Like any other businesses, the success of an import export business relies on one's ability to set up the business. Moreover, its success also depends on the trade policies and guidelines of particular countries. Thus, with these to consider, it is essential to know the ins and outs of the business before actually doing it.
Setting up the import export business is not easy. There are a number of things that need to be done and prepared. However, once you have accomplished all these things already, the rest will just easily fall into place. For as long as the basic preparations are realized, there is no reason why you could not start your own import/export business. Here are some tips that will help you in starting an import export business.
Research for possible products for import and export. Researching possible products for import and export is basically the first thing that you should do in starting an import export business. After all, the essence of import export is to sell the products that you have and buy what you do not have. Thus, it is important to determine what your country needs that can be supplied by other countries. Likewise, you also need to determine the countries which are insufficient of, or lacking of the products that your country abundantly has. With this, you can establish these countries as your trading partners.
Contact the embassies of the country that you will be trading with. As soon as you identify the countries that you will be trading with, it is essential to contact the embassies of these countries right away. The embassy is the right place to look for industry directories and manufacturers lists. Moreover, the embassy can provide you with the information that you need regarding their products and the suppliers of these products.
Constantly communicate with your consulate for your import activities. There are many different rules and policies on import export that vary from country to country. For imported goods, it is very important for you to constantly communicate with your consulate regarding the policies and fees of these goods in order to determine the selling price of these goods. Moreover, different imported products have different tax values which are most important for you to know.
Acquire a registration number from the taxation department. Before any import export business can start, a registration number is required from the taxation department. This will facilitate the legality of your trading activities in your country.
Inquire about licensing requirements. Just like the registration number, the license to operate an import export business is also very important. You need to inquire about the various requirements for the application of the business license so that you can prepare these requirements in due time. However, if your country does not require a license for low risk items, it is advisable to focus on these items instead.
Ensure that there are no trade barriers. Determine if there are no trade barriers set against the countries that you intend to do import export activities with. To do this, you may contact your own government first and contact the embassy of the country that you wish to trade with.