Ever you have thought you of starting your own Import Export business to earn a handsome amount of money? Well, if you are planning to make your first step into the Export Import Business, then there are many important things which should be kept in mind to easily manage your business and get profits more than what you can get in your business while doing it locally. As we all know that the global market is very big and it is the right time to get yourself involved in the market to sell and earn more profits.
If you are a beginner then, before starting a business, you must be aware of the documentation and procedures required to get your targeted market easily, these are discussed here:
Business Set-Up:
The first and main thing to sell and purchase a product is to have your own company or firm registered in your name as a proprietorship. You should always select a unique name and logo for the company as it plays an important role in attracting the clients and customers as well.
Registrations:
As you have already decided your business name and logo, the second thing which any entrepreneur must undergo is to get the registrations completed, such as goods and services tax, VAT, in the name of the company. Apart from the GST and VAT, one must have their PAN card ready in the name of the company, which is issued by the Income Tax Department.
Current Account:
For any business, either domestic or Import Export Business, it has become mandatory to have your current account in the name of your company for easy and uninterrupted transactions. It can be opened by any public or private banks. Each bank has its current account opening charges and also there are a number of offers available from many banks. The current account opening and minimum balance required are less in case of public banks and higher when you open your account in a private bank. So, check the offers from different banks near you before opening an account.
Import Export Code:
If you are then one looking for Export Import Business, then you need to get your Import Export Code or an IEC, which is required either when you are importing any goods from the foreign market or exporting a particular product in a different country. Ask your accountant to explain the rules and compliance required for the same.
In order to get an IEC, the following documentation are presented for generating the IEC:
- A PAN Card (Personal and Partnership PAN Card, in case you have a partnership firm)
- Photographs
- The current account’s canceled cheque
So, for a beginner, before hitting the market and exploring the world of trade in the world of Import Export Business, one must research their products well and should be very well aware of their targeted market, which will help to earn huge profits in the short as well as in the long run also. Impexperts is one of the best platforms to explore the world of import export business, Contact us on +91 9211066888 for more details.
