07-04-2021, Selangor: Malaysia happens to be one of the fastest-growing economies in Asia and seems to have weathered the COVID storm with comparatively less damage to its economy than many others. Its geo-strategic location and proximity to powerhouses like Singapore, South Korea, China, and Japan make it an important port of call for international businesses. As a major trade hub for imports and exports, Malaysia has seen many businessmen from near and far making the country their second home. However, to leverage the numerous advantages offered by Malaysia and give your business a boost, you may consider applying for an import export license in Malaysia.
Need for an Exim (Export-Import) license
With such a license businesses based in Malaysia and elsewhere can get permission to import or export goods for domestic and international consumption. By having an import license a merchant is permitted to acquire a predefined quantity of certain products for a specific period, which in most cases is one year. An import license is used for the following purposes:
>Confining the influx of cash from outside and enhancing the nation’s installments equalization position.
>Controlling a host of unsafe merchandise such as guns, drugs, explosives, and other substances.
>Shielding domestic companies from external businesses with deep pockets.
An export license on the other hand allows the issuing authority to screen the outgo of sensitive materials such as drugs, genetically altered plants, explosives, vital minerals, foodstuff, PC chips, and many others. To apply import export license, the issuing authorities are mentioned below:
>Department of agriculture and pesticide control division
>Malaysian timber industry board
>Department of fisheries
>Quarantine and inspection services
>National Kenaf and Tobacco board
>Pharmaceutical service division
>Department of environment
>Paddy and rice industry division
Documents needed for import export license in Malaysia
To get an import export license in Malaysia businesses or traders ought to register with the Companies Commission of Malaysia. Thereafter, businesses should approach the Ministry of International Trade and Industry to obtain an import license. The country uses Dagang Net, a single window for all regulations surrounding import and export. The documents include:
>Import declaration of customs export
>Bill of landing
>Certificate of origin
To facilitate the process of obtaining import export license in Malaysia, it is better to hire a premier consulting agency like Premier Three by calling or sending WhatsApp +60 12-471-0688 or sending an email to [email protected]