Benin, Ghana, and Burkina Faso all share a border with Togo’s tiny (22,000 sq mi) territory on the Coast of Guinea. Its economic system is heavily reliant on agribusiness, which generates 40% of the nation’s GDP and provides a means of subsistence for two out of every three of its citizens. Maize, sugarcane, rice, sweet potatoes, manioc, nuts, peas, and soy are the main crops farmed in Togo. Eighty percent of rural households raise livestock.
Cotton, cocoa, and caffeine are Togo’s top exports. Nevertheless, given the significance of farming production in the nation, over 50% of the populace faces food shortages. Since 1988, AVSF has focused on four main challenges: enhancing exports, getting acknowledgment for the contribution of rural women to the domestic economy, and sustainably addressing the issues.
Start exporting from Togo
The state is pushing more and more individuals to begin exporting to other countries as a result of its economic dependency on the export of agricultural and manufactured goods. Simply create your corporation and secure the necessary licenses to launch your own export business in the nation. The detailed process for exporting is provided below.
Select the desired category
Finding out what kind of goods or commodities you can export to other nations should be your first step. To prevent additional branding expenses, you could choose to choose a popular niche. Cocoa, cotton, and peanuts are some of the main products that the nation exports. Automobiles, plastics, miscellaneous meals, and refined petroleum ranked as the top export product categories in 2019. Prominent national export sectors include prepared foods, grains, legumes, and vegetable oils, as well as sauces and dressings.
To maximize the output, you can also export products that aren’t receiving much attention from the export market. This tactic carries additional risk, though.
Register the company
You can now begin the registration procedure after choosing the item. You must complete an authorization request form to register your business and get an exporting license. Along with the form, the officials will also request the processing fee. You must choose and register a distinctive name for your business before applying for registration. Register with the tax department and open a bank account in the name of the corporation.
You might be required to obtain a different license if you intend to trade in commodities that are banned or restricted, like alcohol.
Target audience
Most of Togo’s exports travel to Ghana, Burkina Faso, Mali, India, and Benin. You can either select these nations or base your audience choice on trade agreements. With the US, Togo has a framework agreement on trade and investment. Presently, Togo is the 123rd biggest exports commercial partner of the United States. 2019 saw a $425 million products trading surplus between the United States and Togo. In addition, It participates in WTO accords. Such trade agreements not only assist in reaching a certain audience but also offer trade tax concessions.
Custom Clearance
The required customs approval documentation is generated after the products have been loaded. Before the shipment is transported to the customs terminal, the bill, description of the goods, and other necessary documentation are organized. The required documents contain:
- Custom entrance paper;
- Shipping license;
- Details of products;
- Purchase order;
- Statement of goods origin;
- Insurance proof;
- Inspection papers; and
- Written mass of goods.
The goods are carried from the shipping facility to the customs site, which also houses the foreign carriers. At the joint under the responsibility of the guardian, the shipment is unloaded. Those in control manage the cargo processing at the port.
The essential approval to transport cargo is granted by officials once the border procedure is done. Regulators conduct any additional verification processes as needed.
