Import and export is Market Research, Right Partner, Competitive Goods, Sale Contract and etc Seven Elements represent your business future.
Import & Export
Market Research, Right Partner, Competitive Goods, Sale Contract, Applicable Shipping Conditions, Custom Knowledge: Seven Elements represent your business future
Import & Export
It is perfect time to start your import and export business into the global marker thought South Korea as its products and services become popular internationally because of the reputation the country awarded regarding the quality and competitive price. South Korea produces all type of products and are able to customize the specifications according to market demands. Even when Korea is located next to Japan which is the castle of the industry, Korean products are competing and even sometimes beating Japanese products around the world. The country which is classified as number ten biggest exporter in the world applied a multicore center plane to increase the international trade and encourage business to flow in and out its territory. Cutting-edge technology, effective procedures, transparency and fair trade were the primary keys of the plane. One-Stop service, national and international transportation coupled with bilateral and multilateral international trade conventions and agreements was the leading equipment that Koreans use to open a full window onto world. The simplicity of the procedures allows even non-experts to participate and encourage them to move their capital in and out Korea. Safe environment, promotion acts, and the adoption of the world’s trend regulations added more credibility to the Korean system and respectively gained the trust of the traders.
One of the areas that actively involved in the Korean market is Middle East countries where you can easily recognize that the Korean products widely exist. Middle East buyers mostly like and choose Korean products for many reasons. One of the most important reasons is the flexibility of the manufacturers who offer customized service and products plus good quality and fair price comparing to industrial world leaders including Japan. Recently the demands from the global and Arabic market towards Korean products rapidly increased and anticipated to even increase more. However, there are some regulations the merchants need to obtains when they are about to commence import and export business with Korea. The following will summarize the critical requirements which will guide you to conclude a success bargain and preserve the better outcome.
Locate the appropriate products
MARKET RESEARCH which is so-called business intelligence, it allows you to explore the market, locate your resources, define the products, compare the price and quality, above all it helps you to ask the right questions. Accurate information and in-depth analysis are essential to reach a better conclusion. It is recommended by the experts to take your time searching for the potential market and locate appointees fulfilled with your needs. Fortunately, it is quite easy to search the market in South Korea as the country as a whole provides a free circulation and exchange of information and data. There are unlimited resources that help you reach your products in Korea and the following some of them.
- – Online search: Korean government and private sectors classified and listed the registered companies online in many platforms, if you would like to review the Korean products and companies, please visit the below-listed websites
http://www.koreayellowpage.net
http://www.buykorea.org/bk/byr/potal/entryForm.do
- – Online search: Korean government and private sectors classified and listed the registered companies online in many platforms, if you would like to review the Korean products and companies, please visit the below-listed websites
- – Offline search: you can visit the markets which are widely spread everywhere in Korea, and you can attend the exhibitions which are organized repeatedly. Most of the exhibits will classify the products and will provide you with the exhibitors’ list. The list below contains the exhibition website and the most famous shopping areas in Seoul.
http://www.kintex.com/client/_eng/index.jsp
- – Official resources: For the merchants and investors who are interested in Korea, the country established many government agencies to help buyers and investors to find appropriate products, services, and opportunities. Please review sources belowor the merchants and investors who are interested in Korea, the country established many government agencies to help buyers and investors to find appropriate products, services, and opportunities. please review sources below
https://www.kotra.or.kr/foreign/main/KHEMUI010M.html
http://www.investkorea.org/en/company/support.do
Contact your designated Partner.
It is preferable to contact your designated partner through your official E-mail. It will give you more credibility, especially if you can describe your business and your goal as well as how you are going to achieve it professionally. Korean companies are well organized, and once they receive your E-mail, they will reply it and most likely to be seeking more information. So it is much better to include all the information the business requires such as your company profile, your capacity, the timeline, quality and quantities in details, providing your partner with such features will determine the way the company will respond and will indicate how serious you are and the potential business you will conduct together.
Negotiate with your partner
Korean sellers are very thankful for their clients, and they will do their best to satisfy your requirements. Meanwhile, they have their roles and practices. First of all, they will classify you, and they will determine in which list you belong. They do so because they want to know whether you will be a potential business partner for long term so it is better to get prepared and act as a professional. Always keep your business card with you, attend the business meeting with formal clothes. It is preferable to have your online website which describes more about your business as well as your company profile, and the expertise you have. All of these details are essential when you commence business with Korean because it indicates for them what type of businessman you are and definitely will determine the outcome of the negotiations. So, if you have prepared the above recommendations, you will likely to conclude a better deal.
Conclude your agreement (Most important part of the bargain)
The right agreement will save you many troubles and will preserve your interests. The right deal which imposed clear regulations and commitments designated carefully for each party and written according to the competent law will save your transaction, and it will be the cornerstone for the bargain to be executed. Most of the fraud cases or breaches happened because the parties didn’t conclude the agreement in the right way, sometimes the parties’ obligations are not clear, or the terms of the contract could have vagueness that leads to various interpretations, or the governing law is not the competent one. All of these mistakes will encourage the parties to breach the agreement or delay its execution. Here are some general provisions that may pave the way for you to conclude a better contract.
What type of contract parties should sign in case of International Sale of Goods?
Let’s assume that there are two parties having their place of business located in different states and they are about to conclude an international sale contract. This contract should be under the name of International Sale of Goods Contracts which governed by CISG (United Nations Convention on Contracts for the International Sale of Goods) which is ratified by 91 states. This convention aims to promote international trade by providing international protection and respectively encourage operators from different countries to be involved in deals with each other. Ultimately the benefits will be in favor of the global consumers and the international economies. There are some conditions and requirements outlined in its terms determining whether or not it has jurisdiction over such contracts as provided in chapter 1 (sphere of application and general provisions) Articles 1,2,3,4,5,6.. If you went through the aforementioned articles, you would notice that it is clear that the fine detail can make a difference and a small mistake can cost a fortune. For this instance, we encourage you to take your time collecting the right information before you commencing your business.
Import-export Documentation
There are numbers of required documents in this operation, and sometimes it may differ from one country to another according to the bilateral or multilateral agreements the country ratified with other states. However, there are some documents commonly used in this field, and specifically, in South Korea, you can find all required materials in the links below.