More than one-third of the world’s known bauxite reserves are located in Guinea, which possesses a vast mineral richness. In addition, Guinea has sizable commercial operations in the following commodities: gold, diamonds, iron, nickel, timber, graphite, and undeveloped hydroelectric power. Oil and gas reserves are now being investigated in Guinea’s offshore regions. The economy is fueled by mining revenue, with taxes and royalties making up the majority of the government’s revenues. Exporters must submit a certificate of Guinean origin to the Office of Foreign Commerce and receive formal export permission (Demande Déscriptive Exportation: DDE) from a commercial bank. The government claims that trade is tax-free, except for some agricultural products, gold, and diamonds.
Numerous goods from Papua New Guinea (PNG) are in high demand elsewhere. The good news is that a business or individual can trade nearly anything out of PNG with the right permissions and licenses.
What you should be aware of while exporting from Guinea
The following crucial elements are important:
Who is going to export
You must obtain an Investment Promotion Authority (IPA) certificate to conduct trade business in PNG if you are not a Guinea citizen or if the citizens do not own or control 50% of your company. Before you enter into any contracts or transfer any assets, you should always do your due diligence if a Guinea person or local business is prepared to trade their products to you. The IPA website offers free PNG company searches. Searches can only be done in person at the National Court in Port Moresby at this time for bankruptcy and litigation.
Sale conditions
Exporters from Guinea frequently want to have their goods delivered to “Ex Works” (EXW). Following this clause, the importer is obligated to pick up the items from the exporter’s location or another specified location. Because it expresses the exporter’s bare minimal responsibility, this word is frequently demanded.
Shipping & Insurance
From Guinea, freight and insurance might be very pricey. For the best prices, check with freight companies.
A product from Guinea can be exported in several ways. Which are:
- By air, for instance. Air Niugini, postal service, EMS, FedEx, and TNT.
Those people or organizations that want to start exporting from Guinea can do so by adhering to the streamlined processes established by the government. To export or import commercial goods into Guinea, a registered business with the appropriate business license is required. Les douanes guineennes, also known as the Direction Générale des Douanes, is the entity in charge of collecting taxes on merchandise effectively, carrying out customs regulations, enabling legal trade, and defending the general public and legitimate business endeavors. Valid documentation, accurate information presented in the documents, and promptness in submitting the documents and completing the paperwork are all requirements for the Customs Clearance process to be effective. To meet the regulations of the import or export country, the documentation might need to be written differently. For efficient import and trade processes, it’s crucial to understand the proper paperwork. There are typically three stages to the export procedure in any nation:
- Documentation requirements for exportation.
- The one-time registration process for an export license.
- Procedures for export customs clearance.
Method for export registration
Typically, a single export registration to function as an exporter or importer is required for the exportation of commodities from the exporting country. However, if prohibited commodities are exported, the exporting nation may need special export authorization to export such limited goods. In the exporting nation, such particular products are handled and regulated by a different government body, which also issues trade licenses and permits. However, certain commodities that are barred from export based on the trade policy of the relevant exporting country require specific permission to export goods. Product categories that fall within the categories of freely exportable, limited to export, and prohibited to export are occasionally announced. The sale of any items on the prohibited list of goods, which can be found on the exporting nation’s official website, is prohibited.
