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Learn the essential steps to launch your own import-export business in India, from choosing the right product to understanding customs procedures and legal regulations. This guide covers everything from company registration, bank account, PAN card, IEC number, RCMC, market selection, and more.
Apr 26, 2024 · This detailed article will cover everything from the top export businesses ideas in India to reasons to start an export business and export business ideas for starting an export business, how to find buyers and many more.
- Get a PAN Card. There are certain set of documents required for starting a new export business, starting with a PAN Card. You and your partner(s) must have valid identity and address proofs in order to register your business.
- Select type of Business Entity. For starting an export import business, one first needs to decide the form your business will take depending on the structure of ownership.
- Open a Current Account. Bank Account which is used by business entities is called a Current Account. Your new export import business will need a current account to transact with customers and vendors.
- Don’t forget the IEC Code! The IEC Code is required for anyone looking to start an import export business. Various supporting documents will accompany the IEC Code application form which will be filed with the Director General of Foreign Trade.
Learn the steps to start and process export business in India, from establishing an organization to covering risks through ECGC. Find out the requirements, benefits and procedures for obtaining IEC, PAN, RCMC and other certificates.
- Identify products to import or export. Starting a successful import-export business means determining what products or services you want to trade. You need to look into different items and industries to find out what’s in demand worldwide and see if importing or exporting them is practical.
- Explore shipping options. This step can be complex because there’s a lot to think about. You must decide how to ship your products – by land, sea, or air.
- Source your suppliers. Once you’ve chosen a product to trade internationally, your next step is to find a local maker or supplier who can work well with you.
- Write an Import-export business plan. An Import-export business plan lets you understand the facts, limits, and goals of selling internationally. You can use it to set clear targets, plan when to do things, and track your progress.
An Importer-Exporter Code (IEC) is a key business identification number which mandatory for export from India or Import to India. Click to explore the IEC services offered by DGFT. View More
Feb 6, 2024 · Import and export businesses play a crucial role in boosting trade and commerce across borders. With the rising demand for international trade between India and other global markets, starting an import-export company presents a lucrative entrepreneurial opportunity if done systematically.
