Any wine business will know that there are times when you are not able to find the wine you want locally and have to consider importing it. Of course, if you are looking at importing wine, there is a lot of information that you have to consider. It is important that you know this information before you start looking at international suppliers for your wines.
Know Your Compliance Paperwork
Once you have your business plan ready and have funding, you need to look at your compliance paperwork. There are certain licenses, permits and documents that you have to have if you want to import wine. All of this paperwork will need to be completed before you place your first order with a supplier.
The first piece of paperwork you need is an Employer Identification Number which is a pre-requisite for getting a Federal import permit. You can obtain this number easier on the IRS website. After this, you will need to get a Federal importer basic permit. The Alcohol and Trade Tax Bureau needs you to have a letter from the winery that will export the wine for you before you can apply. This permit will generally take around 60 days to process.
Once you have your basic permit, you need to look at home state licenses and a certificate of label application. The requirements for the home state license will vary depending on the state and you need to consider this. The certificate of label application can be applied for online and s a simple one-page form which takes 30 days to process.
Contact a professional shipping company such as MYCARGO for assistance if you’re unsure about any of this.
Understand Your Terms Of Sale
Once you have all of your paperwork in order, you need to understand the terms of sale. There are a number of commonly used terms of sale for imported wine that you need to be aware of. The terms of sale will refer to the obligations of the seller and of the buyer. Some terms of sale place more risk and costs on the buyer while others will have the seller bearing more responsibility. It is important that you work with terms of sale that are ideal for your business and needs.
Know Your Duties And Taxes
Unlike other common commodities, the value of the wine that you import will have little impact on the duties and taxes that you are charged. This is due to the fact that taxes and duties on imported wine are calculated by the liter. This means that if you import a cheap wine, you could be paying the same duties as a more expensive wine. The IRS does have a listing of the import duties charged on wine on their website and you need to look at this.
There is a lot of information that you need to know about before you start importing wine. The most important considerations that you need to know about are the permits and licenses that you have to have. These licenses and permits need to be processed before you start ordering from suppliers.