The Canadian market has attracted many exporters from abroad to undertake business in Canada. By becoming an NRI in Canada, there is a greater level playing field for the non-residents in the Canadian market.
The customs obligations and other regulations make imports into Canada a challenging task, especially for non-resident players. Opting to become a non-resident importer comes with many advantages.
There are firms like Clear Canada customs brokerage that aid in making the registration of non-resident importers with Canadian customs hassle-free.
This article takes you through the details of non-resident importer status in Canada and how a brokerage firm can help you.
Let us begin!
Who is a non-resident importer?
Non-Resident Importers(NRIs) are foreign-based businesses that enjoy the same tax advantages as Canadian importers, but with no physical presence in Canada. The businesses enjoy complete control over the supply chain as the selling price includes taxes and freight.
Benefits of becoming an NRI in Canada
- Competitive advantage: It’s easier for your clients to purchase as they don’t need to handle the importation of the product.
- Cost-effective: The expenses are greatly reduced as there are no extra taxes.
- Customer retention: Customer satisfaction is improved as their demands are better fulfilled by your imports.
Thus, becoming an NRI in Canada gives you a level playing field with Canadian companies in your access to the Canadian marketplace.
How can a customs broking firm help you?
Many customs consultancy firms offer NRI programs to service businesses outside Canada. They help in accurate compliance with all the legal and technical regulations.
This is how a consultancy firm helps you.
- The firm allows the foreign-based company to register as a non-resident importer under the Canadian Customs.
- The firm reduces the supply chain expenses by limiting carrier involvement.
- The firms ensure landed costs pricing for the customers.
- The agents help in preparing the paperwork and documentation.
- The consultants advise on the best tariff lines and import options.
- The clients are present at the site of the crossing to ensure customs clearance.
- The agents ensure timely renewal of requisite licenses and registrations.
- Some firms also provide last-mile delivery from the point of import.
Some tips to NRIs in Canada
- Register on a GST account to become eligible for a refund on taxes.
- Choose a brokerage firm that can collect Duties and Service fees on your behalf.
Concluding thoughts
Becoming an NRI in Canada has great benefits for foreign-based businesses. Choose a professional customs broking firm to help you in the process.
