Successful Steps for establishing and growing Import-Export Business

import-export

Export is selling goods and services outside the border of the country, Import is purchasing the goods and services from outside the country. Import-Export business plays a vital role in the country’s growth, Importing-Exporting is also called as International trade and it has a great impact on the economic growth of any country. Growing the business is as challenging as establishing the one. In this post, we are going to discuss the following steps which have great importance to growing the import-export businesses –

To Establishing the business

Make sure having all the required documents ready in hand:-

PAN Card plays the important role to register the business, other documents such as identity and address proofs should be valid of the proprietor in case of proprietor company or partners in case of LLP/PVT LTD company. Make sure to open a current account to transact with vendors and customers.

Get the IEC from DGFT:-

Import-Export Code is required to start the import-export business, to get the IEC Online Application shall be filed on the DGFT website by providing the PAN card, Adhar card, Current account cancel cheque, etc.

Choose the Right products and right Market:-

Selecting the right products for export is the key to the export business plan, need to do the markets research, need to check the export trends and many more. Make sure the products which are manufactured in the company should have the demand in any market where the products can be exported.

Finding buyers for the exports

Finding the buyers in the International market is as important as registering the company for the export-import business. There are many ways to collect the data of sellers and buyers.

Growing Import-Export Business:-

Setting up the website and developing blog

The website allows the presence of the company online and growing it beyond the imagination, It gives the opportunity of networked import-export business. It helps to keep the leads on our page. Websites help us in direct selling of goods by cutting out the middle man.

Register with export promotion councils

Export Promotion Councils (EPCs) are the Government Authorities which promote the export, these are registered as non-profit organizations under the companies Act. EPCs are performing advisory and executive functions encourage export industry to meet international trade.

Export Promotion Councils role:-

Providing the information to the exporters to increase the exports,

Aware the exporters about the Government Schemes like MEIS Scheme under which goods exporters can claim the benefits of 2% to 5% on the FOB value of exports in the form of the license which can is transferable. Organize trade fairs, Seminars, exhibitions, meets between buyers and sellers to promote exports.

Avail the Government Incentives:-

Government Provide the incentives on the goods and service exports under the MEIS Scheme and SEIS Scheme respectively to offset infrastructure inefficiency and associated cost involved in the export process.

Recently the government approved the RoDTEP Scheme which is as per the WTO guidelines and replaced existing MEIS Scheme and will be implemented in a phased manner.