Import/Customs/Overseas Direct Purchase Q&A
We will guide you through the process of importing goods and what you need to do :)
1. Obtain a Customs Clearance Code for the Business 2. Declare the Import in the Name of the Business and at the Actual Price 3. Pay the Counterparty in the Name of the Business 4. Keep the Supporting Documents (for up to 5 years)
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1. Obtain a Customs Clearance Code for the Business
Before importing, please obtain a Customs Clearance Code for the business in the name of the business.
You can apply for a new code in the "[Customs Clearance Code Inquiry/Application]" menu of the Korea Customs Service's Electronic Customs Clearance System.
Don't forget to prepare the business authentication certificate and business registration certificate in advance. 😀
Apply for a Customs Clearance Code
2. Declare the Import
This is the step where you declare by filling in the items such as the taxpayer's obligation (owner of the goods), quantity and actual price, and product name.
When declaring the import, it is important to declare it in the name of the business and at the actual price.
In this case, the actual price means the actual product price + other costs (packaging costs, transportation costs, commissions, etc.).
3. Pay the Counterparty
Just like when you declare, you also need to pay or receive payment in the name of the business.
If you make the payment to a third party other than the trading partner or make the payment without going through a foreign exchange bank, you may be subject to a penalty, so please be careful. 😵💫
4. Keep the Supporting Documents (for up to 5 years)
You have an obligation to keep import/export-related documents for up to 5 years from the date of declaration. (physical documents or electronic files, etc.)
If you do not keep the following declaration documents and supporting documents, you may be subject to fines or penalties under the Customs Act.
Import
| Export
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Import declaration certificate
| Export declaration certificate
Return declaration certificate
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Documents related to import/export/return contracts Corresponding documents related to price determination
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You can scroll the table left and right on mobile. 😀
<Examples of Corresponding Documents to Contracts> - Purchase order (regardless of format such as messenger or email)
- Trade specification, tax invoice, etc.
- Documents related to foreign currency payment (foreign currency remittance certificate, exchange receipt, card receipt, etc.)
- Inventory management ledger (documents specifying quantity, price, etc. of inflow and outflow)
- Bill of lading, packing list, shipping order, etc.
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🚨 Precautions
It is best to conduct all business transactions in the name of the business to ensure that there are no problems.
If you declare in someone else's name or lend your name, you may be subject to imprisonment or fines under the Customs Act.
You will also be penalized for falsely declaring the price or tariff rate or for engaging in undeclared imports or exports.
Import/Customs/Overseas Direct Purchase Q&A
We will guide you through the process of importing goods and what you need to do :)
1. Obtain a Customs Clearance Code for the Business
2. Declare the Import in the Name of the Business and at the Actual Price
3. Pay the Counterparty in the Name of the Business
4. Keep the Supporting Documents (for up to 5 years)
1. Obtain a Customs Clearance Code for the Business
Before importing, please obtain a Customs Clearance Code for the business in the name of the business.
You can apply for a new code in the "[Customs Clearance Code Inquiry/Application]" menu of the Korea Customs Service's Electronic Customs Clearance System.
Don't forget to prepare the business authentication certificate and business registration certificate in advance. 😀
Apply for a Customs Clearance Code
2. Declare the Import
This is the step where you declare by filling in the items such as the taxpayer's obligation (owner of the goods), quantity and actual price, and product name.
When declaring the import, it is important to declare it in the name of the business and at the actual price.
In this case, the actual price means the actual product price + other costs (packaging costs, transportation costs, commissions, etc.).
3. Pay the Counterparty
Just like when you declare, you also need to pay or receive payment in the name of the business.
If you make the payment to a third party other than the trading partner or make the payment without going through a foreign exchange bank, you may be subject to a penalty, so please be careful. 😵💫
4. Keep the Supporting Documents (for up to 5 years)
You have an obligation to keep import/export-related documents for up to 5 years from the date of declaration. (physical documents or electronic files, etc.)
If you do not keep the following declaration documents and supporting documents, you may be subject to fines or penalties under the Customs Act.
Return declaration certificate
You can scroll the table left and right on mobile. 😀
<Examples of Corresponding Documents to Contracts>
🚨 Precautions
It is best to conduct all business transactions in the name of the business to ensure that there are no problems.
If you declare in someone else's name or lend your name, you may be subject to imprisonment or fines under the Customs Act.
You will also be penalized for falsely declaring the price or tariff rate or for engaging in undeclared imports or exports.