Setting Up An Import And Export Business
Setting up an import and export business is a combination of various tasks. In this article, we are going to emphasize the most important details related to setting up such a business.
Build a solid business plan
Import and export business requires a solid plan before everything else. Your business plan should include information related to aspects like: the type of the market, products you import and export, office and staff requirement, business strategy, investment etc. In this case, we strongly recommend you to get the assistance of a professional like Dubai Multi Market Services to get your business plan prepared. Such professional will assist you in choosing an appropriate business activity too.
Setting up your import export business in a free zone
If you want the total ownership of the company, you will have to set your business up in a free zone. If not, you can go for a local company formation (you will own 49% of the shares while a local sponsor owns the rest).
Obtaining licenses
You will be needing to obtain various licenses when setting up an import and export business. Depending on the type of the goods you intend to import and export, the licenses you may want to obtain may vary. This is another instance in which you will require the assistance of a business formation agent like Dubai Multi Market Services; they can coordinate with all the relevant authorities to get the required licenses quicker and easier.
How to import and export
As an import export company, you will be able to engage in different types of businesses.
01. Business between a free zone company and a local company
Although free zones are located within the country itself, it is not included in the respective country’s customs territory. So, there will be special measures to take if you intend to do business with a local company. For instance, you will have to obtain an importer code through the customs
02: Import from a foreign country to free zone:
No tax or duties will be applicable on free zone companies when it comes to importing. However, the type of the goods you import and the trade license determine the other conditions. It requires a variety of documents including import permits for goods that are restricted.