Trade management

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Navigating the tricky waters of customs compliance is a core competency of Fenix.

The importer and/or exporter is responsible for using reasonable care to enter, classify and value imported merchandise, and provide any other information necessary to enable Customs to properly assess duties, collect accurate statistics and determine whether other applicable legal requirements, if any, have been met. The Customs Service is then responsible for fixing the final classification and value of the merchandise. The failure of an importer of record to exercise reasonable care can delay release of the merchandise and, in some cases, result in the imposition of penalties for acting without reasonable care.

The law encourages companies that do not have the requisite skills to ensure compliance with all U.S. and foreign rules and regulations to seek the assistance of experts to ensure that these requirements are satisfied.

A key component of trade compliance involves an assessment of current processes and gaps. Our trade compliance assessment is a detailed review of the company's internal controls for International trade transactions coupled with an audit of selected import and export transactions. The focus of the assessment is to determine the company's current level of compliance, and whether or not there are sufficient systems in place to ensure a high level of compliance with trade laws and regulations for future transactions.

After a focused assessment is conducted, the company is determined to be compliant or non-compliant. If found to be non-compliant, the company will be required to formulate a compliance improvement plan, and tender any revenue found to be owing.

The stakes are often high for a company found to be non-compliant, as U.S. Customs and other customs entities continue to measure company compliance through intensive cargo exams on a more frequent, ongoing basis. This process can significantly disrupt a company's "just-in-time" delivery program.

FENIX provides you with the expert assistance necessary to classify and value merchandise, and develop systems and procedures to ensure customs expectations of informed compliance are met.

Whether you are importing, exporting, or both, we help you manage and comply with customs regulations.

To learn more about how you can achieve supply chain optimization by working with trading partners, turn to Fenix.