Start free trial

How to Start Import Export Business in India - The Complete Guide [2022]

Feb 03, 2022
How to Start Import Export Business in India - Amitmulani and team

Start Import Export Business

Starting a new Import Export Business can be a challenging task. Anyone new to the world of exports is likely confronted with many questions, ranging from the documentation required to the legal guidelines they need to comply with. Unfortunately, the information available is a bit difficult to find and is scattered across various sources online and is difficult to locate.

but don't worry, Our Export Import Master Course Available online, This Exim Master Course will help you in understanding and starting your export import business.

 

 

This step-by-step guide will guide you through the many steps you'll need to complete to get your export business off the ground - starting with choosing the most efficient kind of business model to decide on the best market in addition to buyers and finally, preparing the final paperwork and preparing to ship your first shipment. Follow these steps, and you'll be ready to start your journey into this world of international trade. Best of luck!

 

Step by Step Guide - How to Start Export Import Business

 

Table of Content

 

You can apply for a PAN Card.

There are requirements for starting a new business in export that begins with a PAN card. Both you and your partner(s) need to have identity proof and proof of address for registration of your company.

It is required for each registered company to apply for the PAN card (PAN) through the Income Tax Department. The process for obtaining an official PAN for a business is very similar to the application for individual PAN and is further explained in this article.

 

Choose the type of Business Entity

For starting an export import business, one first needs to decide the form your business, will take, based upon the form of ownership. You must then create a business registration and select the name you want to use for your company entity. You can form a Sole Proprietorship firm, a Partnership firm, an LLP, A Private Limited Company or A Public Limited Company

 

Open a Current Bank Account

A bank account used by business entities is called a Current Account. Your business's new export-import venture requires an existing bank account to make transactions with suppliers and customers. The documents required to open a current account vary depending on the type of business entity,

 

Import Export Code (IEC Code)

The IEC Code will be mandatory for anyone who wants to begin an import-export business. Various supporting documents will accompany the IEC Code application form, filed with the Director General of Foreign Trade.

Also Read

How to apply IEC code Online.

View IEC Related Details Online

 

Choose your export product

Making the right choice of product is essential to your export business strategy. There are various factors to bear in mind, like the current state of international markets and regulations, current trends in exports, and many more. You can find more detailed information and a rough guide to point you in the right direction in our directory for selecting the right export product.

 

 

Your Registration Cum Membership Certificate (RCMC) is important too!

India has many Export promotion bodies that work to encourage exports from various service and product sectors. The registration with these councils provides exporters access to events and support to grow their business. And It's also necessary for accessing certain benefits under India's Foreign Trade Policy.

The RCMC is essential to register with them, RCMC has validity across India, and it takes about an entire week to complete the registration. For instance, if you export processed or agricultural food products, you must apply for registration through APEDA, which has an online registration option through its site.

Also ReadView and Modify RCMC Details in DGFT Website

 

Selecting the Right Export Market

You must ensure that your product or service exported has the right market somewhere in the world. There are a few factors that the new exporter must be aware of, such as demand for the product and trade barriers, profitability, and the political environment. In light of these aspects, the exporter needs to evaluate the market's viability and decide on which he will export.

 

Finding Buyers for your Product


After deciding on the product and market following the product and market selection, your business plan is to determine the best way to locate buyers for your export item. There are various ways in which you can generate potential buyers for your products, such as making a website, signing up on buyer-seller websites, taking part with Trade Fairs and Exhibitions, and utilizing government agencies such as Export Promotion Councils, etc.

 

Don’t forget to get your finances in order

No matter how well you formulate your export business plan and how many contingencies you prepare for, your business is unlikely to get off the ground without access to some initial financing. The first step is to establish your financial Projections. Ideally, it is essential to estimate the financial requirements of your business. After that, you need to determine the kind of financing for exports that is the most appropriate to your business's export needs. It can be in the form of short-term and long-term funding, based on your company's needs. In addition, there are government subsidies which you can avail.

 

Getting ready to go!

Once you've completed the steps above, your newly established export business is now ready to start operational activities like, including finalizing the shipping company and the freight forwarder, and the customs clearing agency looking for markets and marketing your company in international markets.

Follow this step-by-step guide, and you start your import export business, and other topics that we will cover in our next guide. Stay tuned!

 

Also Read:

Types of Container

How to Apply for SIMS Application on DGFT?

How to Apply for Advance Authorisation Amendment Process

How do I Complain DGFT?

Address Verification in IEC Code

List of All EPC & Commodity Boards in INDIA

 

 

     

Learn How to Startup and Expand Export Import Business.
Join Export Import Business Startup Master Course Online.

Start Free Trial Now