EXPORT IMPORT

CHAPTER - 2   

Here, I will tell you what are the documented procedure to start a company registration. Export is a different concept to sell the product to another country. Once you have studied the market and about the product you want to export, you should establish a company with following steps –

a)     Establish a company / firm -  To proceed with export business, at very first, sole proprietary concern / partnership firm / company has to be set up with attractive name and effective logo of the company.

b)      Open a Current Bank Account – A current account should be opened with a bank authorized for foreign exchange deal. It is 1 or 2 days procedure to start the company’s current bank account.

c)      Get Permanent Account Number (PAN) – It is compulsory for every exporter and importer to get a PAN from the Income tax Department. It is a 7 to 14 days to get the required PAN from the department.

d)     Apply for an Importer Exporter Code (IEC) Number – As per the Foreign Trade Policy, it is mandatory for every exporter or importer to get IEC for export and import from India.  An application to apply for IEC is filed online at www.dgft.gov.in  with a nominal online application fee through net Banking or credit / debit card along with submission of requisite documents mentioned on the application form. Once you get the IEC, you are eligible to export or import from India.

e)      Registration cum Membership Certificate (RCMC) – Registration with different councils and chambers are next step. This is required to avail authorization of import / export or any other benefit or concession application under FTP 2015-20, It is also required to avail the different services / guidance. Exporters are required to get RCMC issued by the concerned Export Promotion Councils / FIEO etc.

 

Now exporter / importer is ready to generate the business. They have to move with following steps –

1)      Product finalization which is to be exported

2)      Find out suitable market for export

3)      Find out suitable buyers

Initially, we should find out the buyers on the google search / international trade magazine / trade portals / chambers of commerce. We can attend / visit the different trade fairs of related products where we can find suitable buyers and can discuss in details across the table. It is good for  understand the buyers and about their country and present our product towards them in a more effective way. We can also contact the Indian missions abroad, overseas chambers of commerce that will be helpful for us. We can also launch own multilingual website with product catalogue, price and other terms that will also be very helpful for initiating the business.

In next chapter, I will discuss the initial stages to discuss business with buyer and facts to be taken into consideration.

 G. GANESHA

http://exportimportway.blogspot.com