1. Market Research
Exporting implies you will have to carry out some market research, in order to determine the price you will set for your product, but most importantly to perfectly know about the demand for that product.
2. Sending the Proforma Invoice
The exporter will need to provide a Proforma invoice, in order to ease any procedures the importer will have to carry out such as licenses and import permits and set the payment instrument.
3. Acceptance of the Terms
The importer confirms the acceptance of the negotiation terms and proceeds according to them to the opening of a letter of credit in the correspondent bank or to the transfer of letters or commercial notes for the correct values.
4. Confirmation of the Letter of Credit
The Colombian commercial bank receives a copy of the letter of credit from the correspondent obligor bank or any other document agreed to act as guarantee of payment and notifies the exporter so he can start the procedures for shipping the goods.
5. Commercial invoice
It is used by the customs authorities of the importing country as a document to evaluate the customs value of the goods to which will be applied the import duties.
6. Packing list
It provides information on the packaging, the quantity of boxes or bulk, its content, its weight and volume as well as the handling and transportation conditions for the goods.
7. Transportation Hiring
The exporter will hire the most suitable means and company of transportation (taking into account the kind of goods, the costs and the availability requirements), according to the terms agreed to with the buyer.
8. Guarantee of Origin of the Goods
It is a requirement for the naturalisation or to obtain tarriff prerferences from the receiving country. The exporter will begin proceedures for the approval of the guarantee of origin certificate at the MINCOMEX.
9. Purchase and completion of the Export Document (DEX)
The export document or Declaration of Exportation, DEX, can be used in two ways:
- As Authorization of Boarding
- As a Final Declaration
10. Clearance Certificate Requests
Exporting certain products requires exporters to be registered with the entity in charge of its control and/or the clearence certificate grant.
11. Export Declaration Presentation and Goods Capacity
Once the Export Declaration is submitted along with its appendices, the customs accept the shipment authorisation or final declaration request is accepted, as the case may be, proceeding with the capacity of the goods and its boarding authorisation.
12. Payment of the Exportation
Exporting forces the exporter to give away the currencies they have received. According to rules set by the currency system, exporters will proceed to the sale of their currencies through financial intermediaries authorised by the Bank of the Republic.
13. Application for the Tax Refund Certificate (CERT).
If the exported product benefits from the CERT, in conformity with Decree 33 of 2001, the exporter will authorise the financial intermediate to proceed before MINCOMEX.