Before starting your import or export business, you have to make thorough research so as to know the dos and don’ts of the business in countries where you'll do the business.
So, we came up with this insightful import export guide India to help business owners who want to import or export their goods to the country to know more about the business landscape in the country.
So, here are the things you need to know before importing or exporting your products to India.
Setting up a company is the first import export guide India you have to consider when you want to start exporting from India. You have to come up with a company name, logo, and other important parts of setting up a business.
You have to open a current bank account for your business in India. You must open the account with an authorized bank that deals in foreign exchange.
It is important to get a Permanent Account Number from the income tax department when you want to start importing or exporting goods in India. And that’s the reason why it is on our import export guide India.
It is mandatory to get an Importer-exporter code number in order to carry out your business in the country. You can apply online by visiting www.dgft.gov.in and following the directive.
This is an important import export guide India a lot of people fail to understand, at this stage, you have to choose a product that is not prohibited in the country you want to export your goods to and also make sure you are not dealing on a product that is prohibited in India as well.
After choosing a product, the next thing is to study the market. To get things right, you need to know more about the market size, payment terms, competition, etc.
To reach out to potential customers, you can reach out to them by attending trade fairs, exhibitions, using online marketing methods, etc. You can create multiple websites in different languages to suit your customers in different parts of the world.
The price of your goods is important, so you have to consider it. Your price will help to determine the success of your business. So, you don't have to overprice or underprice your product, just come up with the right price for your product.
It is important to protect your business with the right bodies like Export Credit Guarantee Corporation Ltd (ECGC). This body will help to protect you from payment risk caused by buyer/country insolvency.
As per import export guide India, you have to provide standard goods for the buyer. Note that standard differs from each country and that's where you have to do your job properly. Here you have to know the meaning of standard in India and keep to it, then find out the meaning of standard in your export destination country and keep to it as well.
Get your import export code IEC number; just like we started early, this code number is for both importers and exporters in the country. You can use it to receive as well as send money in foreign currency, for clearing customs, etc. You can do this online.
Once you have your IEC number, you can start importing goods into the country. And you have to import goods that comply with the country's rules.
This is import export guide India you must pay attention to. To know if an exporter needs a license to import a product, the importer should first categorize the product by recognizing the product's India trading Clarification following Harmonized System of Coding grouping.
This India trading certification and Harmonized System of coding is the process of grouping products for trade. This code is eight alphanumeric number that is provided by DGFT and it helps to categorize goods.
This license can be general or specific. The general license allows importers to import goods from any country, while the specific license allows importers to import from a specific country.
Both importers and exporters are required to submit the right document for their business activities in the country. This can be a regulatory document, the one a buyer and seller exchanged, and other documents that help to show the business benefit.
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Import Export Guide India Table of Contents
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