To Start Import Export Business In India Because it is the fastest-growing business of today’s era is Import Export Business in India. Import-export is a trade on which the economy of any state and country depends. The goods produced at one place are sent to the place of its need and from there, its goods are imported and today many things in our country are exported to other countries. It is sold and sold by which the entrepreneur earns his income. Similarly, people from outside countries, who produce the goods produced in our country, make good profits by selling them.
In today’s article, we will tell you about How Start Import Export Business In India so that you too can know about this business and start your import-export business easily.
What is Import Export Business in India?
- Import means import – to ship goods from other countries to your country.
- Export means export- sending goods from your country to another country.
To Start Import Export Business In India is a trade in which we buy goods from other countries at a wholesale rate and sell them in our country and send the goods produced in our country to another country and sell it to the customers there. In this business, most of the products are imported. In our country, production is low and demand is high whereas exports do those products whose production capacity in our country is more than our requirement, we sell them in countries where its production is less and demand is more.
Import means that in imports, we buy goods from other countries at a lower price and sell them at a higher price in our country and in export, that is, we earn good profits by selling goods from our country at a higher price in other countries.
How to do Import Export business in India?
Starting the business of import and export in India is not as easy as you are understanding. The businessman has to go through a lot of processes to start this business. If you also want How Start Import Export Business In India, then you will have to follow some steps given below, only then you will be successful in this business. So friends, let us know what you have to do to get into this business-
If you want to start import export business ideas in India, then first you have to get your business registered. Entrepreneurs can get their business registered under Proprietorship, Partnership or Private Limited Company. Each type of pattern has different characteristics. The entrepreneur can get whatever he wants. If you do not know how to get this registration done, then you can go to your nearest District Industries Center and get all the information related to it. After this you can apply by going to the Registrar of Companies.
2.How to apply for IEC (Import Export Code)?
Friends, when the entrepreneur gets his business registered, he needs the Import Export Code. This code is issued by the Directorate General of Foreign Trade (DGFT), which is 10 digits long. The Directorate General of Foreign Trade (DGFT) functions under the Ministry of Commerce and Industry, Government of India.To get the IEC code you have to provide some necessary documents. If you submit all the documents based on the rules set by the Government of India, then you get the Import Export Code soon. If you also want to get IEC code, then click on Directorate General of Foreign Trade (DGFT) to fill the application form.
Documents required for Import Export Code
- Personal Pan Card or Company Pan Card
- Applicant’s Photograph
- Copy of a Canceled check from the Business Current Account
PAN card is mandatory for IEC and only one IEC will be available on a PAN card.
3. Registration Cum Membership Certificate
Friends get eligible for RCMC (Registration Cum Membership Certificate) after the enterprise gets IEC. Entrepreneurs can get this registration from the export promotion council. Both of the above registrations are completed within 5 to 7 days.
4. GST Registration
To start the business of import-export to the enterprise, it is very important to get gst registration of your business. The entrepreneur can either register online or the entrepreneur can apply online with the help of a CA.
5. Custom Clearing Agent
When the entrepreneur gets the IEC and RCMC, the enterprise needs a custom agent. Custom Clearing Agent means that when the enterprise imports the product between different countries, the enterprise needs to take the help of a customs clearing agent, which enables the enterprise to be involved in the import-export business including ports, customs, transportation charges. Etc. will guide you about the process of getting your goods.
6. Hire an e-commerce shipping company
The enterprise is required to hire a shipping company that will be responsible for delivering the enterprise’s products to customers worldwide. Shiprocket is a courier company that helps such businesses by providing multiple shipping partners to ship enterprise products internationally at the cheapest shipping charges. Shiprocket Company trusts more than 25,000 brands. It offers the cheapest shipping rates, broad reach and the best customer service for your business.
Money required to register in Import-Export Business
To start the import-export business at the initial level, it will cost about 70 to 80 thousand rupees to register. After this, you can do import export business smoothly, but if the whole business is talked about, then you may have to spend about Rs 5 to 6 lakhs in this business.
Establish your contact with Buyers
Friends, if the enterprise wants to succeed in this business, it will have to maintain strong relations with Foreign Buyers and Foreign Suppliers so that you can get material easily. Also, you have to keep the book of transactions with them very properly, so that you can easily find a particular product on Credits as well. One can get information about other necessary details of manufacturers, suppliers and traders by visiting Amazon, Indiamart, Alibaba etc. website from world famous safe and highly reliable platform to supply goods in the international market.
Considerations for import-export business
- Internationally, SWIFT CODE is required to send money from one bank to another country, which the enterprise can obtain by going to its nearest bank branch. Many times, even the bankers do not know, so for this you can also search on the internet, you will get to know the swift code.
- Alibaba can find good supplier by visiting websites like India Mart.
- The enterprise must issue a purchase order with its company name before placing an order with suppliers.
- The business of import-export business should write the same amount in both purchase order and invoice.
- A third party must hire for shipping in the business of import-export.
Problems in import-export business:-
Friends, if there is some profit in the import-export business, then there is some loss, in this business the entrepreneur may also face some problems which is as follows-
- Due to some goods not reaching on time, their value falls in the international market, causing loss to the enterprise.
- Due to sudden rains, floods, storms or bad weather, vehicle breakdowns, there may be some bottleneck due to which neither the goods are received on time nor the goods are delivered on time.
- From time to time, the government keeps changing its policies due to political reasons, which has a direct impact on the international market. This change can cause both profit and loss to the enterprise.
- The value of the currency changes every day, the financial plan industry has already done in the import-export business may become ineffective in the coming days.
- In the import-export business the paperwork should be very careful or else the enterprise may have to face custom clearance later.
Well, I have given you all the information in this post, regarding How to Start Import Export Business In India yet if you want to get into business, then you should have complete information about Import Export Business in India. If you get into the import export business with half-incomplete information, then you may have to suffer heavy losses. Friends, if you like this article, then you will definitely share this article to your friends and relatives so that we will get motivation that yes brother, someone is reading our hard work, thank you.