Import export business registration is one the fortune business registered in India to get quick money with proper co ordination of people money and work. India is highly populated country and depends on imports for some products, High investment is inherent nature of import export business and gives good profitability in one big deal.
5 Advantages of import export business
- Great profitability
- High turnover
- Government support
- Reduced cost of purchase for local sales
- Big market
10 Point to note down for successful export business
- Get proper details about import restriction and conditions of the importer country before export
- Ensure quality of products supplied is same as samples sent
- Get required credit guarantee from appropriate authority
- Startups should give special attention to each and every thing, a small mistake or error may result in loss of entire investment.
- Reliable shipping agents and other external service provider should be opted
- Verify history and reliability of importer
- Do not export to countries with which we are having trade related tensions
- Time is critical factor, time saved is equal to business growth
- Partnership only with trusted and responsible person as it involves lots of money
- Calculate all costs such as shipping, taxes, interest costs etc.
5 Tips to improve import business
- Identify direct local market
- Compare recent cost of imported products and different options available in India before finalizing quote
- Do not try to gamble by over stocking expecting price increase
- Do not pay upfront, operate through credit guarantee schemes
- Validate track record of exporter
What is covered in import export business registration
- Basic business registration – proprietorship , partnership firm , private limited company registration
- GST Registration is mandatory
- Import export code registration
- Procure necessary digital signature
- Membership in export promotion council or autonomous body, for example export of certain agricultural products requires APEDA registration
- FSSAI central license food related products
Quality test before exporting
Each country has set of rules and regulations for imports, make sure all the tests and quality check is conducted and certified as per requirement of each country. Agricultural and perishable products needs testing before exporting to ensure right quality is exported.
Imports and exports is one of the priority sector which government takes care with utmost care to promote exports and boost exports proceeds with the launch of different export promotion councils and autonomous bodies. These councils and entities make sure to support exporter with resources and support required.
- Project Exports Promotion Council of India (PEPC)
- Basic Chemicals,Cosmetics and Dyes Export Promotion Council (Chemexcil)
- Chemicals and Allied Products Export Promotion Council (CAPEXIL)
- Council for Leather Exports
- Sports Goods Export Promotion Council
- Gem and Jewellery Export Promotion Council
- Shellac Export Promotion Council
- Cashew Export Promotion Council of India
- The Plastics Export Promotion Council
- Pharmaceutical Export Promotion Council
- Indian Oil Seeds And Produce Export Promotion Council (IOPEPC)
- Services Export Promotion Council
- Export Promotion Council for EOUs & SEZa
7 Important autonomous body
- Commodity Boards
- Coffee board
- Rubber board
- Tea board
- Tobacco board
- Spices board
2. Marine Products Export Development Authority
3. Agricultural and Processed Food Products Export Development Authority APEDA
Expert advice for import export business
- Success factor : I had came across different kinds of business in past 10 years and import export business seems to be money earning business with great potential, wide market, ample opportunities. One of the critical factor for success in import export business ability to execute required works with in planned time, good team work and support make it come true.
- Product knowledge and contacts : Start with products in which you have good knowledge about direct source, make sure you can fix price for right quality and find quality required for import or export. Close contact like friends or relatives can team up if each other is present in importing and exporting country to make documentation, negotiation, payment collection easy.
- Documentation : very extensive for import and export business, starts from storing and preserving initial correspondence untill payment is received and other payment formalities is completed. get a hand on all the required documents, pen down events with date for further use.
- Exchange rates : Get knowledge about exchange rate fluctuation and how it affects import export profitability, in a country like India exchange rates are favorable to exporters as exchange rates tend to rise.