As the basic rule, before doing
something new or even to improve, if not contented, of what you're currently
doing, is to neither scout nor explore more ideas to boost productivity and
correspondingly minimize risks.
Considering that Philippines, as
a developing country, seems to be the perfect place to do trade business,
taking into account the needs of various products and suppliers
from different industries, which are not locally available.
Hence, considering
all possibilities, things to consider before you import
anything, other than those privileged importations, (i.e. Balikbayan
packages, Diplomat, government importations, and others) in the Philippines
are, but not limited to:
1. Know the detailed specification/s of an item you're planning to import;
2. Carefully search the possible suppliers abroad;
3. Know the major markets domestically offering the same or similar products;
4. If none, so jumped to the next number, or if any, compare the disadvantages and advantages if you proceed the said importation, as to the quality, marketability and total expenses. For the quality consult the technical experts for that item while for the expenses, from the start of the importation up to the time of your possession, consult the so called "Customs Brokers" (licensed), whether, freelancers or companies;
5. Compare at least 2 or three customs brokers, as to the rate of their services and how they're going to handle your shipment, whether they opt to offer the so called "package deal" of which prohibited by law or straight - go for the rates as prescribed;
6. Considering that not all items are freely importable, some of them are regulated meaning - before importation shall commence there must be a clearances or permits to secure, as one of the reason aside from the expenses, why you need to initially contact a customs broker;
7. Know the term of shipment between you and your supplier abroad, as to how your responsibility up to, in terms of taking the items from the suppliers' warehouse up to the port of destination;
8. Don't forget your shipment is insured;
9. Regularly contact your customs broker, shipping line, airline (if via air) and freight forwarder for the updates and advices to avoid miscommunications;
10. Of course, see to it that you have the enough funds.
Rule of thumb, study things first before you proceed.
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.
1. Know the detailed specification/s of an item you're planning to import;
2. Carefully search the possible suppliers abroad;
3. Know the major markets domestically offering the same or similar products;
4. If none, so jumped to the next number, or if any, compare the disadvantages and advantages if you proceed the said importation, as to the quality, marketability and total expenses. For the quality consult the technical experts for that item while for the expenses, from the start of the importation up to the time of your possession, consult the so called "Customs Brokers" (licensed), whether, freelancers or companies;
5. Compare at least 2 or three customs brokers, as to the rate of their services and how they're going to handle your shipment, whether they opt to offer the so called "package deal" of which prohibited by law or straight - go for the rates as prescribed;
6. Considering that not all items are freely importable, some of them are regulated meaning - before importation shall commence there must be a clearances or permits to secure, as one of the reason aside from the expenses, why you need to initially contact a customs broker;
7. Know the term of shipment between you and your supplier abroad, as to how your responsibility up to, in terms of taking the items from the suppliers' warehouse up to the port of destination;
8. Don't forget your shipment is insured;
9. Regularly contact your customs broker, shipping line, airline (if via air) and freight forwarder for the updates and advices to avoid miscommunications;
10. Of course, see to it that you have the enough funds.
Rule of thumb, study things first before you proceed.
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:
November 2013]