Selling products or raw materials in the global market is actually a great prospect for business growth. There was a period when it was really difficult for people to establish and manage Import Export company in India. Making your service or product famous in the world was an expensive and time-consuming process. But thanks to the virtue of the Internet, importing and exporting has been done without stress. India’s export-import business significantly expands the market for its products by offering many opportunities to work with clients across borders.

After so many years, operating the global trade business is still the biggest challenge for entrepreneurs. Global trade is the other word for import and export business. These types of business deals in exchange for services, products, technology, etc., all over the world.

Today’s article explains how you can set up your import and export business in India. First of all, we analyze the mandatory documents to establish a global trading business:

 IES number: Import and export code

 CST Registration: Central sales tax registration if products move between multiple states.

 TAN: Tax Deduction Account Number

 Bank account in the name of your company

 PAN Card

Steps to Start Import Export Business in India

• Business planning

Your main step should be to decide the future plan for the company. The proper business plan helps in the smooth running of the business. Proper planning includes some steps which have been given below:

1. Selection of Products: First of all, you need to choose the type of products that you will be trading in the India export-import business. The products can be related to fashion, crafts, consumables and many more.

2. Customer Selection: Next, you need to find people to sell your products to. Finding clients in any state or country where the company operates is much easier. But it becomes difficult when it comes to global trade.

• Record

One’s next step should be to register their company as a single entity. You can simply register the business as an LLP, partnership, sole proprietor, or company, depending on the investment and number of owners in the business.

• Get IEC

Then, obtain the import and export code (IEC) that has ten-digit numbers issued by the DGFT (general directorate of foreign trade). India import and export business cannot be accepted without IEC.

• Other crucial documents

Listed here are some other documents that one needs for the company, such as tax documents. These documents have mentioned below:

1. VAT code: It is based on the value added tax collected by the seller from customers for the consumption of goods or services.

2. CST- is another tax for selling products from one state to another.

3. TAN- It is an alphanumeric number that is issued to people to make tax deductions based on the tax payment they make.

• Addition to a Customs Clearing Agent

Any company cannot operate all the functions involved in running the import and export business. Therefore, the hiring of a customs broker is required who will be in charge of supervising the payment of taxes and the operation of import procedures. That person has to make sure there are no problems in the import-export process.

• Use your own freight forwarder

A lot happens when arranging global shipping. No one vendor can handle all of these things alone. You need a great freight forwarding service provider to take the pressure off the seller and save time. Any freight forwarding company or person functions as an agent who manages the shipping and storage of products on behalf of sellers. A freight forwarder works as an intermediary between the seller and various transportation services.

To run a successful import export business in India, you need to pay attention to all its aspects and you also need to have a sharp head to shape different things.