1. Identifying Markets & Choose your Products 2. Decide your company Name. Mostly ending with Exports 3. Register your company 4. Register your company as small scale industry (SSI Registration) 5. Open a Current Account 6. Getting IE Code — Import Export Code. 7. Getting an Export License 8. EDC Registration — Register your export company with Nearest Port ( Airport & Seaport )

By on 14-11-2018

HOW TO START EXPORT BUSINESS IN INDIA

STEPS TO START EXPORT BUSINESS IN INDIA

1.Identifying Markets & Choose your Products

2.Decide your company Name. Mostly ending with Exports 

3.Register your company

4.Register your company as small scale industry (SSI Registration)

5.Open a Current Account

6.Getting IE Code — Import Export Code

7.Getting an Export License

8.EDC Registration — Register your export company with Nearest Port ( Airport & Seaport )

•  IDENTIFYING MARKETS & CHOOSE YOUR PRODUCTS:

The first step for an exporter is to carry out a survey of the international markets in order to identify market/s for the exportable goods. The exporter needs to conduct a trade data analysis in order to see which market/s the demand is coming from.
Starting an export company is the easiest thing. But choosing a product & finding buyers is major work for exporters in India. So before getting into starting up, select your product clearly and gather as much as knowledge about the product.

 Do a complete research of legal problems, government policies and restrictions for exporting your product.

•  DECIDE YOUR COMPANY NAME:

 Name your company ending with EXPORTS or IMPEX or EXIM.

 Q: Why should I name my company ending with EXPORTS or IMPEX or EXIM?

 Ans: If you name an export company as ABC Enterprises, The importer or the buyer would not understand what my business nature is. So you will have to tell the buyer that you are an export company to make the buyer understand. If you choose your company name as ABC Exports instead of ABC Enterprises, The buyer can directly understand the nature of your business that you are an exporter.

•  REGISTER YOUR EXPORT COMPANY:

 Now, you have decided your company’s name. How to register an export company?
It is always better start with Private Limited Company. But if there is only one person you can go for sole proprietorship

•  REGISTER YOUR COMPANY AS SMALL SCALE INDUSTRY (SSI REGISTRATION):

 You will need up to four photographs & Identity Proof to do SSI Registration of your company. There are agents approved by the government in your area who can do SSI Registration. It can be done within max half an hour.
When you obtain an SSI Certificate, it is more than sufficient proof for the establishment of your export firm. You will be given three copies of the registration.

a.First Copy for the bank.

b.Second copy for the District Industries Centres of your district.

c.Third copy for yourself.

•  OPEN A CURRENT ACCOUNT: 

Go to your favourite bank and open a current account.

 ADDITIONAL NOTE:

 You don’t require a TIN or CST Reg until your product is taxable by the state or central government. You should take it when it is mandatory. It is good to follow the government rules to keep your reputation high.

•  GETTING IE CODE:

 The next step is to register with the Directorate General of Foreign Trade (DGFT) and obtain Importer Exporter Code Number. IE Code is an unique 10 digit code issued by DGFT to Indian Companies. This is a mandatory requirement to carry out import from or export to India. Exporters also have to obtain PAN based Business Identification Number (BIN) from the Directorate General of Foreign Trade prior to filing of shipping bill for clearance of export goods. 
Now IEC applications are completely online. Here are documents that you require applying for IEC as a proprietor,

 a.Digital Signature Certificate 

b.PAN 

c.Cancelled Cheque / Letter from Bank

d.Passport size photo of the applicant

•  GETTING AN EXPORT LICENSE:

 Export licenses are only required for items listed in the Schedule 2 of ITC (HS) Classifications of Export and Import items. An application for grant of Export License for such items must be submitted to the Director General of Foreign Trade (DGFT). The Export Licensing Committee under the Chairmanship of Export Commissioner considers such applications on merits for issue of export licenses.

•  EDC REGISTRATION:

 Register your export company with Nearest Port (Airport & Seaport)