12 Steps to Start Export Import Business

How to Start Export / Import Business

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12 Steps to start Export Import Business.

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    Step 1. Name your Business.

    Choose a beautiful name for your Business. Generally names ending with ‘international’, ‘overseas’, ‘exim’ and ‘corporation’ conveys a message that the firm is engaged in Export / Import Business.

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    Step 2. Get Registered.

    Get your Organisation or Company Registered as Sole Proprietorship or Partnership Firm, in accordance with your country’s law. You may also opt for formation Pvt. Ltd or Ltd Company.

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    Step 3: Get a PAN Number.

    If yours is sole proprietorship company then your personal PAN number is your Company’s PAN Number. For Partnership, Pvt Ltd, Ltd or LLP Company’s should get your Company’s PAN number to obtain Exporter / Importer Code (IEC) and to open Bank A/C.

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    Step 4: Open a Current Account in Bank.

    Now you need to open a Bank “Current Bank Account” with any Bank that deals with Foreign Exchange. Through this bank you will receive payments and exchange export-import documents.

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    Step 5: Get Registered with Sales Tax.

    If you purchase any Goods for Export you need not to pay sales tax. But to avail this benefit you need Sales Tax Registration. You need to give seller Form – H, along with Export Letter of Credit (LC) or Purchase Order from Buyer.

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    Step 6: Get your IEC Number.

    IEC Number is obtained from Director General of Foreign Trade (DGFT) in India. This is must for any Exporter or Importer. No Commercial Foreign Transaction can be made without this IEC.

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    Step 7: Registration with Export Promotion Councils.

    These EPCs helps to promote Export and provide lots of information to facilitate Exports. Different councils responsible for group of product, project or service. Please check the product you have intended to Export / Import requires ‘any’ Council’s certification. If not then this registration is not mandatory.

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    Step 8: Registration with Export Credit Guarantee Corporation.

    To secure payment, Exporter should register with Export Credit Guarantee Corporation (ECGC). This secures payment against political and commercial risks.

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    Step 9: Central Excise.

    Final product meant for Export are exempted from Central Excise Duty. After Export is done refund of Excise Duty may be claimed on inputs used in manufacturing in goods. For Excise clearance Form ARE-1 endorsed by Customs is required.

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    Step 10: Registration with any Chamber of Commerce.

    This registration is required to obtain Certificate of Origin. This document is required by your buyer while they clear the Goods at their country.

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    Step 11: Special Export Licence (if required).

    Some Export Items falls on negative list. So, you want to export those items you need special permission or licence from Government which is mandatory. You need this item if your export item does not fall under freely exportable item.

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    Step 12: Get a Website.

    You need a website that clearly gives information about your product and service. You also need some professional social media promotions ie. Facebook, Twitter and Instagram. In today’s digital world most of the business comes from Web.

    You may contact Mass Corporation (+91 9903680007) or for digital marketing consultation. Email: info@masscorporation.in

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