An export in international trade is a good or service produced in one country that is sold into another country. The seller of such goods and services is an exporter; the foreign buyer is an importer.
An import in the receiving country is an export from the sending country. Importation and exportation are the defining financial transactions of international trade.
Export-Import business is a self-made profitable business most of the time if you can do the business. It's a kind self made start-up business and makes more self independency with financial solvency. Bangladesh is a potential country for export-import business. Now how one can start an Export-Import business in Bangladesh? It might make you concerned to think about how to do it? To do so let's dig in the following steps:
Buyer and seller agreement/proforma invoice/sales invoice:
This document is needed for the first step to do the Export-Import business. The exporter will send this document (Buyer and seller agreement/proforma invoice/sales invoice) to Importer.
If I am an importer I have to give an application to my local bank. In this application, there will be some documents and certificates and these documents are:
If my local bank(example: Dutch Bangla Bank) accepts the application they(Bank) will send the LC to the Exporter's Bank.
Confirmed Letter of Credit:
A confirmation letter will go to the exporter's Bank that is the exporter's local bank will confirm the exporter about the document.
Product is Shipped:
If the supplier thinks that LC is perfect at that time he/she will go for shipment.
Exporter/Supplier also has to give some documents to his local bank that is the exporter's bank. Common documents are:
3.Certificate of Origin
4.Certificate of Analysis
5.Bill of Lading
6.Bill of Exchange
These are the documents that have to be submitted to the exporter's bank account. If the exporter doesn't submit these documents at that time the exporter will not be eligible for the payment so it's important.
the exporter's bank will send these documents(step-6) to the importer's bank.
If we are importers we will provide all our documents that we will get from our bank to the C and F agent to have our products. C and F agents will solve all the procedures(custom and so on) after that.
After completing all the tasks the importer's bank will send money to the exporter's bank.
The exporter will get the money from his local nominated bank.
These are the procedures to do export-import business from Bangladesh. Whenever you will do practically you will be more clear. Best of luck.