HOW TO START AN IMPORT AND EXPORT BUSINESS, PH

Manila international container port


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]