Are you starting an import-export business in India? Are you confused about the import-export business steps that lead to the success of the significant business? Ready to learn the rules of the export import business and start own business?
You are on the right page!
Here I explain the complete start Import Export Business process step by step.
What is Import Export Business?
Trading goods and services across borders, i.e., importing goods into the country from abroad or sending the goods abroad from our country, is an import-export business. And of each country, there are laws and policies framed by the government that needs to be followed.
First of all, India produces many different items which are in demand globally. The Indian gems and jewelry, Indian snacks, vegetables and fruits, and high-quality fabrics are trendy, and these products are in demand worldwide.
Secondly, knowing that Export Business plays a central role in the growth of the Indian economy, launched various incentive schemes for export businesses and traders the Indian government.
Lastly, our products’ high quality, inexpensive labour, and additional cost add to the benefits of exporting from India.
Before starting an export business without investment, let us first look at which export businesses in India and which products/goods are exported from India.
List of exported products of India.
- Fruits and vegetables
- Mineral fuels
- Spices and condiments
- Indian snacks, pickles and other packaged food
The above listed all products are in demand, and you can decide to export any goods of these after doing a thorough research and understanding the market.
Now let us understand the steps involved in setting up an export business.
All business needs a minimum amount of investment and so does export business too. You need to pay fees for the registration of your business and start up the business flow. But this can below as you want it to be. You can also save up on buying goods for your business by keeping them entirely online or just buying the essentials for your daily operations.
You can also benefit from government schemes designed for exporters, and Exporters can also get manifold loans at low-interest rates. To keep the business flow going, they can also strike up a post-payment deal with a goods supplier or a pre-payment deal with a goods buyer.
Let us now understand the important steps in setting up a new export business in India.
Related Article – Free Import Export Course by Government of India
How To Do Export Business In India?
First, Decide upon the name and logo for your new company. Ensure that the name of your Business contains the term “Exports” in it. Moreover, You already decided on the company name; it will be your identity for many years to follow. Hence make sure that it is proper, easy to read and remember, and relevant. The logo should be such that it can easily remember and unique.
The next and most crucial step is to register your export business. For this, you need to set up a business bank account in a bank that deals in foreign exchange since you will be dealing with foreign buyers. Most major banks like HDFC, ICICI, Axis, and SBI deal in forex, and you can contact any of these.
Next, You need to apply for your 10-digit IEC (Import Export Code)
Then, you need to apply for a Registration Cum Membership Certificate (RCMC) through the Export Promotion Council (EPC) for the setup you need to do. It’s your official permission to export trade outside India, and therefore, it is most important.
It would help if you searched about the markets, the buyers, and the suppliers you wish to get your products from in your country. Decided on a price for your product. For this, you need to consider the costs you have incurred and the profit margin you are aimed.
You finally need to package and ship your product. For this, there are many packaging and shipping dealers. You can research and find the best one that suits your requirements.
You can also network and get involved in multiple groups of exporters, packagers, shippers via online mediums, meet-ups, and in-person connections by visiting various markets and industries relevant to your export products.
This can help you in numerous ways and help you ease out the time and energy to find your resources and different services.
While starting an import-export business is less costly than setting up an export business, it has a different set of rules and regulations. Above all, planning your budget and then your import-export business accordingly can take you a long way.
The top export businesses like Reliance company, TATA Steel, Bajaj Private Limited, and Arvind Mills began their journey towards success.
We have verified international buyers and connected with many agencies and governments as well. If you think we can help you, we would love to discuss your new Export Business and take it forward from there. You can contact us. Thank You :).