One of Southeast Asia’s top trading hubs is the Philippines. The Pearl of the Orient should be considered if you want to expand your company overseas. Importing into the country is a wise venture because of the marine borders it shares with other countries. China, Japan, Vietnam, Malaysia, and Indonesia are only a few nations with whom the Philippines has extensive trade.
Aside from hiring customs brokerage services, companies looking to import their products to the Philippines need to familiarize themselves with the following requirements:
The first step is filling out an application form to import. Depending on the type of business, it must be duly notarized and signed by the owner, responsible officer, chairperson, or authorized partner.
Bureau of Customers Official Receipt (BCOR)
Companies looking to import into the country must pay a processing fee of Php1,000.00. The BCOR is proof of this payment.
Two Valid IDs
Government-issued IDs are required to verify the identity of the people involved. The registrant can choose two of the following:
- Driver’s License
- SSS ID
- UMID Card
- For aliens, Alien Certificate of Registration and Alien Employment Permit
To be registered as a legitimate importer in the Philippines, various paperwork is essential. This includes the following but is not limited to:
- Applicant’s NBI Clearance
- Photocopy of DTI or SEC Registration
- Personal Profile of Applicant, President, and Responsible Officers
- Proof of Lawful Occupancy of Warehouse and Office Address
- Updated Lease Contract
- Owner’s Consent Affidavit and Title of Property
- Printed Client Profile Registration System (CPRS) of the enterprise and updated notification of “STORED” status
- Certificate of Registration (BIR Form 2303)
- Mayor’s Permit validated by the Bureau of Permits and Licensing Office
- Proof of Financial capacity to import
- Bank Certificate or other financial certification
- Company Profile with geotagged pictures of the office with proper and permanent signage and photographs of the warehouse or storage area
Accomplishing all the necessary paperwork is challenging without adequate knowledge of a country’s laws.You can alleviate the stress of starting your venture by getting professional support. Hiring international freight forwarding companies can provide services to help your importing needs.
For a more comprehensive discussion of how to get started importing in the Philippines, read this article by Excelsior.