How to Start an Importation Business in Nigeria
Starting importation business in Nigeria doesn’t involves a lot of work and task as it may seem.It has been made simple and easy as ABC. Money is not only the key factor that one should consider when starting an importation business in Nigeria. There are other factors that must be put into consideration when an individual wants to dive into starting importation business in Nigeria.
Nigeria is a country in which most of her goods are being imported from other countries.There are some successful firms in Nigeria which rely on the importation of commercial and local goods from other countries.
Importers travel to various countries in order to import goods in bulk such as textile, building materials, pieces of jewelry, spare parts and food items etc.
Steps in starting an Importation business in Nigeria
- A Real Market Survey
A market survey is important in starting an importation business in Nigeria. The survey should be done properly with the sellers you are going to get your products from. It is always advisable to carry out one on one inquiry with the people that sell the product to know the actual price of what you are going to import. Getting the customers or buyers of the products are also essential. This will help you as an importer to know where to channel your sales.
- Study the External Market
This is another key factor in starting an importation business in Nigeria. The external market needs to be studied along with the right sourcing price for your product that you want to import into the country. This can be done by carrying out research on the internet or making use of consultancy firm that has ideas about the external market. The prices of some imported products are cheaper in some countries and may be costly in other countries. Most importers order their products from Turkey, China, United States, Malaysia, UAE (Dubai), and Spain etc.
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- A Valid International Passport
An international passport is vital when you want to start an importation business in Nigeria. As an importer, the need of traveling out may arrive in order to obtain or secure your goods. For this reason, it is necessary to enter an Immigration Office in any part of Nigeria in order to apply for an international passport.
- Business Registration
You as a beginner that wants to start importation business in Nigeria must have the firm register with Corporate Affair Commission. The corporate Affair Commission (CAC) is a body that controls all business formation in Nigeria. When once you register your business with them, the company is becoming legal and also being recognized by the federal and state government.
- Tax Payment
Another thing that should come across your mind in starting an importation business in Nigeria, is the payment of tax. As an importer, paying of tax is inevitable. An importer needs to provide an evidence of three years of tax payment before he or she can obtain a travel visa. Immigration companies consider this as one of the key factors before they issue out travel visa.
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- Embassy Application
An importer needs to go to an embassy in person in order to apply for a visa that he or she has the mind to travel to. There must be original and photocopies of your important documents along with you together with your business account statements and evidence of your hotel reservation.
- An Interview
Going for an interview might be something that might arise when you want to start an importation business in Nigeria. The interview can be an oral interview to give out the reasons why you want to travel outside the country. When you are with the interviewer, you need to be bold and let your response be brief and simple.
- Obtaining Flight Ticket
After the oral interview before you start your importation business in Nigeria if you are being given a travel visa from an embassy. Then a travel agency must come into the scenario. The work of the travel agency is to enable pay your flight fare. When once you have them they reduce the burden of your work and keep things simple for you.
- Obtain the basic things
The first thing that should come into your mind when you one to kick-start your importation business in Nigeria is the weather conditions. In the western world, their weather is very different from ours. Based on this, you need to carry clothes that will make you comfortable such as canvas, jacket, head warmers, and hand gloves etc.
- Go with someone who is into the Business
As a novice that wants to start importation business in Nigeria, you need to travel with an individual that is into the business already because this is your first time. He or she takes you to places within the country that you can obtain that goods or commodities at a reduced rate. This helps you to cut down unwanted expenditures for the first time.
- Change your Money
Your money needs to be changed to that country’s currency of the country you wants to travel to buy goods in order to start your importation business in Nigeria. This transaction can be done in banks, or with the help of bureau de change within Nigeria.
- Come back within the stipulated time
You need to endeavour to be back in Nigeria within the stipulated time you gave at the embassy because if you don’t keep to that will you find it difficult to acquire visa when you want to travel again out of the country to purchase your goods.
Conclusion: All these key steps are needed in order to kick-start your importation business in Nigeria as an Importer.