While it is free to come up with an idea, it is the implementation and materialisation of that idea that will result in a successful business. Importing and exporting goods and services will still be a profitable sector that will help you and your country discover new opportunities. India’s export and import of goods and services has risen significantly in recent years. As a result of this shift, a growing number of entrepreneurs and start-ups are venturing into this sector. However, several people leap in without balancing the advantages and disadvantages, and instead of laughing their way to the bank, it turns into a nightmare. IEC is required in all cases except in case of restricted or prohibited goods or services. Import Export Code (IEC) registration can be obtained by applying online at the DGFT website
Obtain a PAN card for your business. It is compulsory to get a PAN card issued by the Income Tax Department once you have obtained the requisite registration.
Open a bank account. You must open a current bank account with any commercial bank exclusively for your business after obtaining your business registration and PAN card. Obtain an Import Export Code (IEC) from the government. This is one of the most important requirements to get your import and export business started.
Documents Required for Import Export Code (IEC):
- Personal PAN card or Company PAN card
- Applicant’s photograph
- Copy of a cancelled cheque from the business’ current account
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Obtaining the Registration cum Membership Certificate (RCMC)
After receiving the IEC, you must obtain an RCMC from the appropriate Export Promotion Councils in order to obtain permission to import and export, as well as any other profit. There are approximately 26 export promotion councils where you can receive an RCMC. You can start your import and export business in India after obtaining the IEC and RCMC. The IEC and RCMC issued is valid for all branches or business premises across India, and it takes only between five and seven days to get all the registrations done. Opportunities available with exporters
Importing and exporting goods and services is an important part of a country’s economy, and it is difficult for a country to develop without engaging with other countries. And, as previously mentioned, once one has acquired experience in import and export, there are many opportunities to pursue. The following are a few of them:
Exploring international markets Each country must import those resources because it has specific resources that can be exported. You must decide what you can export to the poor country and what you can import in return. If you want to exchange agricultural machinery, for example, you can go to Brazil, which is the best in the world at manufacturing agricultural processing equipment. China is famous for electronic equipment, India’s most exported product in 2015 was gems and precious stones, which accounted for 14.7 percent of the total exports