The export industry is one of the most rewarding industries if you want to earn yourself some foreign currency. There are some people who are making money simply by exporting some goods in Zimbabwe. Below are a few steps one can take when exporting goods:
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- Look for the market
- The first thing one needs to do is to look for an international market, that is, to find buyers for the product he or she wants to export from Zimbabwe.
- Look for the product to export
- Once you have secured the product market, look for the local product to export. Examples of products you can export are agricultural products, raw products, minerals, antiques, stone, wood or clay carvings etc.
- Check export controls if any
- Before export, enquire from Zimbabwe Revenue Authority (Zimra) if there are any export controls like the production of an export permit or licence that need to be followed when exporting the product.
- Send samples for approval
- You can send samples to the buyers in the international market so that they can check the quality of the products before export
- Prepare an invoice
- You have to prepare an invoice denominated in the currency of your choice depending on the foreign currency hedge you want to employ.
- Approach bank for a CD1 form
- CD1 is a Reserve Bank of Zimbabwe document that is a mandatory requirement for all exports that exceed a certain value.
- Look for an export clearing agent
- A clearing agent is a company that does all export documentation on your behalf including interaction with the tax authorities.
- Look for a transporter
- You have to look for a reliable transporter to get your goods to the required destination. If you are shipping by air, look for a reliable cargo plane or if by road, look also for a reliable truck.
- Export the goods
- If all of the requirements are met, then you can export your goods
- Receive you Foreign currency payment
- Depending on your payment terms
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