Documents and Bond Requirements for International Trade
The first part of this is shipments that are exported from the United States to countries abroad. In order to do this, proper documentation and bond requirements are essential. In order for a U.S.-based business to make international shipments, the following documentation is required:
1. Commercial Invoices – these documents show that the goods have been purchased by a specific individual or entity and show a record of that sale.
2. Banking Documents – these documents show that money has changed hands, and in what denomination, and in what currency.
3. Transportation & Insurance Documents – this will show a record of how the goods are supposed to get from Point A (the U.S.) to Point B (an international company or person) and verifies insurance for those goods.
4. Government Documents – this shows that your business is complying with all government regulations concerning international trade.
There are several different versions of these documents, and not all of them are required for every type of international trade. It is essential that you research the documentation necessary to facilitate international trade with whatever country you are doing business with.
The second part of international trade involves goods that enter the United States from another country. A different set of documents is required for this type of international trade:
1. Bill of Lading – a document that designates the type of transportation used for the import of the goods, and which proves the transportation has taken place.
2. Commercial Invoice – a document that gives the value of the goods that are imported to the U.S. and generally gives a description of the goods from the exporter.
3. Packing Lists – documents that show that the merchandise is approved for shipment, and may include FDA approval or UL certification.
4. Customs Forms – permission for the goods to ravel international.
Remember that U.S. customers requires documentation for international trade to be kept on file for at least five years after the shipment has taken place. Regular audits to ensure compliance may be a factor, so it is imperative that you have a fool-proof filing system that recycles documents only after five years have passed between international shipment and discard.
To that point, Customs might also perform an audit to make sure that your record-keeping practices are adequate.
