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How to Start an Import / Export Business in Nigeria

Last modified about 2 years ago by . Posted in School News |

How to Start an Import / Export Business in Nigeria.

Import / Export Business in Nigeria… Talking about Import/Export business, i will like to bring to your knowledge the meaning of business, also make you have an idea of what import and export means.

Start an Import / Export Business

How to Start an Import / Export Business in Nigeria

When talking about business, oxford dictionary defines business as a person’s regular occupation, profession or trade. When we talk about import, we are talking about the bringing of goods or services into the country from abroad for sale, export is the process of sending out goods to another country for sale.

In this article I will like to give you an idea of how to start an import/export business, the requirements for starting the both business.

Import and export business is the key driver of growth or recession in any country. Depending on the way things are if, is always profound.

Requirements for Starting a Business in Nigeria 

1. Have a unique business idea:

Before you start up an import/export business, you have to have an idea about the business, what kind of goods you want to deal on, and how you are going to achieve it. Ensure it will be able to solve the needs of people each day, go on a research and find out more about the business, the problems you will face and how to solve them.

2. Have a business plan:

The next step is to write down a business plan, this will determine the kinds of problems your business will heal, how long the business will last, it values to customers, how you want to generate revenue in a short term and profits in long term, it will determine how much you will gain, how you will raise the capital of the business and lots more.

3. Choose a location:

After having a business plan, you must determine where your business will be located. Your business must be close to target customers, where you choose must be close to people with the highest chances of paying for your products.

4. Raise a business startup capital:

Before you start you have to have an idea and be sure, you must clearly defining your means of how to run your day to day operations financially, promote your business and so on. 

5. Choose a legal structure:

Before you do this, you need to know the various types of legal structures and comfortable you will be with it. You have to understand the legal structure you want to form around your business, this is very important before you move on to register your business.

6. Register your business with the government:

Register your business with the government. When you want to do, you need to get an article of association, this contains a lot of information about your business. In Nigeria it is not necessary to get a lawyer to register a business name.

7. Register with the federal and state tax offices:

After registering with the government, you have to register with the federal and state tax office. When you do this you will be provided with your tax identification number which you will use for other purposes like opening a bank account and so on. 

8. Get a bank business bank account:

You need get a business bank account after registering with the federal and state tax, to save your business tax. 

9. Hire the right team:

Employ the right team to co-run your business, if it is a small business, you don’t need more than one worker to start with. 

10. Start your business:

After you have done what needs to be done you can then start your business 

11. Grow your business:

After you have started our business, and have tried satisfying your first set of customers in your initial market, the next thing is to look for a way to enlarge your business. Try to create awareness, to expand the business.

Nigeria’s Requirements for Starting and Import/Export Business.

1. Register The Business:

Before you start up a business in Nigeria, you have to register the business, when this is done, you are able to open a bank account for the business. When you are ready to register your business, names will be searched for to see if your business name is available, when this is successfully done, you are now free to complete your registration and continue by getting an import and export license in Nigeria.

2. Have a minimum of two directors:

In the process of registering your business, you have to have at least two directors especially if you are registering a company. If you register as an enterprise, you might run the business on your own. But when you register as a liability company, you don’t have a choice because the law states that there must be at least two directors for a liability company to be registered.

3. Have a registered office address:

If you are starting an import and export business in the country Nigeria, you must have a registered office address. Initially, you will have to use your home address, since you have just a little cash to get an office till your business scales.

4. Obtain a Tax Identification:

After the business has been registered, the next thing to do is to obtain a tax identification number.  This shows that you are a registered tax payer in your country. This will be your first step towards becoming a tax compliant.

5. Register with the Nigerian export promotion council:

This is one of the most important stage. This registration is very compulsory because without this you will not be allowed to run an import and export business in Nigeria.

To register with this council, you must visit their website first and then call their office in your state in Nigeria. This council is very helpful and responsible.

6. Register with the customs by completing the form NXP:

This registration is usually done with any commercial or merchant bank of your choice.

7. Obtain special license and permits for the goods you are dealing with:

An export and import business in Nigeria, you have to obtain the right license for the goods you are either importing or exporting.

8. Obtain full license from the countries you are going to be importing or exporting from:

You are required to obtain the required license in the country you are exporting your goods to. Failure to do this could result to loss of investment.

9. Verify  your products and make sure they are  not on the prohibited goods:

Every goods that you import or export must be checked across to ensure that they are not prohibited goods list. Importing or exporting of goods in this group listed will get you arrested.

10. Get  your insurance covered:

Make sure you get your insurance premium for any product that is imported or exported, so you can regain your investments in the event that the goods get damaged, while in transit.

11. Partner with a freight forwarding  company to ship your goods:

They are usually very experienced and have faced almost all types of issues you stand to face when running your business. 

How to Find Buyers for Your Import/Export Business

  • Leverage Linked in To The Fullest
  • Register With Export Promotion Councils (EPC)
  • Find Local Buyers Who Represent Foreign Companies
  • Fill Orders form  From Local Buyers Who Export To Foreign Organizations
  • Register On International Trade Platforms
  • Have An International SEO-Ready Website
  • Do Email Marketing
  • Hire Overseas Agents On Commission Basis
  • Contact The Countries Chamber of Commerce
  • Participate In Trade Fairs
  • Get Import Lists From Foreign Embassies
  • Internet Marketing.

Frequently Asked Questions

1. What are my options if I don’t want an international business consultant to assist in my company’s  global wealth?

Answer: I will recommend that you acquire the necessary knowledge. Advertise your company online.

2. Why wouldn’t  you take my product and promote it globally?

Answer: Because we are not trade agents, our multi industrial experience has shown  that only those business that have one long term international marketing strategies achieve their target markets and get excellent positions in the countries they choose.

What’s your take on this? We believe this article was helpful, if yes, don’t hesitate to share this information with your friends on Facebook, Twitter, Whatsapp and Google plus.

NG Team.

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