Introduction
FONLOLY is a company that focuses on the research and development of international advanced emotional health medical nutrition products. Such products are usually not allowed to export to China through the general trade method due to strict control. Facing the vast market in China and the prospect of this product, FONLOLY hoped to accelerate the speed of new products entering China market, so, they have launched a deep cooperation with SENCENT now.
Challenges
1.China's import of psychotropic substances are strictly controlled.
2.The products of the FONLOLY needs to be formally declared by a qualified China cross-border e-commerce platform so that their products can be imported into China.
Solutions
1. SENCENT has been recognized in China Customs and is a qualified China cross-border e-commerce platform, so FONLOLY’s products can be declared on our platform and then in China's market.
2. Low tax rate. Within the transaction limits of China CBEC(cross-border e-commerce), the tariff rate for FONLOLY’s medicines is 0%, the consumption tax and value-added tax are 30% off, and the comprehensive tax rate is 9.1%.
Achievement
Through cooperation, FONLOLY's products can enter China's market faster. If they choose the general trade to declare, the import time of their products usually takes one to two years. Furthermore, the introduction of new psychotropic drugs to China has also met the needs of many Chinese consumers for imported high-quality drugs.
