A verified customs broker is accountable for helping exporters and importers comply with the mandatory requirements of world-wide shipments. Being an intermediary, a broker must hold a license issued by the approved authorities. From assisting their clients on appropriate trading procedures to holding this trading business on behalf of their clients, the customs brokers excel in doing every task with higher accuracy levels. Without him/ her, it would have been difficult to load and unload goods and make/ receive payments conveniently. Here are some of the functions that a customs broker excels in performing:
Represents Buyers and Sellers
As the customs broker carries operations on behalf of his/her client, that is, exporter/importer, he/she is assigned a power of attorney by the concerned party. This document gives him/her the complete authority to take legitimate move on behalf of his/ her client. The broker, being adequately informed about the custom rules and regulations, describes the same to the involved parties and analyzes transaction undertakings to avoid any possibilities of manipulating information.
Submits Legal Documents
The customs broker produces entry forms which include crucial shipping details including country of origin, number of items, weight and classification codes. This information is sent to the customs department electronically. They further take up the charge of offering valid information on export licenses for easing the export shipments.
Pays Customs Duties and Expenses
Every import or export carries customs duties and expenses which are borne by the traders. They can pay the charges to the department and send invoice to the customers. If an importer has created an automatic clearing account, the broker will receive the exact amount in his account. If the importer has paid more than the stipulated amount, the broker is liable to fill up a refund form for returning the amount in excess.
Keeps Records of Transactions
A customs broker is required to retain all necessary documents which were a part of his customs operations. The documents of at least 5 years from the date of entering in the files, should be kept in an organized manner. The copies of existing and the revoked powers of attorney should also be placed safely. Every bit of information or financial transaction is a secret between the customs brokers and their clients. The documents involved should be present for giving an evidence of conducting fair transactions to the customs inspection department and audit teams, whenever required.