Learn How to Start Export Import Businesses

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.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 artilce 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 embassies in the foreign countries where you will be importing and exporting goods. If you are doing an export and import business in Dominican

Republic  with China then you should make contact with the embassies of China for smoother and smarter transpotation.

Step 3

Speak regularly with your country's embassies ( Dominican Republic) as they can aid in importing your goods from other countries.

Step 4

Get your tax affairs in order and obtain a registration number 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

Make sure that there are no embargoes, or trade barriers, 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.

Advantages of Long Term Notes (LTN)

Long term notes are really beneficial and companies or business organizations that need some operating capital may use or obtain a loan through any of the options of notes payable.

What is a Long term notes

Well, it is basically a written promise where you promise to pay a certain amount of money on a specific future date. However, there are two types of notes payable option available for you—short term and long term. Long term notes (LTN) are due after one year.

There are a lot of advantages of the long term one and here are those –

The ownership interest – This note payable method offers you the benefit of ownership interest. That means you don’t have to give away any ownership interest to the lender. You, as a borrower don’t have to worry about providing any other ownership to the lender.

The interest rate – This payable method has a fixed interest rate. So you can plan and budget your payment according to the interest beforehand. And above all, the due date you get is a long term and there are no possibilities of being tied up into any current assets. That means the risk of loan default gets reduced and the debt capacity increases. What you benefit from it? Firm’s overall financial stability.

Tax Deduction – When you take a loan in interest, it can be paid or can be deducted from your company’s income taxes. This is the reason when you use the long term option, you get benefited and people find the long term payment option to be quite attractive.

Less Paperwork – Long term payable option doesn’t require much paperwork. Raising long-term debt capital does not require any paperwork to be filed with state and federal authorities. It also doesn’t require any kind of pre -approval from the authorities and the investors.

These are a few benefits of the long term debt capital and firms and companies are being benefited by the note payable since a long time. Whether it’s long term or the short term note payable, the instrument can help you grow in your business. We, “The Hanson Group of Companies” provide you a group of some of the best financial options for you.