{"id":35322,"date":"2021-09-05T10:00:04","date_gmt":"2021-09-05T04:30:04","guid":{"rendered":"https:\/\/corpbiz.io\/learning\/?p=35322"},"modified":"2021-09-04T11:59:25","modified_gmt":"2021-09-04T06:29:25","slug":"procedure-of-starting-a-plastic-export-business-in-india","status":"publish","type":"post","link":"https:\/\/corpbiz.io\/learning\/procedure-of-starting-a-plastic-export-business-in-india\/","title":{"rendered":"The procedure of Starting a Plastic Export Business in India"},"content":{"rendered":"\n<p class=\"has-drop-cap\">The plastic industry contributes to nearly every daily requirement of individuals, whether it is apparel, housing, construction, agriculture, furniture, etc. In the past few years, the Indian plastic industry has grown by 13% annually &amp; identical growth is projected even in the near future. Presently, there are more than 30,000 legalized plastic processing facilities. The following section in this article will talk about the scope and legalities related to the Plastic export business.\u00a0<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title ez-toc-toggle\" style=\"cursor:pointer\">Page Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/corpbiz.io\/learning\/procedure-of-starting-a-plastic-export-business-in-india\/#Analyzing_Export_figures_for_the_Plastic_Industry\" >Analyzing Export figures for the Plastic Industry<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/corpbiz.io\/learning\/procedure-of-starting-a-plastic-export-business-in-india\/#Basic_Legalities_to_Commence_Plastic_export_Business_in_India\" >Basic Legalities to Commence Plastic export Business in\nIndia<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/corpbiz.io\/learning\/procedure-of-starting-a-plastic-export-business-in-india\/#Documentations_to_be_addressed_by_the_plastic_export_business_while_shipping_products_abroad\" >Documentations to be addressed by the plastic export\nbusiness while shipping products abroad&nbsp;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/corpbiz.io\/learning\/procedure-of-starting-a-plastic-export-business-in-india\/#Conclusion\" >Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Analyzing_Export_figures_for_the_Plastic_Industry\"><\/span>Analyzing Export figures for the Plastic Industry<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul><li>The Indian plastic industry manufactures and ships a diverse range of raw materials, polyester films, plastic moulded extruded items, writing instruments, laminates, plastic woven sacks, laminates, consumer goods, laboratory\/ medical-surgical ware, PVC leather cloth and sheeting, &amp; and travel ware, among other products.<\/li><li>India shipped plastic-based raw material that was worth around US$ 280.38 million in Mar 2021, &amp; the export during Apr 2020 to Mar 2021 stood at US$ 3.29 billion.<\/li><li>The overall plastic &amp; linoleum export from Apr 2020 to Mar 2021 was accounted for US$ 7.45 billion &amp; for Mar 2021; it was US$ 719.15 million.<\/li><li>In Apr 2021, the overall export valuation of plastic &amp; linoleum was accounted for US$ 726.74 million.<\/li><li>In FY21 export of plastic plates, sheets, films stood at US$ 1.53 billion &amp; packaging material was US$ 863.62 million.\u00a0\u00a0<\/li><li>The Indian plastic industry adheres to immense potential in terms of infrastructure, capacity, &amp; skilled labour. It is supported by various polymer producers &amp; mould manufacturers in the nation.\u00a0<\/li><li>Among the industry&#8217;s key strengths is the presence of raw materials in the nation. Therefore, plastic processors do not necessarily depend on imports. These raw materials include high-density polyethene, polypropylene, PVC, and low-density polyethene produced at the domestic level.\u00a0<\/li><li>With factors like biodegradable &amp; environmentally friendly, this is only pushing entrepreneurs in the trade to enhance their technology &amp; bring on cutting-edge solutions for the plastic industry. This shift has encouraged entrepreneurs to invest in their R&amp;D facilities and come up with advanced solutions. This will help the plastic export business and other related entities to prepare a diverse and robust product portfolio for global clients.\u00a0<\/li><\/ul>\n\n\n\n<p class=\"text-left\"><b>Read our article<\/b>:<mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/corpbiz.io\/learning\/procedure-for-start-up-registration-india\/\">What is the Procedure for Start-up Registration India <\/a><\/mark><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Basic_Legalities_to_Commence_Plastic_export_Business_in_India\"><\/span>Basic Legalities to Commence Plastic export Business in\nIndia<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><strong><em>Here are some fundamental legalities that one needs to cater for setting up a Plastic export Business in India<\/em><\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Register Your Company<\/h3>\n\n\n\n<p>Picking up an apt business structure and get it legalized under\nrelevant by-laws is the first step in commencing a business journey. There are\nplenty of legal structures available to starts up, which are as follow:<\/p>\n\n\n\n<ul><li>Private Limited company\n(suitable for an entity with the moderate scope of operation and management)<\/li><li>One Person Company ( Perhaps\nthe most popular business structure in India right now as it can be\nincorporated by one person only)<\/li><li>LLP (Mainly opted by entities\nthat proposed to be managed by two or more partners)<\/li><li>Public Limited Company (preferred\nby establishments having enlarged business footprint and sizeable management\nhierarchy)<\/li><li>Partnership Firm<\/li><\/ul>\n\n\n\n<h4 class=\"wp-block-heading\">Key takeaways regarding company incorporation\/registration<\/h4>\n\n\n\n<ul><li>A partnership deed needs to be drawn up in case of a <a href=\"https:\/\/corpbiz.io\/partnership-firm-registration\"><strong>partnership firm registration<\/strong><\/a>. The deed generally entails several clauses that act as a legal framework for both partners. After incorporating the mutually agreed clauses, the partner needs to submit the deed before the ROFs of the respective state.<\/li><li>For Business structures other than partnership firm &amp; LLP, the applicant needs to visit the MCA&#8217;s website and submit an e-form called Spice+. But before engaging with such a process, the charter documents such as MOA and AOA need to be drawn up.<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Open the current Bank Account<\/h3>\n\n\n\n<p>Once you registered your establishment, the next step is to open the\ncurrent bank account in a designated bank in the name of the company. The\nfollowing documents generally accompany the application regarding the current\nbank account.<\/p>\n\n\n\n<ul><li>Firm&#8217;s PAN<\/li><li>Copy of <a href=\"https:\/\/corpbiz.io\/company-registration\"><strong>Company registration<\/strong><\/a> or incorporation <\/li><li>Board Resolution for Account Opening (in case of OPC, private or public limited company)<\/li><li>KYC documents and beneficial owner information<\/li><li>Identification as well as the Address proof of the Authorized Signatories\/partners<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Get the Import Export Code from DGFT<\/h3>\n\n\n\n<p>IEC is a legal compulsion for entities involved with the cross-border trading of goods. IEC is a business identification number that helps identify a business entity operating in an EXIM domain. Undertaking EXIM activities without an IEC number is an offence in <em><strong>India<\/strong><\/em><sup><a href=\"https:\/\/en.wikipedia.org\/wiki\/India\"><em><strong>[1]<\/strong><\/em><\/a><\/sup>. Thus, the Plastic export business will also need this license before kick-starting their business activities.<\/p>\n\n\n\n<p><strong><em>Here&#8217;s what you need to do to get this license for your private\nexport business&nbsp;&nbsp;<\/em><\/strong><\/p>\n\n\n\n<ul><li>Reach out for the DGFT&#8217;s official portal and click the option &#8220;Apply for IEC&#8221; located on the home page.\u00a0<\/li><li>On the following page, create your account by providing the requested details. Once done, tap on the\u00a0&#8220;Send OTP&#8221; option.\u00a0 \u00a0<\/li><li>Next, the portal will send the One-Time Password on the submitted contact details.\u00a0<\/li><li>Enter the same code in the relevant field on the portal to validate your account.<\/li><li>Get back to the home page, reselect\u00a0&#8220;Apply IEC&#8221;, and log in to the portal.\u00a0<\/li><li>Starts filing the e-form for the grant of <a href=\"https:\/\/corpbiz.io\/iec-registration\"><strong>IEC registration<\/strong><\/a>. While doing so, you will be prompted to enter the following details in sequential order;<\/li><\/ul>\n\n\n\n<ul><li><strong><em>Applicant&#8217;s Designation in\nthe company<\/em><\/strong><\/li><li><strong><em>Bank details such as bank\nname, account number, IFSC code, and a cancelled cheque<\/em><\/strong><\/li><li><strong><em>Preferred sectors of\noperations<\/em><\/strong><\/li><li><strong><em>Acceptance of Undertaking&nbsp;&nbsp;<\/em><\/strong><\/li><\/ul>\n\n\n\n<ul><li>Once you provide these details, the portal will prompt you to submit\nthe form either via DSC or Aadhar OTP.<\/li><li>Lastly, make the payment regarding the application fee.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Documentations_to_be_addressed_by_the_plastic_export_business_while_shipping_products_abroad\"><\/span>Documentations to be addressed by the plastic export\nbusiness while shipping products abroad&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter is-resized\"><img decoding=\"async\" src=\"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2021\/09\/Documentations-to-be-addressed-by-the-plastic-export-business-while-shipping-products-abroad.png\" alt=\"Documentations to be addressed by the plastic export business while shipping products abroad \" class=\"wp-image-35326\" width=\"491\" height=\"439\" srcset=\"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2021\/09\/Documentations-to-be-addressed-by-the-plastic-export-business-while-shipping-products-abroad.png 998w, https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2021\/09\/Documentations-to-be-addressed-by-the-plastic-export-business-while-shipping-products-abroad-300x269.png 300w, https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2021\/09\/Documentations-to-be-addressed-by-the-plastic-export-business-while-shipping-products-abroad-768x688.png 768w\" sizes=\"(max-width: 491px) 100vw, 491px\" \/><\/figure><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The plastic industry is growing rapidly, which is a good sign for any start-ups willing to commence Plastic export business in India. The advancement of the existing technology increased R&amp;D investment, and relaxed government policies also play a pivotal role in the growth of this sector.<\/p>\n\n\n\n<p class=\"text-left\"><b>Read our article<\/b>:<mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/corpbiz.io\/learning\/microbrewery-business\/\">Microbrewery Business: An Untapped Opportunity for the Startups <\/a><\/mark><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The plastic industry contributes to nearly every daily requirement of individuals, whether it is apparel, housing, construction, agriculture, furniture, etc. In the past few years, the Indian plastic industry has grown by 13% annually &amp; identical growth is projected even in the near future. Presently, there are more than 30,000 legalized plastic processing facilities. The [&hellip;]<\/p>\n","protected":false},"author":22,"featured_media":35329,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[968],"tags":[1948],"acf":{"service_id":"250"},"authorName":"Pankaj Tyagi","authorImageUrl":"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2022\/01\/MicrosoftTeams-image-42.jpg","authorDescription":"Pankaj has a diverse experience of writing research papers, blog, and articles during his college time. Earlier, he was working as a tax consultant in a financial firm, but his interest in writing drives him to pursue a career in the writing field.","postViews":5196,"readingTime":4,"_links":{"self":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/35322"}],"collection":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/users\/22"}],"replies":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/comments?post=35322"}],"version-history":[{"count":22,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/35322\/revisions"}],"predecessor-version":[{"id":35349,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/35322\/revisions\/35349"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media\/35329"}],"wp:attachment":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media?parent=35322"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/categories?post=35322"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/tags?post=35322"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}