It is the truth that we cant manufacture every single product in our own country. Making a product or services is a difficult task that also depends on natural, economic, technological policies of a country. From the recent time, we are noticing a strong growth in Import and Export business in India. As India is a very popular country in the segment of retail thus manufacturer of our country also export the products in many countries and they are expanding their business day by day.
Let's know what are the procedure of becoming Exporter in India.
Get a PAN Card
Before any required action gets a PAN card from the Income Tax Department of India. PAN card stands for Permanent Account Number.
Business Set up
If you are already a Manufacturer or Supplier of any product thus you must already have the legal documents of your Public or Private company. If not so you should set up your business first. Now the question is what business you should start. So before starting a business or export first analyze the trend of a particular product in your country and the country you are looking for too. At the initial stage, a sole proprietorship firm with GST and other mandatory registration would be suggested for you.
Current Account
Some of the Suppliers start their business with a saving account but if you want to become an exporter you should open a current bank account as soon as possible. There are Many Banks like ICICI, HDFC etc, who are providing the best services in the banking sectors.
IEC code
One of the most important point to be noticed is the Import and Export Code. IEC has not required for every Import and Export Business it depends on the nature of business or product and services you are going to trade.
Basic requirements for getting IEC code
Personal PAN card or Companies PAN card
Photographs of Applicant
Current Account
Memorandum of Association (If required)
Companies Letter heads
RCMC
The second most important thing is the registration cum membership certificate. There are around 25 Export Promotion Councils from where you get RCMC.
Export
After getting all the legalization done you can start exporting your business. If you already have links in the target country you can export directly. If you are looking for the business opportunity then you should get your company subscribed with the B2B marketplace like- Alibaba, Amazon.com, Indiamart, Exporter India.
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