Steps to Starting an Import company in Dominican Republic

Import and export companies are everywhere, they deal as wholesale distributors, as independent buyers and retailers, buying goods in one country and selling them in another. The Dominican Republic is the 69th largest export economy in the world. In 2016, the Dominican Republic exported $8.72B and imported $17.7B, resulting in the growth of its country economy. Between its own trading activities and its many buying agent contracts, Dominican Republic now oversees millions of dollars in trade on a monthly basis. If you’re thinking about to start export and import company in Dominican Republic then, be aware and realistic, because there is a lot of training involved. No doubt that export and import is a profitable business.

The success of your import and export business depends on your capacity that how correctly you set up the business and keeping the buy and sell guidelines of your country and the countries that you plan to trade in or export goods for profit. In this article you will learn how to start export import businesses. Here we will discuss all aspects of export & import execution to ensure sustainable, optimal performance.

STEP 1

Create a business plan

Your Import export business plan should include competitor and your business information, with what part of the market you are targeting, key competitors and what differentiates you from them. It is the cornerstone of successful financing. This plan is where you lay out the reasons.

Step 2

Make contact with the foreign countries embassies where you will be importing and exporting goods. If you have  import company in Dominican Republic and want to do business with China then you should make contact with the embassies of China for smoother and smarter transportation.

Step 3

Remain touch regularly with your country’s embassies (Dominican Republic) as they can aid and provide help in importing your goods from other countries.

Step 4

You should obtain a registration number with your tax affairs from the taxation department in your country.

Step 5

Inquire about the licensing requirements of operating an import-export business in your country. It is an excellent idea to stick with low-risk things when establishing your business

Step 6

Before exporting or importing goods check that no embargoes or trade barriers should be set up against any of the countries that you plan to import or export goods.

Step 7

Confirm with your bank about getting a Letter of Credit for trading globally.