India is the 17th largest export economy in the world and the 45th most complex economy according to the Economic Complexity Index (ECI). For as long as people have been there on earth, there’s been trade. We always have been interested in buying and selling each other products. There some things which you cannot grow or make in your home country due to several factors. Some products are cheaper when brought from other countries, this is one reason how potato came in Ireland.
Are you considering to start your own export-import business? This is becoming the hottest industry among the Millenium. If you are new to this business and want to take a step ahead, here are some points that can help you in setting up an export and import business.
Tips To Do The Import Export Business
You have to know the export and import procedure(s), so you can design and set up every one of the activities organized appropriately. Also, you have to know documentation, provided that you don’t set up the correct reports or you set up those inaccurately, at that point you may not able to export or import.
The government of India amends some guidelines and procedures from time to time to set up an import and export business. First of all, you need to register a firm and you need to have a rental agreement with the premise owner. This is generally required by government authorities to verify your firm’s proof of address. Now, most of the businesses are linked with the PAN details provided by the government. Separate PAN details are required for individual or business and are required to be registered with the Income-tax department.
If your firm is engaged in a partnership it is better to get a partnership agreement between partners with terms and conditions. It helps to resolve any dispute if any arises in the future. Open a current bank account preferably with those who are internationally present and do not delay crediting international foreign exchange.
If you need to import and export goods from India you are required to obtain IEC number with DGFT with branch code which will be issued by the director-general of foreign trade. However, you can cross-check for further updates with DGFT before applying for import export code.
There are many more documents and methods that are required if importing or exporting any particular item. For food product example, the exporter needs to provide health inspection certificates and sanitary certificate. Some export and import procedure(s) and documentation can end up being all-around expensive also. All costs should be considered for your fare business. In the event that you might want to find out more and get individual assistance with import and export procedure(s), at that point we have export and import training workshops.
However, if you have zero experience in this business. It is useful to be familiar with the Import-Export business, it’s working, the procedures in general. Today various import-export training programs and workshops are available all across India and you can register easily. These workshops are generally designed for people who have little or no knowledge about this industry and want to start their business. EXIM professionals provide practical training in export and import business, so the participants have an insight into international trade.