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Guides To Becoming An Exporter- Export 101 - Business - Nairaland

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Guides To Becoming An Exporter- Export 101 by shaqur231(m): 12:51am On Aug 03, 2017
The starting point is to register with the Nigerian Export Promotion Council (NEPC), which is responsible for the promotion of non-oil exports and helps exporters in accessing export markets. Having met the requirements, a registration certificate is issued qualifies you as an exporter in Nigeria. The certificate is renewable every two years.

Conditions/ Requirements for export registration

Every potential exporter needs to complete the NEPC Registration Form obtainable on-line at

www.nepc.gov.ng pay the relevant processing fee, upload relevant documents such as Certificate of Incorporation, Memorandum and Articles of Association and Current Certified True Copy of Particulars of Directors of the Company (Form CO7).

Mode of payment for Export

One of the most critical aspects of trade is getting paid. International trading partners can conduct business never having even met or spoken with each other.The main factor therefore in considering how an exporter expects to be paid for a transaction is the potential risk that they and their customers are willing to face. It is often a good idea, during, or even before contract negotiations, to consider where, on the risk diagram, you and your customer will be comfortable.

There are different payment methods as follows;

Cash in advance – buyer pays for the goods before the seller ships and applicable when there is no trust in a market controlled by seller.
Open account – seller ships first and buyer pays later when there is no trust in a market controlled by buyer.
Documentary collections – seller is able to collect payment from an oversea buyer through intermediary bank.
Letters of credit – a written undertaking of a bank on behalf of its customer to pay a specific amount in the agreed currency provided the beneficiary submit documents within the prescribed deadlines.

For more guides click: http://stunbichinvestment.com/guides-to-becoming-an-exporter-export-101/

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