In today’s global business environment, it has become increasingly challenging for companies to manage compliance within many different countries. In particular, general trade management and trade processing (e.g. under China’s bonded zone operations) in China have become very difficult.
There are many government agencies within China that create their own unique challenges for importers, including:
In addition, local regulations are constantly changing within China, and companies should develop policies to manage their trade compliance efficiently and effectively. Organizing oversight for these processes is a must. Hiring a third-party may be a good idea for developing good practices.
In the meantime, companies can self-assess their internal trade compliance by doing the following 10 checks:
The best way to determine if you are meeting the above goals is to ask yourself the following question:
“How fast can my company respond to a Customs audit and provide the declared value of regularly imported items, with corresponding customs declarations, from the last 3 years?”
If your answer is anything more than six months, the norm for an inspection after Chinese Customs gives you notice, you may need to review your compliance goals and adjust them to ensure a timely response if Customs come knocking at your door.