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Evaluated and explained the legal aspects of contracting internationally.
There are two basic issues to consider when getting started in import/export: (1) business structure and (2) business contacts. [ Business structure generally refers to and is tremendously determined by your role in the importing and exporting of goods. In the simplest terms and for our purposes, the four major players are defined below: Importer - person or entity that brings in foreign goods or services into the country for its own use, but more often for resale. Exporter - person or entity that sells their own goods or services to foreign buyers. Import/Export Merchant -
person or entity who buys goods or services from one country for the purposes of resale in another country. Import/Export Management Company (IEMC)- essentially a person or entity that serves as the middleman in deals between importers and exporters. The person or entity may serve as an import management company (IMC) by setting up deals between domestic businesses and foreign suppliers. Alternatively, the person or entity may serve as an export management company (EMC) by setting up deals between domestic suppliers and foreign buyers. Finally, this person or entity may serve as an import/export management company (IEMC) by setting up deals in both directions. Of the four structures/roles listed above, the IEMC offers advantages particularly for the small business or solo player since there is little need to spend huge amounts of capital to purchase goods first, and then to tie up the capital waiting to sell these goods. The IEMC functions exclusively as the middleman in deal negotiations and profits only when a deal is closed. In this respect, the IEMC must be knowledgeable about trade, good at negotiators, and have an extensive contact list. Once the business structure is determined, the second basic consideration is business contacts, which is especially important for IEMC's and others just starting out in this field. There are four major and preliminary contacts to be established by the IEMC ]
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