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What do you need to Start  Import Export Business  in India?

The import and export trade has become quite profitable in India since the beginning of e-commerce that lets firms to reach the international audience. In today’s time, we have seen a major evolution in the import and export of products and services. Several small and medium levels of entrepreneurs are starting their business from their home or offices. In addition to this, the economic rules have also led to a reputation of such businesses.

Being an all-new entrepreneur, it is crucial to know about the process and documentation procedure needed to begin your own trading company.

  1. PAN Card: It is required to have a PAN card delivered by the income tax department for registration.
  2. Register Your Company: You have to register your company first of all with the Indian government. It doesn’t matter it’s an LLP, a  sole proprietorship, private limited firm or in partnership. For the company’s registration procedure, you can hire a lawyer. Also, you need to get a VAT registration certificate or service tax registration.  
  3. Have a Current Bank Account: You need to open a current bank account to carry out the business dealings.  
  4. Obtaining an RCMC (Registration-cum-Membership-Certificate): After obtaining IEC, you have to get this certificate that is arranged by the export promotion councils. You can get it from any one of the twenty-six promotion councils. Once you get RCMC and IEC, you will be capable to start import and export business in the country.  
  5. Hire e-commerce shipping firm: You need to hire a shipping firm that would be responsible for delivering your goods to clients worldwide. Shipping firms are committed to offering multiple shipping partners to ship their commodities globally on low-priced rates.  
  6. Contact a Customs Clearing Agent: Maybe you need to take help of a Customs Clearing Agent who’ll guide you regarding the procedure of getting your stuff cleared at the ports, transportation rates, customs duty rates etc. All these things are involved in the import-export business.   Business Prospects for Entrepreneurs:- Beginning any import-export business in India can be a good way for e-commerce businesses.
  7. Exploring Global Markets: Every nation has a few unique products/services that can be exported and at the same time there are products/services that can be imported. You have to explore what you can export to the needy nation and in return what you need to import. Suppose, if you sell Kashmiri shawls, you can export that item to the cold nations all across the world.
  8. Investing in Online Markets: Online markets are an essential part of the online import and export businesses. Through this, you’ll become an exporter to recruit as a seller and connect with clients all around the globe. Selling & Promoting Other Goods: It is always possible to look for business prospects in the import and export business by selling goods that you don’t produce on your own. You can easily collaborate with other manufacturers to sell their products in the global markets.