Import Export Business: How Are the Prospects in India
Are you interested to know more about the import export business? If the answer is yes, then this blog will brief you on the opportunity of import export business in India.
Ever since the introduction of commerce, which allows enterprises to access a global audience, India’s exports and imports market has been highly profitable. We have observed a significant increase in the exports and imports services in recent years.
The internet has abolished the barriers to accessing products from other parts of the globe. Improved transportation and supplies make it possible for small firms with limited cash to import smaller quantities of merchandise at reduced shipping costs. The advantage of this business is that you can start making a genuine cash flow with little money. All you need is access to the internet.
Here in this blog, we will learn how to start an import export business. To gain more knowledge on the same, pay a visit to Cogoport.
How to Start An Import Export Business?
To conduct any import or export business, you should have a decent business establishment and tax license. Try to come up with an innovative name for your business that includes a quick or appealing logo. If you are starting an import export business alone, then go with Proprietorship Registration. But if you have a partner, then you have two options. The first one is Pvt Ltd Registration, and the second one is LLP registration.
After doing your company registration, the next thing you need to work upon is the taxation system. In India, you have to perform all the necessary procedures to obtain the GST Identification Number.
Once you are done with business registration and GST, then there are certain things you need to look out for.
1. Obtain PAN Card for Business
The purpose of registering for a PAN card for a company is to keep records of the firm’s taxes and economic transactions. The Tax Department issues PAN cards. To begin import-export activities, you must first obtain a PAN card for the company.
2. Open Current Account
There are generally two bank account types, one is saving, and the other one is current. It is mandatory to open a current account when you put foot in the import and export business.
3. Obtain IEC License
To run an import export business, you need to have an IEC license for Import Export Code. The Directorate General of Foreign Trade issues the permit.
4. Obtain RCMC Certificate
One must get an RCMC after obtaining an IEC for the intended Import Export firm. The Export Promotions Council issues this license, which is a mandatory document if you want to run a legit import export business.
5. Partner with Shipping Company
Import and export refer to the movement of goods from one location to another. As a result, you’ll require a logistics business that can safely transfer your goods across international boundaries. It is best to look at several courier companies and choose a decent, dependable shipping provider.
6. Reach Out to Customs Clearing Officer
It can be intimidating to deal with import-export as a newbie; therefore, it is recommended to contact a customs clearing officer who can assist you in learning about having goods cleared at ports, freight costs, customs tax rates, and other aspects of the import-export company.
That’s it! Here you have all the relevant information about the import exports business. With the evolution of the internet, the import export business has become a money-making machine for many people. Not only in the country but one can transport goods on the international border without any difficulty. If correctly implemented, beginning an import-export firm could be a perfect way to make money.