How to Start Import Export Business in Pakistan Step By Step Guide
Let’s start with the brief info on import and export. In simple words import is the process by which we buy products from other countries and export is the process in which we sell our products to the other countries. Import and export are getting popular in Pakistan day by day. One thing we should keep in mind that we can only trade with those countries which have diplomatic relationship with Pakistan. Many people don’t know how to start import export business in Pakistan and I will tell you the basic requirements to start this business.
- NTN (National tax number)
The name of the company or firm should have a national tax number.
- Chamber of commerce membership
Must have the chamber of commerce membership.
- Sales tax registration
For exporters, sales tax registration is not important but importers need sales tax registration to import goods in Pakistan.
- Bank account
The current bank account is needed for both import and export procedures and documentation.
Whenever the middle class rises the demand for imported products increases which benefits the importer. Before starting any business don’t forget to make feasibility, business plan and where you can sell your goods. The important thing is this business is to find the right buyer or supplier. But if you still don’t know how to trade, import and export service providers helps a lot. With the right consultancy, you can get things right.
Also Read: Step by Step Procedure of Import and Export
Export In Pakistan
In order to export products, register yourself as an exporter. Then select the market where you want to sell your product keeping in mind the economic position of the country, market growth of the product and the size of the market whether it’s expanding or shrinking. After making an offer exporter quotes the price of his product. If the offer is accepted then a contract is signed between the buyer and supplier, the contract also includes the terms and conditions of the delivery. The most important thing is the packing of the product it must be durable for sea, air, and road. Get your product insured if the buyer insists.
Document Checklist for Export
Following documents are required for the processing of export.
- E-Form ( from the authorized commercial bank)
- Commercial invoice
- Certificate country of origin
- Packing list
- B/L or AWB
- Non-GMO certificate ( for selected countries )
- Pre-shipment certificate(if needed )
Also Read: Major Imports and Exports of Pakistan
Import in Pakistan
As an importer, it is difficult to clear your product from customs. To deal with this problem many importers get help from the clearing agencies who compile all the documentation for you and help you in every procedure. When the product arrives at the customs they allot Import General Manifest ( IGM) number to the shipment which helps to locate the shipment in customs.
Documents required for import
Following documents are required for clearing the goods.
- Packing list
- Invoice of shipment
- Copy of the NTN
- Copy of the recent sales tax return
- Copy of the Sales tax Registration Certificate as an importer
Nowadays the import export business in Pakistan is booming. Many people are making their living in this business. As export helps in the economy of Pakistan And with the import, we get to try new things. This article will help you start import export business in Pakistan.