customs compliance is vital. Often, this aspect of your business has been overlooked and causing ramifications to your company. The customs penalty for compliance failure is an unnecessary financial burden. The impact of non-compliance records could position your company under scrutiny by the authorities.

In short, customs compliance is about meeting customs regulations when you import, export, or trans-ship your goods in and out of the country. Ensuring compliance in this area can be challenging given the aspects and processes involved.

In our 20 years of serving the customs industry, we have helped various MNCs and freight forwarders achieve optimal compliance results. Being technology driven, we have constantly updated our systems to overcome multiple challenges, changes in regulations, and faced customs regulation demands on behalf of our clients.

This article will break down some significant precautionary recommendations you can consider to improve your customs compliance.

  1. Understand requirements of your business.
  2. Are your items classified as controlled by the authorities?
  3. Do you have a valid license to move the shipments?
  4. Do your item descriptions adhere to the latest regulations?

Having clarity on the above questions will help your company stay current with the applicable regulations surrounding your goods. Arming yourself with valid information and documentation will ease the shipping flow.

By providing accurate and valid data to the authorities, you will avoid unnecessary delays, costs and penalties. Having said that, do note that these broad spectra of regulation and policies are constantly evolving and updated from time to time. Therefore, it’s essential to stay current with the relevant rules that your business is involved with.

Speaking of staying relevant, let’s discuss the commitment required to handle these ever-changing policy parameters. The attentiveness needed in this area must involve all relevant stakeholders in the company, from the executive to shipping and ground technical personnel. When your team understands the regulations surrounding your goods, the need to change current business practices that are not complying with the rules, will leave minimal or no repercussions.

What is the impact of customs compliance on your business? Knowing the answer makes a stark difference between having a reliable and efficient supply chain in a profitable business or an unreliable one with delays and penalties. It also means lesser or no complications with customs and lower penalties risk on your imports or exports, having an immaculate track record with customs authorities.

The most significant challenge in the various industry today are, how companies need to embrace and manage dynamic customs compliance environments. Have a specialist manage your custom’s compliance matters as having a robust compliance program allows you to make better decisions and forecast the impact of these new trade and enforcement actions.

Connect with us and discover the best solution for your customs compliance needs. Schedule a free compliance consultation now.

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