In my last blog post I talked about the advantages of becoming a Non-Resident Importer (NRI). I would now like to talk about a few responsibilities that NRI’s have and important steps on how to get setup as one. I would recommend that you go through someone like UPS or FedEx as your broker as they will help with the process. The process may differ slightly with each broker but I will discuss the UPS process since it’s the one that I’m most familiar with.
- Responsible for the complete declaration of all shipments made in their name
- Pay for any applicable duties, taxes and brokerage fees
- Responsible for GST Registration and quarterly filing
- Maintain importing records for a period of six years plus the current year
UPS will make the process very simple and will walk you through the entire process.
Steps to Get Setup:
- Apply for a Canadian Business Number
- Sign a General Agency Agreement to allow UPS to act on your behalf at the Canadian Border
- Sign an Agreement to Maintain Books & Records with the Canadian Government
- Tell UPS about your business
- Let UPS do the rest of the leg work….It’s that simple
Now that you know a little more about what a NRI is, the advantages and steps to become one you may find the process a little overwhelming. If this is the case, you may want to consider partnering with iGlobal Stores where it is our goal to take these types of headaches away so that you don’t have to worry about them.