What You Need to Know Before Starting an Import/Export Business in the Philippines
With the Philippines being one of the fastest-growing tourism destinations in the world, more foreign businessmen are eyeing the Philippines as a viable alternative to the other economic vignettes they are encountering. And it’s no wonder why. Despite being under U.S. military rule for so many years, the Philippines is an independent country that still possesses a strong sense of its own identity and pride. The country has a very diverse landscape, but thanks to its close proximity to mainland Asia, the country has to tap the full potential of being an alternative destination for tourism and as a source of raw materials.
What are the basic requirements for anyone who wants to start up an import and export business in the Philippines? Most aspiring entrepreneurs would need a wholesale importer or distributor to get their goods imported into the country. While most importers and distributors advertise on the web, there are still some that you can find through word of mouth. Getting hold of a trusted wholesaler or distributor is the key to starting an import and export business in the Philippines.
Import and Export Directory
A dependable import and export directory should have a comprehensive listing of all the qualified, credible wholesalers and distributors for any product you wish to import or export. In addition, the import and export directory must also have a list of the manufacturers and exporters that are authorized to undertake import or export activities. This is important as you don’t want to end up doing business with a company or an individual who is not licensed to do import and export activities.
In getting hold of the right directory, you can expect to get information on import and export duties, tariff classifications, and corresponding rates. You will also get a list of the best possible products to help you achieve your goals of making money importing and exporting. With a comprehensive list of manufacturers and exporters, you can compare prices easily and quickly. Knowing your exact product availability, shipment costs, and other important information is essential in starting an import and export business in the Philippines.
A Brokerage Firm
Setting up your own brokerage firm can also help you earn more profit in a short period of time. If you decide to go this route, remember that you have to register a business name before operating it legally. You have to secure a steady supply of raw materials and supplies, and you have to ensure that these materials are obtained at fair prices.
Customs Requirements
Planning to import and export goods from other countries requires you to follow their customs requirements. A comprehensive and clear understanding of all the necessary requirements is very essential. There are companies and individuals that offer these services. Inquire about how to start an import and export business in the Philippines with any of these companies.
Freight Forwarding Services
If you do not want to pay for the services of an import and export business broker, you can use the services of companies that offer this kind of assistance. There are several such companies that offer freight forwarders and import support. They can help you find a good and reliable transport company and a good manufacturer or exporter. You need to determine the feasibility of the service before you sign an agreement.
Taking the Big Step
If you know how to start an import and export business in the Philippines, you will undoubtedly be able to successfully conduct your operations. You have to remember that the growth of your business depends on your ability to identify the country’s needs and preferences. This is only possible if you know how to start an import and export business in the Philippines.
Excelsior Worldwide Freight Logistics conducts free orientation for those who are willing to learn. It is our advocacy to share our knowledge & experience worth more than a decade in the business. Visit our website today at www.excelsior.ph to learn more about our service.