How to Open an Import Export Unit in India

We are witnessing a tremendous increase in Import and Export in India due to the globalisation of trade and business. One of the biggest and fastest-growing economies in the world is that of India. There is tremendous opportunity for starting an export import unit in India as the global economy begins to recover. With an expected USD 900 million in total exports in 2019, India is the nineteenth-largest exporter in the world. India's robust and thriving manufacturing and service sectors export a wide range of goods and services. In this article, we will discuss the procedure to open an Import Export Unit in India.


What does India's import-export industry entail?


Import and Export in India is mostly the trading of products and services across international borders, i.e., importing things into the country from abroad or exporting goods abroad from our country. In addition to the aforementioned, each nation's government has established a set of laws and policies that must be followed. First off, India creates a variety of distinctive goods that are in high demand around the world. India is well known for its high-quality fabrics, fruits and vegetables, Indian delicacies, and gems and jewellery. These products are in high demand as a result of immigration and the rise in multiculturalism.


import export unit in india

Procedure to Open an Import Export Unit in India


The Business Unit's Setup 


The first procedure to start a Custom Import Export is to set up a business unit. You have to select which organisational structure is suitable for your business that will rely on a variety of variables and the overall basic concept of business formation, whether it be a sole proprietorship, LLP, partnership firm, or company.


Establish A Current Account

A current account is a type of bank account used by businesses. In order to conduct business with clients and suppliers, your new export-import company will require a current account. Depending on the kind of business firm, different paperwork is needed to open a current account.


Obtain a PAN Card

If you establish your business as an OPC, LLP, or company, you will receive a tangible copy of your PAN Card at the registered address of your company in addition to receiving your PAN Card via registered mail. However, a partnership firm and a sole proprietorship must submit separate PAN applications.


Import Export Code

IEC applications are submitted online at "www.dgft.gov.in" with the required supporting documentation and payment of the application fee by net banking or credit/debit card.

Certificate Of Registration Cum Membership

A Registration cum Membership Certificate (RCMC) from the Export Promotion Council (EPC), Federation of Indian Export Organisation (FIEO), or Commodity Boards is required in order to take advantage of concessions.

Select your Product

The foundation of any Import and Export in India business plan is the product you choose. You must keep in mind a number of things, including the condition of global markets, laws, export trends, and more. In our guide for choosing the appropriate export product, you may find additional in-depth information as well as a general direction.

Risk Management Policy

Payment risks in international trade arise from buyer/country insolvency; therefore, obtain risk coverage from the Export Credit Guarantee Corporation (ECGC) through a suitable insurance policy.

Essential Documents For India's Export And Import


For exports 


  • Bill of Lading; 

  • Commercial Invoice; 

  • Shipping Bill; 

  • Airway Bill; 

  • Lorry Receipt; 

  • Railway Receipt; 

  • Postal Receipt


For Imports 


  • A bill of lading

  • an airway bill

  • a receipt from a truck

  • a railway receipt, or a postal receipt

  • a commercial invoice combined with a packing list

  • bill of entry


Conclusion


To take the Import and Export in India business to a greater height, it is important to search for the right buyers or sellers in the global market. After you’ve completed these steps, your newly setup export business is ready to start operational activities like finalising the shipping partner and freight forwarder/customs clearing agent, exploring market opportunities and promoting your business in overseas markets and providing Custom Import Export data, Import export data and much more.

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