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Entrepreneurs: Heres how to start your

import export business
AGAM GUPTA , 10 JULY 2016

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In recent times, we have seen a major growth in the export and import of goods and services
in India. Seeing this change, more and more entrepreneurs or startups are venturing into
this area. But many jump in without weighing the pros and cons and rather than laughing
their way to the bank, it turns into a nightmare experience.

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 So how do you know if your venture is ready to enter the import/export market? Here are
some things you need to have in order.
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Getting started

Set up

First and foremost, you must have a business setup. It is recommended you open a sole
proprietorship in the initial stage by taking a Service Tax registration or a VAT registration
with an attractive name and logo.

Obtain a PAN card for the business MOST POPULAR

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Once you have received the required registration, it is mandatory to have a PAN card issued Meet the billion
Rs 6,100cr from
by the Income Tax Department. 2 days

Open a current account POPULAR

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After receiving your business registration and PAN card, you need to open a current bank C&D Lab in Ben
account with any commercial bank exclusively for your business.
POPULAR

Get the Import Export Code (IEC) issued 6 innovative com

changed our wa

This is one of the most important requirements to get your import and export business
started. IEC is required in all cases except in case of restricted or prohibited goods or
services.

Import Export Code (IEC) registration can be obtained by applying online at the DGFT
website.

Documents Required for Import Export Code (IEC):

1. Personal PAN card or Company PAN card

2. Applicants photograph

3. Copy of a cancelled cheque from the business current account

A PAN card is mandatory to get an IEC code and only one IEC is allotted per PAN card.

Obtaining the Registration cum Membership Certificate (RCMC)

After obtaining the IEC, you need to obtain an RCMC, granted by the concerned Export
Promotion Councils to get authorisation to import and export, or for any other benefit.

There are around 26 export promotion councils from where you can get an RCMC issued. MOST POPULAR

POPULAR
After getting the IEC and RCMC issued, you can set up your import and export business
The Bengal Fam
from India. The IEC and RCMC issued is valid for all branches or business premises across British engineer
India, and it takes only between five and seven days to get all the registrations done. genocide in hum
profit

POPULAR
Opportunities available with exporters
 The import and export of goods or services is an integral part of a countrys economy, and a Rejected by 142
Ashank Dubey n
country cannot grow without interacting with other parts of the world. And, as mentioned pursue their MB
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above, after getting into import and export, there are many avenues one can explore. Some POPULAR
of these as noted below: Can private labe
commerce to pr

1. Exploring online marketplaces

You might have heard about Amazon.com, Alibaba.com, Aliexpress.com, DHGate.com, and
many more online marketplaces that allow an exporter to enlist as a vendor on their sites
and let him or her connect with customers across the globe.
This time, the internet is acting as a bridge for the exporters to export their product to
customers sitting thousands of kilometres away.

2. Exploring international markets

As each country has unique resources that can be exported, it needs to import certain
resources. You need to explore what you can export to the needy country and in exchange
what you can Import.

For example, if you want to do a trade in agricultural equipment, you can go for Brazil, which
is the best in producing agricultural processing equipment. China is famous for electronic
equipment, Indias most exported product in 2015 was gems and precious stones, which
accounted for 14.7 percent of the total exports

3.Exploring the products opportunities

It does not mean that if you are exporting an Indian-made product to the world, you cant
import a high demand item to India from abroad. There are several product opportunities
that one can look into.Here are some of them:

Leather products: India has a held a strong position from years in exporting leather
products like wallets, belts, toys, and handbags, and a large number of small and medium-
sized companies are already doing this business successfully.Medical appliances: India is
now emerging as a major supplier of medical appliances in the world, and because of the
 quality and reliability, manufacturers are establishing a reputation. Some of the medical
appliances exported from India are gloves, gauzes, bandages, face masks, and much more.
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Tobacco import: A major part of the revenue for the Government of India comes from the
export of tobacco only, and this tobacco also becomes the major part of import of Indian
economy.

Conclusion

While coming up with an idea costs nothing, executing and materialising is what will create a
lucrative business. Import and export of goods and services will always be an encouraging
business, and will always help in opening up new avenues for you and for your country.

 (Disclaimer: The views and opinions expressed in this article are those of the author and do
not necessarily reflect the views of YourStory.)
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ABOUT THE AUTHOR

Agam Gupta
Agam Gupta is a practising Chartered Accountant and a co-founder of Hubco.in, a leading portal to get
your accounting outsourced and tax registrations. You can contact me at agamgupta72@gmail.com.

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