When it comes to import and export business then it leads to the best business seen in the world. All over the world the people are seen to get the best way of the business which will be granted the best way to flourish in life. The people have many types of business of import and export. The steps that must be taken for the business are in the line of best ones. The import export business can be marked to be the best one in the count. The people will be given with the information which will lead them to flourish their business. Many steps are taken to the best way of business which will give out best way of living. If you have a business sense then go ahead and get the business started. There are many people who make out many business. Here the people will be getting all the information and best articles on count which will help you out in each way. The people can get connected with us for more information which will help them out in the better way. The import and export business is getting very much popular in Pakistan. Soon the people are indulging in to this category of trading and business.This is the trend going now a days. The people now need the valid information about the rules and details about the export and import in Pakistan. The people who want to get the information they are on the right page here you will get all the details which will help you out.
Get your company ‘s NTN(National Tax Number) Certificate, which is issued by the Income Tax Department on the filing of application form accompanied with one attested copy of NIC.
Click here to Online NTN Registration.
2) Sales Tax Registration
The commercial exporter is not required to register with Sales Tax Department. But if you pay the sale tax on the goods from a local market it will be better for you to get yourself registered with sales tax department so that you may claim your input tax deducting on your purchases. Once you are registered in sales tax department you will be obliged to the monthly sales tax return irrespective of the fact that you have been involved in any sales tax activity or not.
3) Bank Account
Current Bank Account is required for export proceedings and documents.
4) Chamber Membership
Membership certificate of Chamber of Commerce and Industries or any relevant trade association is required.
5) Documents For Clearing Agent
Once the consignment, to be exported arrives at the port, usually, a clearing agent service is sought. The following documents are required to provide to the clearing agent to clear the consignment.
i) Packing List.
ii) Commercial Invoice.
iii) Letter of Credit (L/C).
iv) Certificate of Origin which is issued by Chamber of Commerce.
v) National Tax Number Certificate.
7) Submission of Export Documents to the bank.
All shipping documents covering goods exported from Pakistan and declared on form „E‟ must be passed through the medium of the bank within 14 days from the date of shipment. The exporter must submit the shipping documents, invoices etc., to the bank.
(Note: Now in Pakistan Form-E Issues Electronically in WeBoc System, Therefore no need to physically submit Form-E )
Export Procedures:
Register your business name and get NTN, Sales Tax number/certificate
Open a bank account
Register business with relevant Chamber of Commerce & Industry
Select a product for export
Identify potential market
Do market specific research including size of the potential market, product preference, unit price, import regulations, certifications required, etc
Packagingshould be strong and as per client’s requirements
Select a mode of transport keeping in view the perishability of the product
For financing pre-shipment or post-shipment credits are also available
Insurance to recover cost in case of loss (optional)
Sign a contract with the prospective Buyer including names of exporter/importer, unit price, total quantity, terms of delivery (FOB, C&F etc), currency and terms of payment (Cash Against Documents or through Letter of Credit), mode of shipment, etc
Select a suitable clearing & forwarding agent
Prepare shipping documents
Transport the consignment
Documentation Checklist:
Following documents vary according to consignment:
Non GMO certificate (for selected countries like China)
How to Start Export and Import Business in Pakistan Procedure and Registration
How To Start Import Business in Pakistan
1) NTN
Get your company ‘s NTN(National Tax Number) Certificate, which is issued by the Income Tax Department on the filing of application form accompanied with one attested copy of NIC.
Click here to Online NTN Registration.
2) Bank Account
Current Bank Account is required for import proceedings and documents.
3) Sales Tax Registration
Sales Tax Registration is required to import into Pakistan. For registration, Form ST-1is required to send to the local sales tax registration office via post with acknowledgment due (courier is preferable). The local registration office shall transmit filled up applications to the Central Registration Office based in CBR Islamabad. The previous requirements of furnishing supporting documents have been done away now there is no need to attach any document with the application. The Central Registration having online access to the database of NTN as well as of NADRA shall verify the particulars declared in the application with database. On verification, it shall generate and issue a registration certificate to the applicant directly on his given address.
4) Chamber Membership
Membership certificate of Chamber of Commerce and Industries or any relevant trade association of Pakistan.
Import procedure:
Customs Clearance / Introduction:
It is a common belief by the importers in Pakistan that custom clearance is very difficult, time consuming and cumbersome procedure. As a result it has become a common practice to engage a clearing agency in fulfilling the requirements and procedures of the customs departments, as well as clearance of consignments. However a part of the negative perception relates to the low awareness level about the compliance requirements for import procedure. It can be divided into two major segments. First, appraisal, where the goods are physically verified and customs duty is calculated and second appraisal where the actual or final duty is calculated and levied upon the importer. This document covers all the necessary aspects, which is the fundamental part in clearance of goods/shipment and the process of assessment of customs duty and taxes. Shipments may be received at either the Sea, Airport or Dry port declared by the customs authorities as customs ports, customs airport and land customs station; the procedure for clearance is same for every customs station.
Arrival of the Goods at Customs Ports:
The Federal Board of Revenue off and on declares the customs ports comprising of sea, land and air ports for the purposes of clearance of goods. The customs clearance process starts with the arrival of cargo ship, plane or other carrier of goods in the country on the designated sea, land and air ports. Upon arrival of the goods at the customs port, the port authorities issue the Import General Manifest (IGM) to each shipment. It is a number indicating the serial of the shipment arrived during the year. Upon receipt of the IGM the consignment is further indexed to allow for a systematic reference of all goods received. After issuing this number, the shipment is off loaded and sent back to port warehouse. In the case of land customs station i.e. dry port etc. the IGM is issued not at the time the goods reach the land customs station but at the time the goods are off loaded at the sea or airport. Upon arrival of the off loaded goods, the clearance process starts. Normally at this point a clearing agency is engaged by the importer to facilitate the process of customs clearance and to reduce interface with the customs officials.
Clearance Procedure for Imports:
Following documents are required and provided to the clearing agent for processing:
Invoice of shipment
Packing list
Bill of lading
Copy of the Letter of Credit or Contract
Copy of the Sales Tax Registration Certificate as an importer
Copy of the National Tax Number
Copy of the most recent sales tax return
How To Start Import Export Business in Pakistan
NTN
Get your company ‘s NTN(National Tax Number) Certificate, which is issued by the Income Tax Department
Sales Tax Registration
Commercial exporter is not required to register with Sales Tax Department. But if you pay the sale tax on the goods from local market you must get yourself registered with sales tax department
Bank Account
Current Bank Account is required for export proceedings and documents.
Chamber Membership
Membership certificate of Chamber of Commerce and Industries or any relevant trade association is required.
Documents For Clearing Agent
Once the consignment, to be exported arrives at the port usually a clearing agent services are sought. The following documents are required to provide to clearing agent to clear the consignment.
i) Packing List.
ii) Commercial Invoice.
iii) Letter of Credit (L/C).
iv) Certificate of Origin which is issued by Chamber of Commerce.
v) National Tax Number Certificate.
Form “E” and “I”
Form “E” and “I” (State bank form): All exports and imports from Pakistan which are subject to Foreign Exchange Regulations are required to be declared on form which is in sets of four copies each. The exporter and importer should submit the full set of Form “E” and “I”to the bank after it has been completed and signed by the exporter and importer himself or his authorized agent.
Submission of Export Documents to the bank.
All shipping documents covering goods exported or imported from and in Pakistan and declared on form “E” and “I” must be passed through the medium of bank within 14 days from the date of shipment.
The main reason for this trend is the involvement of international currency which becomes very productive and massive when converted in to the Pakistani rupee. The all over sales is in large in numbers. The very main and crucial aspect of this restriction is that trading either it is import or export could only be done with those countries which have diplomatic relations with Pakistan. This article is the complete guide for you which will help you out for the people who are interested to start an import export business in Pakistan. To start an import export business in Pakistan you have to make a clear business plan to succeed. Do some deep research on market trends and try to find out opportunities to achieve your set goals.Here we have given you the scale and listed all the details about the business. You can stay connected with us for the further details
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