Julius Sakys

The Dominican Republic has actually enjoyed one of the strongest growth rates in Latin America and the Caribbean over the past 25 years. The Dominican Republic’s economy has largely rebounded from the global recession. It continues to be one of the fast growing economies in the region. Its top three trade partners include the US, China, and Haiti. As a tiny island nation, the Dominican Republic relies much more on imports than exports. In this post, we’ll take a deeper look at what the Dominican Republic imports. The Dominican Republic’s imports totaled US$17 billion. Of these, machines formed the majority with US$2.77 billion, or 16.3% of total imports. Mineral products such as petroleum oil and crude ranks second with US$2.47 billion, or 14.5% of total imports. In third place is foodstuffs with US$1.34 billion, or 7.9% of total imports.

Tariff-rate quotas (TRQs) apply to imports of goods and are almost exclusive to agricultural goods. TRQs limit the amount of certain goods that may be imported into a country at reduced or zero rates of Customs Duty over a specified period of time. The limit may be expressed in units of weight, volume, quantity or value. Quantities exceeding the quota are subject to a higher duty rate. TRQs protect domestic producers from having to face competition from large quantities of imports, however they also allow exporters some access to the market.

Hello, see below the list of the documents required for air fright: Air Waybill (AWB): This is the document of title to the goods travelling by air and is therefore non-negotiable. It travels with the cargo and acts as evidence of delivery of the goods travelling on board the plane. Commercial invoice: Document establishing the conditions of sale for the goods and their specifications. Serves as proof of sale. Packing list: A list of the contents in a package, completing the information of the invoice, which must be issued by the sender. Customs clearance authorisation: Document with which an importer or exporter authorises a customs agent to submit one or several customs declarations on their behalf.

The biggest benefit that will be witnessed with the introduction of the GST is that multiple taxes that currently exist will no longer remain in the picture. This means that taxes like octroi, CENVAT, central sales tax, state sales tax, entry tax, license fees, turnover tax etc will no longer be present and all that will be brought under the GST. Businesses thus will not have to deal with multiple taxes but will be able to undertake the tax compliance in an easy manner.

Below you can see some examples of perfect market entry strategies to enter international markets:• Direct exporting: Producing the product in the home country and just shipping the surplus to a new country is the easiest way to enter foreign markets. This market entry strategy can be perfect for brand new companies who do not have enough funds to take risks. It is also easier for the firms to hire agents or distributors who will take care of exporting and promoting the new product in the new market. But, one significant challenge is the fact that companies may not be able to react to customer communications as quickly as a local agent.• Licensing: In simple terms, licensing is a contractual arrangement, where the firm provides proprietary assets to a foreign company in exchange for royalty fees. Sometimes it can be possible that a company is not able to export the product because of complex rules and principles or when the transportation cost is high-priced. Even though it significantly diminishes the risk for the company and cuts the amount of investment required, the company will have to share their proprietary secrets with an outsider. Licensing can be done for a trade name and not just for a product. This type of market entry strategy is appropriate for companies who don’t want to commit to international expansion.• Franchising: One of the most prevalent market entry strategies that is gaining popularity across the world is franchising. Franchising works well for organizations that have a trustworthy business model like McDonald’s fast food chain or Starbucks instant coffee. Businesses who take up franchising should make sure that they earn a good brand name, build on it, and promote it. The franchising business model is outstanding as it doesn’t need huge investments from the franchise, builds a reputable brand name, and earns a franchise fee.