Facilitate seamless global trade with our 10 Essentials Guide to trade compliance. Prevent fines, delays, and risks—including Pro Tips!
1️⃣ Product Classification (HS Code Assignment)
The first and most crucial step in trade compliance is correctly classifying your goods using the Harmonized System (HS) code. This 6-digit code system is internationally recognised and used to determine the classification of products for tariff and regulatory purposes.
Misclassification can result in fines, shipment delays, or even seizure of goods. The HS code you assign directly impacts the duties, taxes, and regulations your product will face. A single mistake in classification can have ripple effects on your entire supply chain, leading to potential compliance violations and hefty fines.
Pro Tip: Invest time in understanding the nuances of product classification and consider consulting experts to ensure your products are properly classified.