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Thread: Importing Products, help needed

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    Importing Products, help needed

    Hi,

    My company has gone a massive contract to be the distributor for a brand in Southern Africa. This forces me to get knowledge on the importing business seriously fast. Ive tried every resource and I have a fair idea but some areas have become unclear to me. I need to know everything prefectly and have everything in order as this venture has landed me in between the big companies and they all watching my company. Please help me with some questions I have:


    Quick info about my company:

    Im importing high end audio equipment but this venture/brand is speakers (Powered speakers). The company has 2 divisions below it and is currently using a virtural offices as offices.

    Company Register:

    I have a CC but havent used it as yet. Ive managed to run my one company for 2 years under a sole and havent found the need to use the CC. The problem I have with the CC is the taxes and accounting requirements. Do I need to be a registered company to import and would I need to be also to obtain credit at a later stage? Because the company has grown now I wont mind so much using the CC.

    VAT register

    Due to me importing and selling to dealers, Ill need to register for VAT. Ive heard this is a long process and I probably wont have it completed before my 1st two shipments land. Ive been told that you can back track VAT once you are registered, is it true? and will the dealers be able to back track also?

    Importing licence

    Ive tried every resource and I still havent found out what this is for and where do I obtain one. Ive emailed SARS and havent had a response. Some websites mentioned that its only needed for certain products and some mentioned that its needed for all imports....???

    Offices, home or let

    Ive looked everywhere around my area and I havent found offices to match my starting budget nor my needs. I figured I should use the house Im renting for now as a base. We have virtural offices for all our meetings and for that reason my actual office wont have anyone coming round to it. I wanted to find offices but as mentioned Ive been unsucessful in finding anything. I also figured that its better to start at home until te budget is big enough to afford offices easily. Im however worried about the VAT registering side... will they register the company for VAT even if its based at a rental house?

    Accounting software

    We currently have Pastel Express start up. We have been told to change over to OMNI because of the add on modules. Has anyone had any problems with this software?

    Insurance

    Ive looked high and low for insurance and I constantly get told we dont insure sound equipment. Im on the edge of killing someone as I dont get this, Im a distributor and I dont use the products. Does anyone know of a insurance company that actually listens?

    Thank you for all your help

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    VAT registration.
    I would definitely register for VAT via the CC. Registering as an individual is not a good move. Having an accounting company handle the registration for you will probably get the job done the fastest.

    Premises (or the lack of it) should not have any effect on the VAT registration.

    Insurance.
    Get an insurance broker to do the hunting and negotiating.

    Import permit.
    I don't think you need an import permit for electronic goods. What you will need is to be registered as an importer with SARS, particularly for VAT and import duty purposes.

    Premises.
    Keep overheads and long term commitments down as much as possible, particularly at the start-up stage.
    The trouble with opportunity is it normally comes dressed up as work.

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    Thank you for your help.

    Do I just walk into SARS for the importing licence? and to register?

    Im going to such in my area for a new accountant as I know I need one asap. My current one lives to fair.

    I know I need to be VAT register otherwise Im going to die from the lack of it.

    I have a very short time frame to get all of this working as Im going to order the stock this week and then try get all the licences before it lands (8 weeks).

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    Site Caretaker Dave A's Avatar
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    Find that accountant ASAP. Eight weeks to get everything lined up should be easily doable with the right help.

    Where the heck is Little Falls?
    The trouble with opportunity is it normally comes dressed up as work.

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    Hi there,

    I can assist you with this, I have the forms so if you want I'll send them through to you. You fill the forms in and submit them to SARS.

    We are international clearing agents so we deal with importers on a daily basis, if you have any more enquiries, feel free to contact me.

    Kind Regards

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    Quote Originally Posted by Dave A View Post
    Find that accountant ASAP. Eight weeks to get everything lined up should be easily doable with the right help.

    Where the heck is Little Falls?
    Haha! Little falls is in Johannesburg, its on the westrand, next to clearwater mall.

    Ill go get the accountant asap.

    Thank you!

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    Site Caretaker Dave A's Avatar
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    Then you'll be spoilt for choice

    Psifreight, do you folk do break-bulk and distribution centre type services?
    The trouble with opportunity is it normally comes dressed up as work.

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    Best is to engage with emport/export organisation. You must register with SARS as importer. Not a long process, because SARS want organisation to register.

    BTW, have you submitted your annual returns with CIPRO for the CC? Have to do that ASAP. Cipro is very jacked.

    Where will you warehouse your stock?

    Also remember Reserve Bank declarations for money to another country.

    We provide admin services. Feel free to drop me a line for any additional assistance on Erika.Gordon@admin-support.co.za.

    Regards
    Erika

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    "Psifreight, do you folk do break-bulk and distribution centre type services? "

    Hi Dave,

    Yes we do. Our core business is clearing and forwarding of goods, we co-ordinate transport for our clients by air, road and sea too.

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