Successfully reported this slideshow.

What Are Customs Brokers & Freight Forwarders?

4

Share

Nick Esposito
Marketing Executive
Bozeman, Montana
Trade Risk Guaranty Brokerage Services, LLC
nick.esposito@traderiskguar...
Located in Beautiful
Bozeman Montana
Established in 1991
Direct-to-Importer
Business Model
Over 10,000 U.S.
Customs Bond &...
YOUTUBE
SUBSCRIBE TO OUR
TRADE RISK GUARANTY - TRG
CHANNEL

YouTube videos are no longer supported on SlideShare

View original on YouTube

1 of 29
1 of 29

What Are Customs Brokers & Freight Forwarders?

4

Share

Download to read offline

In this installment in Trade Risk Guaranty's webinar series, we are discussing the role of Customs Brokers and Freight Forwarders in the process of importing in the United States.

The following topics are covered in detail:

- What Are Customs Brokers?
- What Are Freight Forwarders?
- 3 Questions to Ask Your Customs Broker and Freight Forwarder.
- Where Can You Find Customs Brokers & Freight Forwarders
- The Differences Between Customs Brokers & Freight Forwarders

Watch the webinar here: https://youtu.be/M7le3J_0mz8

In this installment in Trade Risk Guaranty's webinar series, we are discussing the role of Customs Brokers and Freight Forwarders in the process of importing in the United States.

The following topics are covered in detail:

- What Are Customs Brokers?
- What Are Freight Forwarders?
- 3 Questions to Ask Your Customs Broker and Freight Forwarder.
- Where Can You Find Customs Brokers & Freight Forwarders
- The Differences Between Customs Brokers & Freight Forwarders

Watch the webinar here: https://youtu.be/M7le3J_0mz8

More Related Content

Related Books

Free with a 14 day trial from Scribd

See all

Related Audiobooks

Free with a 14 day trial from Scribd

See all

What Are Customs Brokers & Freight Forwarders?

  1. 1. Nick Esposito Marketing Executive Bozeman, Montana Trade Risk Guaranty Brokerage Services, LLC nick.esposito@traderiskguaranty.com 1st
  2. 2. Located in Beautiful Bozeman Montana Established in 1991 Direct-to-Importer Business Model Over 10,000 U.S. Customs Bond & Marine Cargo Insurance Clients TRADE RISK GUARANTY BROKERAGE SERVICES, LLC
  3. 3. YOUTUBE SUBSCRIBE TO OUR TRADE RISK GUARANTY - TRG CHANNEL
  4. 4. TODAY’S WEBINAR TOPICS What Are Customs Brokers & 3 Great Questions To Ask Them What Are Freight Forwarders & 3 Great Questions to Ask Them Where Can You Find CBs & FFs The Differences Between CBs & FFs
  5. 5. WHAT ARE CUSTOMS BROKERS?
  6. 6. WHAT ARE CUSTOMS BROKERS? Definition Customs brokers are private individuals, partnerships, associations or corporations licensed, regulated and empowered by U.S. Customs and Border Protection (CBP) to assist importers and exporters in meeting Federal requirements governing imports and exports. Brokers submit necessary information and appropriate payments to CBP on behalf of their clients and charge them a fee for this service. Brokers must have expertise in the entry procedures, admissibility requirements, classification, valuation, and the rates of duty and applicable taxes and fees for imported merchandise.
  7. 7. There are approximately 11,000 active licensed Customs brokers in the United States.
  8. 8. WHAT ARE CUSTOMS BROKERS? Customs Broker Are… • Licensed via rigorous exam by government • Experts on Customs documentation & processes • Important liaison between an Importer and Customs
  9. 9. The Importer of Record, not the Customs Broker working on their behalf, will be held accountable for all goods entered into the U.S.
  10. 10. WHAT ARE CUSTOMS BROKERS? A Day in the Life of a Customs Broker • Accurately fill-out and file paperwork for your Entry Summary 7501 • File for your Release of Goods from Customs • Pay Duties, Fees, etc. as determined by 7501 • Complete Importer Security Filing (ISF) • Helpful source to classify their goods
  11. 11. IMPORTING IN THE UNITED STATES THE ENTRY PROCESS TIMELINE
  12. 12. IMPORTING IN THE UNITED STATES Before Arrival in the United States • Importer Security Filing must be completed 24 hours before goods are loaded on an ocean vessel. • Arrangements must be made at the CBP Port of Entry where duties and documentation will be filed. The Customs Broker on behalf of the Importers must coordinate with the port before the goods arrive.
  13. 13. File For Immediate Release File Cargo Release File Entry Summary Pay Estimated Duties
  14. 14. IMPORTING IN THE UNITED STATES Goods Have Arrived at the Port • File Cargo Release • This releases the goods from CBP custody and declares that the importer has the right to make entry. • File Entry Summary • CBP Form 7501 is a key document for CBP as it includes the importer’s declarations as to the classification, origin, and value of the imported merchandise. • Pay Estimated Duties • This is the estimated amount of duties the Importer is to pay at the time of entry into the U.S., and is based on CBP Form 7501
  15. 15. QUESTIONS TO ASK YOUR BROKER A Few Examples • How will you help my company ensure proper compliance with Customs regulations? • Do you have any pending lawsuits, violations, and/or have you been sanctioned by Customs? • How much do you cost?
  16. 16. WHAT ARE FREIGHT FORWARDERS?
  17. 17. WHAT ARE FREIGHT FORWARDERS? Definition Firm specializing in arranging storage and shipping of merchandise on behalf of its shippers. It usually provides a full range of services including: tracking inland transportation, preparation of shipping and export documents, warehousing, booking cargo space, negotiating freight charges, freight consolidation, cargo insurance, and filing of insurance claims. Freight forwarders usually ship under their own bills of lading or air way bills (called house bill of lading or house air waybill) and their agents or associates at the destination (overseas freight forwarders) provide document delivery, deconsolidation, and freight collection services. Also called forwarder.
  18. 18. WHAT ARE FREIGHT FORWARDERS? Freight Forwarders Are… • Experts in Logistics, trade routes, and freight management for either domestic or international shipments • Classic Examples: Fed Ex, UPS, DHL, etc.
  19. 19. WHAT ARE FREIGHT FORWARDERS? Common Terms Explained… • Freight Consolidation • The means by which multiple smaller shipments, usually from different Importers, are grouped together in an effort to completely fill shipping containers. • Freight Deconsolidation • This occurs after the goods, having been previously consolidated, arrive at their shared destination and are separated back out into the smaller shipments.
  20. 20. WHAT ARE FREIGHT FORWARDERS? Common Terms Explained… • FCL/LCL (Full Container Load/Less Than Container Load) • Are your goods the only goods in the shipping container (FCL), or is it a shared space with one or more Importers (LCL) • FTL/LTL (Full Truck Load/Less Than Truck Load) • Instead of a shipping container a truck load is utilized as the main means of containment. Will your goods require a full truck load(FTL), or do you require smaller specialized vehicles to move your goods(LTL)?
  21. 21. WHAT ARE FREIGHT FORWARDERS? Common Terms Explained… • Ocean Carrier • This generally refers to the shipping lines that operate the cargo ships that are physically moving the goods between countries. ex. Maersk, Hapaq-Lloyd, CMA CGM Group • NVOCC – Non-Vessel Operating Common Carrier • NVOCC’s are similar to carriers, however they don’t own the cargo ships, but instead have purchased slots on the cargo ships from the shipping line.
  22. 22. QUESTIONS TO ASK YOUR FORWARDER Freight Forwarders Are… • Do they offer the services you require? • How will they manage your shipments, and how will you interact with them? • How much experience do they have?
  23. 23. WHERE TO FIND A CB/FF? Some places to look… • Google Search • Concentrated around ports, however they exist in every state • For CB, Customs has an interactive map that breaks Customs Brokers out by port • Our sister company, Strix, is both FF/CB
  24. 24. COVERED IN TODAY’S WEBINAR What Are Customs Brokers & 3 Great Questions To Ask Them What Are Freight Forwarders & 3 Great Questions to Ask Them Where Can You Find CBs & FFs The Differences Between CBs & FFs
  25. 25. SUBMIT YOUR QUESTIONS AND/OR FEEDBACK
  26. 26. Alt Email: FB Group: Web: Blog: Facebook: Twitter: YouTube: marketing@traderiskguaranty.com International Trade Professionals - TRG www.traderiskguaranty.com www.traderiskguaranty.com/trgpeak/ @traderiskguaranty @trg_bond Trade Risk Guaranty

×