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Charter member of
the Trusted Trade Alliance
Why MIC
In today’s expanding global economy, World Trade Organization (WTO) rules and technological advances are resulting in increasingly convergent and more automated customs processes around the world.
Concurrently, the number of bilateral and multilateral trade agreements are increasing, WCO efforts are driving inter-governmental exchanges of information and Customs services are gradually shifting their focus from inspection of cargo (inbound/outbound) to pre-transaction data collection and post-transaction audits.
While these trends offer multinational corporations significant opportunities to minimize costs associated with global trade and to expedite the movement of goods; the risk of fines, penalties and seizure of merchandise for non-compliance is amplified.
To take advantage of the potential savings and to minimize compliance risk, the proper tools need to be incorporated into a company’s global supply chain. These must have the ability to apply common principles, yet be dynamic enough to comply with regional, country or trade-agreement-specific rules and regulations.
The integration and implementation of a centralized customs system that can be utilized within the company’s operations on a global level – in multiple regions/countries - is MIC’s strength.
1. Save Money
- Eliminate or minimize the high cost of customs broker fees by self-filing import and export entries.
- Minimize your tax burden by taking advantage of the preferential duty rates offered by Free Trade Agreements.
- Reduce labor cost through integration.
- Properly track inventory for duty refunds on re-export, exported goods returned or reclaim duty overpayments (reconciliation).
2. Save Time
- MIC Modules are designed to integrate as much of the Customs process as possible, minimizing data entry and re-keying.
- Tools are built into the applications which allow users to manage their time and workload (decision trees, automated calculations, requests for classification when new parts are created, etc…).
- Proactively manage, for multiple countries --simultaneously-- the product classification, origin determination and origin solicitation processes, eliminating duplication of effort, minimizing the learning curve for new staff and reducing the completion time for annual processes.
3. Manage Compliance
- Our data archiving process ensures transactions are documented, providing records and back-up data for audit or self-assessment.
- System security procedures ensure only authorized and knowledgeable personnel approve transactions/issues.
- By eliminating manual labor from repetitive processes through integration, our client's personnel can focus on the exceptions, thereby, increasing the level of compliance and minimizing risk, while decreasing keystroke error.
- A centralized Customs system ensures consistent application of processes, interpretation of customs decisions and the ability to note and track exceptions.
MIC’s Software Solutions save our clients time and money in achieving governmental compliance requirements, and provide an unparalleled knowledge base for their global operations