Electronic commodities had the highest imported goods in the Philippines last June 2022. The latest freight on board (FOB) that arrived reached 2.87 billion US dollars. The following multiple FOBs were mineral fuels, lubricants, and related products, obtaining at least 2.64 billion US dollars.
Many investors desire to import into the country the most. The nation shares maritime borders with several countries, including Japan, China, Indonesia, Malaysia, and Vietnam. It is one of the reasons why many consider it an important trading location. Additionally, the Philippines continues to adhere to ASEAN-wide economic integration, increasing the potential for both exporters and importers.
Investors who yearn to ordain in the country must learn the suitable method of investing. Understanding this concept will help them able to import to the Philippines easily.
How to Start?
Stakeholders should know the requirements that the Bureau of Customs demands before they provide approval as a new importer:
- A completed and duly notarized Application Form signed by the owner for a sole proprietorship, responsible officer, for corporations, chairman, cooperatives, or authorized partner for partnerships.
- Bureau of Customs Official Receipt (BCOR) showing proof of payment of Php1,000.00 processing fees.
- Corporate Secretary Certificate for Corporations/ Affidavit for Sole Proprietorship/ Partnership Resolutions/BOD Resolutions for Cooperatives designating its authorized signatures in the import entries.
- Two (2) valid government-issued IDs for the Applicant, President, or Responsible Officers
- Driver’s license
- SSS ID
- UMID Card
- Alien Certificates of Registration and Alien Employment Permits are available for aliens.
- Applicant’s NBI Clearance issued within three (3) months preceding the application
- Photocopy of DTI Registration, SEC Registration/Articles of Partnership, or Cooperative Development Authority Registration.
- Personal Profile of the President, Applicant, and Responsible Officers
- Documentation proving lawful occupation of the Warehouse and the Office Address
- Current Lease Contract under Corporation or Proprietor’s Name
- Affidavit of Consent by the owner and the Title of the Property in their name
- Sublease requires certification from the Owner or Lessor allowing for office sharing.
Experts in shipping information will be a valuable resource for both importers and exporters. These needed documents may be numerous, but it is to ensure security in importing and exporting products in the country. Customs brokerage firms are crucial in the event of any trade route disruptions.