Tips To Start An Business Of Import and Export From China to Dominican Republic
Many countries like China is becoming more and more technologically advanced every day therefore import and export becomes a much more lucrative endeavor. China does import and export business with almost all the Asian Countries but they mainly do business with Dominican Republic. Business of import and export from China to Dominican Republic plays an important role in both countries economy. Both countries government certainly wishes to encourage the development of exports and create additional new employment in the country. Dominican Republic’s economy with China is expected to grow by 5.5% in 2018 – much higher than what’s expected of its neighboring countries.
The main products that the Dominican Republic imports from China
- Electronic devices
- Machinery and Equipment
While the main products that the Dominican Republic exports to China are
- Minerals (Raw copper, brass, brass scrap etc)
- Waste paper
- Animal skin
Here are a couple of tips that will help you to start your own business of import and export from China to Dominican Republic
Establish a Corporate International Image
You need to build your credibility to gain global success. Presenting yourself internationally as a reliable businessperson is important even if you only run a small company.
Understand export and import regulations
Ask relevant export authorities such as the Consulate of the country that you want to export your products to for special exporting requirements.
Know your trade partner
It is crucial to conduct a background check on potential partners before doing business with them. You should also verify the contact information given to you by your potential partners.
Avoid shipping risks
If you are an importer, demand a pre-shipment inspection to ensure the quality of the products that you are buying.
Prepare a clear contract
Prepare a legally binding contract in relation to the terms of the trade. It should include the conditions for the sale, product specification, payment method, quality inspection, an arbitration clause, etc.
Be suspicious of extremely generous offers
If a potential partner offers an exceptionally high or low price than the regular rates, they might be attempts to defraud. Make sure to check the identification, contact information and any claims made by a suspicious trade partner.
If you are in the import/export business and you need more information on import & export business click here!