Trade of Import Export is a long-standing business. This business is done by many people permanently, and this can lead to many people getting employment too. Anyone can start this business easily. There are also certain legal proceedings for this business, which the businessman has to complete before starting the business.
Here all information related to this business is being given so that you can get complete details of the structure and benefits of the business.
- 1 What is Export Import Business?
- 2 Import Export Business Registration
- 3 Tips for starting an Import Export Business
- 4 Buy the tool needed to start this business
- 5 Identify your target customers
- 6 Get the necessary license and clearance
- 7 Set your prices
- 8 Know About the Importance of Your Import Export Business
- 9 Apply for Import Export Code (IEC)
- 10 Apply for the Pan card and Current Bank Account
What is Export Import Business?
Export = sending out the goods from one country to another
Import = bringing the goods from the country abroad.
Export-Import Business is the exchange of goods and services between the two countries, which are across the international boundaries.In this business, goods are bought and sold in the country from any Foreign country and the goods produced in own country is sold in international markets.This is also called International Business.
In India, the Directorate General of Foreign Trade (DGFT) provides monitoring and facilitation of foreign businesses. Before starting the business, you will have to apply for registration and license, which is mentioned below.
Import Export Business Registration
The person who wishes to start the Import Export Business has to register his business under Directorate General of Foreign Trade (DGFT).The following registration is also required before starting this business:
Registration under MSME: At present, the Government of India has made mandatory registration for any business under MSME. In addition, with the help of industrial base, registration can also be done. With the help of industrial base, your business can be registered online within a mere 5 minutes under the Government of India.
Shop Act Registration: If you are doing business in your corporation-export business, you also need to register your business under the Shop Act registration.
No Objection Certificate: If you do this business from a rural area, then registration is mandatory. The trader needs to get a NOC from the Gram Panchayat.
New GST Registration : The Government of India has started GST Tax System keeping in view the country’s economy. It is also mandatory for the business of import-export to be registered under it. The help of any CA can also be taken for this registration.
Business Registration By Ministry Of Corporate Affairs
You can register Your Import Export Business, by registering your business as a Business Entity such as Private Limited Company, Limited Liability Partnership, Partnership, One person Company etc by applying online.
With all the above registrations, you can start the trade of import-export.
Tips for starting an Import Export Business
Get as much information about this business as possible. There are different types of import-export business around the world, so if you are new then it can be difficult for you to understand this business. You can do the job of export management or export trading. Or you can also become an import merchant. Apart from this, you also have to learn about your different business channels. Here is the one useful guide on How to Start Import Export Business in India.
Buy the tool needed to start this business
you have to go out to start this business. You can also start this business at home only, you will need a high-speed internet connection for telephone line and email over web correspondence. You need to keep your business’s crude files and you also need copier and printer. And you will also need fax machines, postage, furniture.
Identify your target customers
When you get the information about this business and you also get the tools, then you need to attract your target customers. You must identify the group of people who need your service. For this you need to direct. And to reach the group of those people, you have to research your market. If you keep a specific product in your mind, then you should trust those groups as to how to do safely marketing research. You should direct marketing efforts to the right place.
Get the necessary license and clearance
you need to get the necessary license and clearance like FSSAI License , Registration cum Membership Certificate (RCMC),Gst Registration etc. For this, contact your government agencies and get a registration number from them. Find out what requirements are needed for the license to manage. Only then can you safely start the business of import export.
Set your prices
you should set your own price according to your customers, because the value of your product can increase or erase your business. You should not put a bad price on bad money, you should show more generosity with customers. To determine the right price, you should consider labor, material, overhead and profit when selling the product. You can set price based on commission while servicing service.
Know About the Importance of Your Import Export Business
this business process is different, so it is important to learn the process too. An import business happens on a different path, and the export business is through a different path. Therefore, to get acquainted with this process, you can take guidance from an experienced expert in this business and know the process of this business.
Apply for Import Export Code (IEC)
You Need to also apply for the Import Export Code (IEC) , which is issued by the Directorate General of Foreign Trade (DGFT), so you need to contact them for Import Export Code (IEC) or you can make the online application for Import Export Code (IEC).
Apply for the Pan card and Current Bank Account
For the Import Export Business, you are required to get Pan Card both personal or in name of the company and you also required to get a current bank account which can be open in any bank and is required if you wish to transact internationally, as to translate internationally you need Swift Code, which is provided by bank. And also If you do not have legal Documents such as Aadhar Card, Voter Id, Passport, Driving License etc Then You should acquire them as they are needed for all legal Formalities for Import Export Business.