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Start a import business

Start your import business.Move goods with your books in order.

Our office forms your import or distribution company in any state, gets the EIN, files Form 5472 for foreign owners, and handles bookkeeping and taxes, while our agency quotes cargo and liability coverage.

Start my import businessGet an insurance quote

Reviewed by Orkun Ozkaymak, CPA, MBAClients in all 50 states and abroad

$500company setup, EIN included
50 + DCstates we form companies in
1 officeformation, taxes and insurance
2011preparing taxes since
Step by step

How to start an import business

  1. 1

    Form the company and get an EIN

    Our office forms your LLC or corporation and gets the EIN, including for owners who live outside the U.S. Your EIN also serves as your importer number with U.S. Customs.

  2. 2

    Register with Customs and get a bond

    Your customs broker files CBP Form 5106 to set up your importer record. Most commercial shipments need a single entry or continuous customs bond.

  3. 3

    Register for sales tax

    Register with your state's revenue department so you can collect tax on retail sales and give suppliers a resale certificate for goods you resell.

  4. 4

    Insure your goods and products

    Our agency quotes cargo coverage for goods in transit, warehouse property, and product liability for the items you import and sell.

  5. 5

    Set up bookkeeping and foreign owner filings

    Our office sets up QuickBooks Online to track landed cost, duties and inventory. If an owner is outside the U.S., our office files Form 5472 each year.

Filings and prices

What our office files for you.Prices shown before you send.

Pick what you need on the request form. Ozfield's fees are shown here; government fees are passed through at cost.

  • Illinois sales tax registration and resale certificate IllinoisYour resale certificate lets you buy inventory without paying sales tax.
    $250
  • Form 5472 for foreign-owned companiesYearly, filed with the company return.
    $750 per year
  • City of Chicago business license IllinoisThe city fee is $500 or $1,000 for 2 years depending on the license type, paid to the city.
    $179
  • Payroll and state unemployment setupPayroll accounts, state unemployment registration and your first payroll.
    Quoted by our office
Company setup is $500 plus the state fee, EIN included.
The request form adds your filings and shows the full estimate as you go.
Build my estimate
Insurance from the same office

Coverage in place on day one.Quoted by our agency.

Check the coverage you want on the request form and our insurance team sends quotes from multiple carriers. Nothing is bound without your OK.

Start my import businessGet a quote only
  • General liability
  • Product liability
  • Cargo and marine
  • Property
After you open

The filings that come every year.

Our office keeps these on your calendar so nothing is missed. How we work with importers and distributors →

Form 1120 with Form 5472

April 15. Calendar-year corporations, extendable to October 15.

Illinois sales tax

20th of each month. Plus returns in other nexus states.

Form 941 and state payroll

Quarterly. For U.S. employees.

Form W-8 and W-9

Before payment. Collected from foreign and U.S. vendors.

Questions

What new owners ask us.

Something else on your mind? Call 773-536-9272 and our office will help, in English or Turkish.

What do I need to start importing goods into the U.S.?
You need a company with an EIN, an importer record with U.S. Customs, usually set up by your customs broker, and a customs bond for most commercial entries. Some products, such as food or cosmetics, also need FDA registration. Our office forms the company, gets the EIN and sets up the books, so your broker can file your first entry.
Does a foreign-owned U.S. company need to file Form 5472?
Yes. A U.S. corporation that is at least 25% foreign owned, and a single-member LLC owned by a foreign person, must file Form 5472 to report transactions with the owner and related parties. The penalty for missing it starts at $25,000. Our office prepares Form 5472 with the required return every year.
Do I charge sales tax when I sell to other businesses?
Sales to resellers are generally exempt when the buyer gives you a valid resale or exemption certificate, which you keep on file. Sales to end users are usually taxable. Selling into other states can also create a duty to register there once you pass their sales thresholds. Keep every certificate organized in case of an audit.
What insurance does an import and distribution company need?
Cargo insurance covers goods lost or damaged in transit. Product liability covers claims that an item you sold caused injury, which matters because the importer is often treated like the manufacturer. Property coverage protects inventory in your warehouse. Our agency quotes these together for your products and routes.

Ready to start your import business?

Answer a few questions, see your estimate and send it to our office.

Start my import business773-536-9272