{"id":40004,"date":"2022-02-10T11:44:12","date_gmt":"2022-02-10T06:14:12","guid":{"rendered":"https:\/\/corpbiz.io\/learning\/?p=40004"},"modified":"2022-02-10T12:18:02","modified_gmt":"2022-02-10T06:48:02","slug":"process-to-set-up-export-and-import-business-in-india","status":"publish","type":"post","link":"https:\/\/corpbiz.io\/learning\/process-to-set-up-export-and-import-business-in-india\/","title":{"rendered":"Process to Set up Export and Import Business in India"},"content":{"rendered":"\n<p class=\"has-drop-cap\">Commencing a new export and import\nbusiness can be an intricate undertaking. Start-ups entering into the Exim\ndomain will likely have a long list of queries, ranging from the documentation\nrequired to the legal implications they must adhere to. This article intends to\nguide new businesses through the process of establishing their export and\nimport business in India. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Steps to set up export and import business in India<\/h2>\n\n\n\n<p>Below is the\ndefinitive guide to establish export and import business in India <\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Secure PAN for your Company<\/h3>\n\n\n\n<p>There are certain types of documentation required\nfor setting up export and import business, starting with a PAN Card. You must\npossess valid identification and address proof to register your business. <\/p>\n\n\n\n<p>It is a legal compulsion for registered\nbusinesses to apply for a PAN Card with the IT department. The process of\nsecuring a PAN is more or less identical to that of applying for a personal\nPAN. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Choose an apt Business structure<\/h3>\n\n\n\n<p>The next step is to select an apt\nbusiness structure. You can choose among the following structures governed by\ndifferent legislations. <\/p>\n\n\n\n<ul><li>LLP\n(limited liability partnership act 2008)<\/li><li>Private\nlimited company (Companies Act, 2013)<\/li><li>One\nPerson Company (Companies Act, 2013)<\/li><li>Partnership\nFirm (Partnership Act, 1932) <\/li><\/ul>\n\n\n\n<p>Before you select one of the above\nbusiness structures, take the following parameter into account.<\/p>\n\n\n\n<ul><li>Structure\nof ownership<\/li><li>Scope\nof operation <\/li><li>Scope\nof management<\/li><li>Quantum\nof Compliances <\/li><\/ul>\n\n\n\n<p>Open a Current Account in a Designated Bank<\/p>\n\n\n\n<p>Opening a current account is mandatory to\nexecute business-related transactions. Your export and import business must\nhave an existing account to perform finance-related transactions with customers\nor any concerned parties. While applying to a current account, the bank may ask\nthe applicant to submit documents depending on the type of business structure. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Secure IEC Code from DGFT<\/h3>\n\n\n\n<p>The <a href=\"https:\/\/corpbiz.io\/iec-registration\"><strong>Import Export Code <\/strong><\/a>(IEC) is granted under the Foreign Trade Policy. The Directorate General of Foreign Trade has the authority to grant this license. You can also avail Corpbiz services in case you wish to avoid the hassle of addressing messy paperwork or compliances for securing this permit.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Obtain Registration Cum Membership Certificate (RCMC) <\/h3>\n\n\n\n<p>India has various export-promoting councils that promote the export of different classes of products and services. Registration with these councils enables to export and import businesses to access various growth-driven benefits. It is also necessary to access certain benefits under FTP i.e., <strong>Foreign Trade Policy<\/strong><sup><a href=\"https:\/\/mpeda.gov.in\/?page_id=1034\"><strong>[1]<\/strong><\/a><\/sup>. RCMC acts as a bridge between Exim business and export promotion councils. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Additional Certificates to Ensure Success for Export and Import Business<\/h2>\n\n\n\n<p>Here are a few more certificates that you\nwould like to secure for ensuring the growth of your Export and Import\nBusiness. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Trademark Registration<\/h3>\n\n\n\n<p>Trademark Registration is vital in cases where chances of infringement of intellectual property become more than probable. This not only hinders the firm&#8217;s growth but also, at times, pushes the owner to face costly litigation. Thus, <a href=\"https:\/\/corpbiz.io\/trademark-registration\"><strong>trademark registration<\/strong><\/a> is more than necessary for businesses in today&#8217;s dynamic marketplace. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\">ISO 9001 <\/h3>\n\n\n\n<p>ISO 9001 is a set of policies and\nprocesses that enable businesses to strengthen their core areas, eventually\nleading to improved business performance. Implementing ISO 9001 standards is\nthe best way of identifying, probing, and improving key business areas lacking\nefficacy. ISO 9001 certification serves as an international standard for\nquality management systems.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">MSME Certificate <\/h3>\n\n\n\n<p>Having <a href=\"https:\/\/corpbiz.io\/msme-registration\"><strong>MSME Certificate<\/strong><\/a> or Udhyam Registration in place ensures that exporters access various government schemes and initiatives. Such a certificate comes in handy for small exporters that lack adequate funds and other resources to grow their business.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Conclusion<\/h2>\n\n\n\n<p>Securing the above permits and registration is compulsory to lay down the foundation of export and import business in India. Of course, there is some paperwork linked to these licenses that the applicant needs to arrange beforehand. You can also avail Corpbiz services to ease out the licensing process and document work.  <\/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\/rcmc-certificate-for-exporters\/\">RCMC Certificate for Exporters: Procedure, Documents, and Benefits<\/a><\/mark><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Commencing a new export and import business can be an intricate undertaking. Start-ups entering into the Exim domain will likely have a long list of queries, ranging from the documentation required to the legal implications they must adhere to. This article intends to guide new businesses through the process of establishing their export and import [&hellip;]<\/p>\n","protected":false},"author":22,"featured_media":40023,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[165],"tags":[2113],"acf":{"service_id":"16"},"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":5619,"readingTime":3,"_links":{"self":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/40004"}],"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=40004"}],"version-history":[{"count":15,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/40004\/revisions"}],"predecessor-version":[{"id":40020,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/40004\/revisions\/40020"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media\/40023"}],"wp:attachment":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media?parent=40004"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/categories?post=40004"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/tags?post=40004"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}