How to Start Import Export Business in India Legally?

Recently, we have witnessed boom in import and export of goods and services in India, Thus creating great opportunities for entrepreneurs to start import export business in India.

Due to globalization, export and import has become very integral part for country’s economy. As no country can grow and develop without interacting with other countries in the world. While exploring online and international markets, every businessman wonders how to start import export business in India.

Through imports company can get goods and services not produced in our country, on the other hand export are considered important as they add to foreign reserves of the country.

But the main question which arises is how to start import export business in India. It is a very complex process to start import and export business in India.

Here is the procedure which shows how to start import export business-

1. BUSINESS SET UP

To start import export business in India, firstly you have to set up business in India to take service tax registration or a VAT registration. Any person, sole proprietorship, partnership, HUF, Company, Trust, Co-operative society etc., are eligible for answers of how to start export import in India.

2. PAN CARD FOR BUSINESS

It is very necessary to take PAN card from income tax department after VAT registration to start import export business in India and how to start import export without PAN is not possible.

3. CURRENT ACCOUNT

A current account shall be opened in any commercial bank exclusively for the purpose of import and export business in India.how to start import and export current is an easy process.

4. IMPORT EXPORT CODE (IEC)

Most important requirement of how to start import export business in India is to obtain ‘Import export Code’ (IEC). IEC is needed in all cases of import and export except where restricted or prohibited goods or services are imported and exported. To obtain IEC code, application is filed on DGFT website in form ANF-2A.

Documents to be sent along with application are-

- Personal or company PAN card

- Photograph of applicant

- Copy from current account of business of cancelled cheque

People often ask how to start import export without PAN but it is not possible, PAN is mandatory.

5. REGISTRATION CUM MEMBERSHIP CERTIFICATE (RCMC)

Export promotion council will grant RCMC after IEC is obtained, to authorize import and export. There are 26 export promotion council which can issue RCMC. And RCMC obtained from any branch is valid for all branches or business premises across India.

Whole procedure of how to start import export business in India takes around five to seven days for getting registration done.

After obtaining RCMC and IEC, he can start import export business in India.

Hence, now we know how to start import business in India easily.

For more information you can visit www.registrationsindia.com