How to Start an Import Business in Bangladesh
Start an Import Business in Bangladesh
Not only for business but for the consumer market, the imported good is important. An import business in Bangladesh allows you to purchase these goods for resale to business clients or to the public at large while starting an import business. As others import goods from other businesses, some importers manage and sell their own inventory.
However, when you’re in an import business, you should consider the type of goods you wish to import. In this case, you should find the potential suppliers of these goods. Also, keep in mind that the vendors who seem promising and request a catalog or pricing information for specific items. If we think the aspects of Bangladesh, there are a lot of people are doing the business and doing well. So, if you’re in behind of seeking a job, you can start an import business.
Why Start an Import Business in Bangladesh
This is a good question and the answer is great as well. Starting an import business in Bangladesh is one of the great ways to make a huge profit. There are more than 160 million people living in Bangladesh, which means that they have a great demand for imported goods. Also, the government expenses a lot for importing goods from another country.
Moreover, there are good chances to import from onion to Smartphone. It just depends on your niche what you prefer to import. Besides, we have seen a major growth in the export and import of goods and services in Bangladesh in recent times. These are indicating nothing but you can start it your own and the business has a better prospect than a traditional job. And it’s over to you for think and thinking again.
Steps to Start an Import Business in Bangladesh
Although an import business in Bangladesh is good enough to make good revenue, you can’t start is without proper planning. As there are many people who may jump in without weighing the pros and cons and rather than laughing their way to the bank, they finally get the experience of a nightmare.
That’s why it’s important to know whether you’re ready for the business or not. In this issue, you have to obey some steps if you want to get success in the business. Well, let’s know them below:
First Step: Business Name and Website
Defining the future of your trading business, name your import business. In this concern, you should acquire a good business name and register it with the related authorities of your country. You can select a reliable domain hosting company to acquire a cheap domain name for your website.
After that, ensure your business is online 24/7 by choosing a top web hosting platform. And your trading business is now live when you’ve got a website set up with a content managing system such as WordPress. If you have a website, it allows your trading business to communicate with an international entity or customer base.
Also, you can hire web design experts to create an easy to navigate trading platform to increase your site’s overall design. When launching your import business in Bangladesh for the first time, blogs are another way to reach your target audience.
Second Step: Product Selection
The products are in demand in a market should be listed out. You’ll need to outline a plan to contact the manufacturing companies from different countries to get a good price if you’re going to be importing materials. Also, make all the hidden costs are brought on paper while ensuring your product price is calculated. But, it’s not wise to find out at the last minute that you made a bad decision in choosing your supplier. Here are 2 factors to consider that you don’t want:
- Low price
Third Step: Choosing Freight Forwarder
From the country, you are trading with, like Bangladesh, importing require permissions. Also, it needs to conduct your trading business because all countries don’t allow open trade.
Besides, a freight forwarder should be contacted to handle all the base operations required to transport a product for shipping your goods. In this case, the various transport custom handlers in countries and a freight forwarder acts as an intermediator between you.
Fourth Step: Documentation
When transporting an item to its destination several documents are required. Among the required documents, some of them are below:
- Commercial Invoice
- Certificate of Origin
- Bill of Lading
- Inspection Certificate
- Shipper’s Export Declaration
- Import License
Fifth Step: Businesses Type
In the import business in Bangladesh, there are three basic types. The merchants are doing the business; they buy goods with their own capital, and then sell them. It allows the business owner to keep all of the profits while this business model. But, if the products don’t sell as well as initially anticipated there is a high degree of risk. In order to export their goods in the country, import management firms team up with foreign companies.
Related Article: Start an Export Business in Bangladesh
And it’s exactly what you need to ascertain that the goods you are receiving are actually the goods that you paid for that the global company will offer SGS inspection. It can result in unusable imports when there are language barriers and budgetary restrictions. That’s why ensuring that the company you’re working with is providing the quality you agreed upon.
Sixth Step: Legal Requirements
When you apply for a business license and filing a doing business as form, you can establish your business. You should create a limited liability company as well so that you can operate your import business through a separate business entity to protect your assets from liability. Moreover, it’s important to take out liability insurance to cover your business in the event of lost or damaged shipments. Let’s know what the documents are required to start an import business in Bangladesh.
- Trade License
- Agreement/ proforma invoice
- Margin Money
Some Other Steps to Follow to Start an Import Business in Bangladesh
When you decide to start an import business in Bangladesh, there are some other steps to follow essentially. If not, you’ll get the problem in the near future running your business. Therefore let’s know what other steps to follow for a successful business venture:
- Register your business venture
- Consider forming a company at LLC format
- Follow legal entities to avoid the future harassments