Strong foundations of ideas are attained through
proper sequence of learning without an escape of those basics.
Considering that every countries has its own field
of expertise, one may be abundant in some line of production, while in need of
some products of another as the main reason behind every import and export.
Especially, the Philippines, as one of the
developing countries, wherein various suppliers and products are not available
locally, take it as a tool in taking advantage in investing in an import and
export business.
Top 5
to know in starting an import and export business
1.
Ask yourself if you have the enough resources
to start with. Whether you'll be solely own your business,
establish a partnership or corporation or even cooperative. Paid up capital
needed may vary based on possible products you'll be importing or production
for export.
2.
Select product. Discover
what are possible product/s that are not yet available, short in supply, higher
prices or even other than those mentioned, but you have prospect secured
outlet or market to receive your product whether local for import and in
abroad in case of export.
3.
Study the product. Go
beyond your limitations. In case of export, investigate the total production cost,
including shipping depending on the agreed terms of shipment, while determine
the total payables from the bare value of the product in the foreign origin up
to the shipping, duties and taxes and all other charges to be paid, in case of
import, wherein Customs Brokers
or other reputable agents can assist you.
4.
Export and import permits. Not
all items in the market can be freely importable nor exportable. By the
assistance of your contact Customs Broker
or any reputable Cargo companies, both import and export, corresponding
clearances and permits must be secured in a given period of time, as
promulgated to avoid delays and other risks.
5.
Start dealing with possible client/s. Look
for reliable buyer/s or distribution agent of your product whether locally or
internationally, for import and export, respectively.
Note: If you are reading this article few years later than below date posted, it is highly recommended to further browse for possible amendment or you may contact us here and let us know how we can help you.[Manila, Philippines | Posted: December 2013]