Import & Export Business
How To Start Global Import Export Business
Starting a new export import business can be a challenging task. New entrepreneurs entering the world of exports will likely have a thousand questions, ranging from the documents required, the legal guidelines they must adhere to. Unfortunately, this information is rather scarce and scattered across different sources on the internet, making it difficult to find. Through this series, Bizcent Incorporation aims to guide budding new exporters through the process of setting up their exports business.
This step-by-step guide will take you through the various activities you need to do to get your export business off the ground – right from choosing the most effective type of business model, to selecting the right markets and buyers, to setting up your final documentation and getting ready to ship your first order. Follow these steps, and you should be ready to start your journey into the world of international trade. Good luck!
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Get a PAN Card
There are certain set of documents required for starting a new export business, starting with a PAN Card. You and your partner(s) must have valid identity and address proofs in order to register your business.
It is mandatory for every registered business entity to apply for a PAN Card (PAN) with the Income Tax Department. The procedure for getting a PAN for a business entity is quite similar to that of applying for a personal PAN, and is discussed further in this guide.
Select type of Business Entity
For starting an export import business, one first needs to decide the form your business will take depending on the structure of ownership. Then you need to register your new business and choose a name for your business entity. You can form a Sole Proprietorship firm, a Partnership firm, an LLP, A Private Limited Company or A Public Limited Company.
Open a Current Account
Bank Account which is used by business entities is called a Current Account. Your new export import business will need a current account to transact with customers and vendors. The documents required to open a current account vary depending on the type of business entity.
Don’t forget the IEC Code!
The IEC Code is required for anyone looking to start an import export business. Various supporting documents will accompany the IEC Code application form which will be filed with the Director General of Foreign Trade.
Choose your export product
Selecting the right product is key to your export import business plan. There are various factors you need to keep in mind such as the state of international markets, regulations, export trends, and more. You can find more detailed information as well as a rough guide to point you in the right direction in our guide for selecting the right export product.
Your Registration Cum Membership Certificate (RCMC) is important too!
India has a number of export promotion councils that work to promote the export of different product and service verticals. Registration with these councils gives exporters access to events and assistance to expand their business, and is also necessary for accessing certain benefits under India’s Foreign Trade Policy. The RCMC is essential to registering with them. The RCMC is valid all over India and takes roughly a week to get the registration done. For example, if you are an exporter of agricultural or processed food products youc an register with APEDA which has an online registration facility on its website.
Selecting the Right Export Market
You have to ensure that your export product/service has the right market somewhere in the world. There are certain factors which a new exporter has to keep in mind such as Demand for the Product, Trade Barriers, Profitability, Political Environment etc. Based on these factors the exporter has to analyse the viability and accordingly choose his export market.
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Finding Buyers for your Product
After selecting the product and the market, the next step for your business plan would be to figure out how to find buyers for your export product. There are serveral ways through which you can collect leads for your product such as creating a website, registering on buyer-seller platforms, participating in Trade Fairs and Exhibitions, using government bodies like Export Promotion Councils etc.
Export import consultant
A Export-Import Consultant ,An international trade consultant, also known as a foreign business consultant, helps organizations navigate complex international trade regulations. They help clients make overseas contacts, oversee the exchange of goods and services, and represent their customers in negotiations
Sourcing Agent-procurement Agent
Procurement agents make purchases for businesses and ensure that business benefits from the products and services needed to efficiently carry out their tasks. They stay up-to-date with the latest market trends and collaborate with suppliers to negotiate prices and contracts.
Third Party Inspection
Third Party Inspection (TPI) is the inspection and testing activities by a third party individual or organisation who is performing with the purpose of certifying compliance of purchased or manufactured products, or services to the international standard, code, and customer technical specifications during and after.
Buyer Verification
For the safety and security of all parties involved in a transaction, every single buyer who uses Earnnest must be verified. Good news, our verification process is simple and easy. Here’s what you can expect:
International warehousing
In today's global supply chain, international warehouses are your hubs. They ensure timely delivery of goods to far-flung customers at an affordable cost and with a minimum of shipping challenges.
Import agent/ Import solution
Our service ranging from Custom Clearing Services, International Freight Forwarding ,Transportation Services, Warehousing Services, International Trade Consultants, Liaison Services(All types of incentives, Licences, Refund, and Appeals matter), Indenting etc.
Indending agent
Indenting Agent is the one who acts on behalf of the seller and charges commission to sell their products. Where as Buying Agent is the one who acts on behalf of the buyer and charges commission to source products for them.
Virtual Office-Branch
A virtual office gives businesses a physical address and office-related services without the overhead of a long lease and administrative staff. With a virtual office, employees can work from anywhere but still have things like a mailing address, phone answering services, meeting rooms, and videoconferencing.
Export agent/ Export solutions
An export agent is a firm (or individual) that undertakes most of the exporting activities on behalf of an exporter usually for a commission. A key feature of the traditional export agent is that they never really take ownership of the goods, which always remain under the control of the exporter.