Complete guidelines for starting import and export business in India?
By: Mudra Global
Tags: Import, Export, Logistics, Business, Import Export

Starting fresh into the import export business in India can be challenging for the person as they might get conscious due to limited knowledge. Therefore, the complete guidelines about how to start an import and export business in India are given here.

Import-Export Company - Mudra Global

Nowadays, a lot of entrepreneurs are encouraged to start investing in import export business in India, as the sector is growing rapidly in the country. Many of these entrepreneurs are new to the export and import business, which is why looking for the right information about beginning the operations. Import Export business opportunities in India are increasing at a rapid pace. Several medium and small entrepreneurs in India have started investing in the import-export business. Ecommerce is playing a major role in allowing businesses to reach the audience at the international level. Moreover, knowing the right procedure to begin import export business and information about proper documentation is quite necessary for a person.

What is the process to start an export-import business in India?

Whenever an entrepreneur decides to start an Import export company in India, they need to follow certain procedures. Most of the times, when someone searches information about how to register import-export company in India, they receive details scattered all over internet. Due to the scarce resources providing information about registering process for import/ export firm in India, it becomes difficult to get the right details. So the relevant details about the complete procedure to start an import export business in India are provided below.

Issue a PAN card for business

· To start an export-import business in India getting a PAN card issued is mandatory.

· Provide all the required documents that include a valid ID proof and address proof to the Income tax department.

Get registration for business

· Get the import export business registered with the Indian Government by choosing the type of business entity.

· A business entity can be selected among sole proprietorship, partnership, private limited, a public company, or LLP.

Open a current account in the bank

· The next step is to open a bank account by submitting the necessary documents based on the business entity type.

· Import export business needs to open a current account in the bank for transactions with the customers for goods and services.

Get the import export code (IEC)

· Obtaining the import export code (IEC) is the next way in the process of starting an import export business in India.

· Apply online for the IEC code in the director-general of foreign trade website for an international business.

Select the export product

· Choosing the right product for exporting is the necessary step in beginning the export-import business.

· Do proper market research about the trade regulations and trends to export goods for deciding the right product.

Obtain Registration cum membership certificate

· Obtain the Registration cum membership certificate for an import export business from the Export promotion council in India.

· Several Export promotion councils are available in India that provides more opportunities for expanding the business.

Select market to export product

· Selecting the right market overseas for exporting the products is the next step to be followed by an import export business.

· Exporters need to ensure that they choose the best market place, which is a most significant way of flourishing in the Export/ import industry.

Find the right buyers

· Selecting the right importers for successfully growing an import export business in India is the important task that comes under the process.

· Finding the right buyer requires a good knowledge of Foreign trade, as well as proper market research, which is also helpful.

International trade has become the hottest industry in this era. Therefore any entrepreneur who is willing to entertain in the import export business in India needs to verify all steps included in the procedure to begin the business. Other than that, further knowledge about the trade agreements is a plus point for the entrepreneur who wanted to grow in the import-export sector. Moreover, customs and tariffs are the other main factors that are directly related to the import export business. Thus the right knowledge about all these terms can help an entrepreneur to get the ultimate success without any hurdle.