Export-Import is the trade which is happening for last thousands of years and will continue for next thousands of years or more. Due to Technology and Communication Transformation World is coming closer day by day and trade and activities are happening more frequently and more easily. In India, DGFT is the Govt. The body under the Ministry of Commerce and Industry is responsible for Export and Import trades. For starting your Export-Import Business, the following steps need to be taken:-
1. CREATE AN ENTITY & COMPLETE DOCUMENTATION
You can make Proprietorship, Partnership, Pvt. Ltd.Co, etc. and you can take the help of some CA for the creation of the entity.
2. CURRENT ACCOUNT IN ANY REPUTED BANK
You can apply with any Nationalised Bank and they will happily open your current account, which will be required for applying for your IEC.
3. IMPORTER’S & EXPORTER’S CODE
You can apply IEC Code online and this can be done through the DGFT website, for starting your own export-import business this is one of the main tasks which you need to fulfill.
4. FINALISE THE PRODUCT
You can go through data of products being exported or imported through online data on various websites which will help you find out a lot of products you can go through and start your export import.
5. FINALISE THE PRODUCT MARKET
You can check data online on various websites to find out top Importing and Exporting Countries.
6. SEARCH ON GENUINE BUYERS
You can start searching some buyers for your products and start communicating with them and follow up, for that best way is to register online on various B2B websites like Alibaba, India-mart, Impexperts.com.
7. RECEIVE POSITIVE RESPONSE
Once you start getting inquiries, You may exchange samples and start the process of shipping the products, Many shipping companies can help you in that
8. FINALIZE “CHA”
CHA (Customs House Agent) is the person who will help you in all the processes once you get a response for your products from buyers from abroad, so all the documentation part, shipping, and logistic part, insurance, etc. he may take care of.
So, once you do your first trade you will get to know the entire process and the next trades will be easier and more systematic and that way you can start your export-import business very easy step by step. Many Organisations are there which can help to understand the entire process very quickly and easily.