Q1 – I want to trade a service or product from one country to the U.S., how do I go about doing that?
A1 – It is recommended that you consult a lawyer to review the following points:
• Do you have a copyright, trademark or patent in the origin country?
• Is there a business entity already established in the origin country?
• Are there any licensing, business or distribution contracts that have been signed in
the origin country?
• For good(s), have you engaged a customs broker?
• For goods, what kinds of good(s) are you offering and what modes of transport will
you be utilizing?
• For services, what kind of licenses have been obtained in the origin country? Must
review what licenses, if any, you will require in the U.S.
Q2 – Can I import/export goods without any sort of license?
A2 – The U.S. has licensing requirements and certain customs duties that are imposed for imported and exported products. Certain products have restrictions imposed on them due to the sensitivity of their use ( hazardous, software, munitions, and technology, for example). It is recommended that you consult a customs broker and an attorney for further assistance.
Q3 - I am not a Citizen but I want to start or invest in an import/export business in the U.S.
A3 - There are visas available for foreigners wishing to commence a business in the U.S. Some small business opportunities may allow you to reside in the United States if you qualify for an L-1 or E-2 visa. If you wish to invest in a U.S. company, you may qualify for an EB-5 immigrant investor visa which requires a $500,000 investment (there are certain scenarios which allow for an E-B5 to be obtained for a $1,000,000 investment in a project that will create at least 10 jobs). Requirements for this type of visa are specific and take years to obtain. It is recommended that you consult with an attorney and an accountant before establishing an entity or investing due to the recent changes in immigration and tax laws.
Q4 - What types of contracts are required for import/export? What kind of insurance do I need?
A4- The International Chamber of Commerce (ICC.) has published universal trade terms called INCOTERMS. They consist of three-letter codes that are intended to clearly communicate the tasks, costs and risks associated with the transportation and delivery of goods in an international transaction. They describe how responsibility is allocated between the seller and the buyer for different parts of the transaction. Possible types of insurance include credit risk, cargo, errors & omissions, as well as other liability insurance. It is recommended you speak to a lawyer and insurance agent in order to generate international sales contracts.
Disclaimer: The views provided for herein are general in nature and are the author’s own. No attorney-client relationship is expressed nor shall be implied. The
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© 2019 Cecilia Guerra, Esq.
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