Steps to Start Export – Import Firm
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Following are the steps to start export – import business in a systematic way
- Name Of Company ,
Name should be simple and not long than 6-8 characters.
- ABC Exports, ABC International, ABC Traders, ABC Enterprises
- If sector specific, it can be ABC Pharma, ABC Agro etc.
- Type of Business Entity
- Sole Proprietorship
- No formal registration except with any Govt. bodies/TIN/VAT
- Partnership
- Registration in Local Firm registration offices by self/agent
- Private Limited Company
- CA can help us even the following registrations as it many compliances like Director Identification(DIN), Digital Certification etc.
- Limited Liability Partnership(LLP)
- One Person Company (OPC)
- Public Limited Company
- Charitable Organization
Nature of business like Manufacturing, Trading or Service provider, Manufacturer – cum Merchant Export is also be decided.
- PAN No.
It is necessary for every exporter and importer to obtain a PAN from the Income Tax Department. If Sole Proprietorship, self PAN will be sufficient For rest of the registrations, PAN should be in the name of the company
- Bank Account
A current account with a Bank authorised to deal in Foreign Exchange should be opened. It can be Nationalised or Private Banks of International Banks
- Obtaining Importer-Exporter Code (IEC) Number
IEC mandatory for undertaking export/import business activities It will be issued by the Regional authority of Director General of Foreign Trade (DGFT). Now the facility for IEC in electronic form or e-IEC has also been operationalised.
- Application for IEC/e-IEC: Application for obtaining IEC can be fild manually and submitting the form in the office of Regional Authority (RA) of DGFT. Alternatively, an application for e-IEC may be filed online in ANF 2A, in accordance with Para 2.08 of Handbook of Procedure on payment of application fee of Rs. 500/-, to be paid online through net banking or credit/debit card (to be operationalised shortly). Documents/details required to be uploaded/submitted along with the application from are listed in the Application Form (ANF 2A).
- When an e-IEC is approved by the competent authority applicant is informed through e-mail that a computer generated e-IEC is available on the DGFT website. By clicking on “Application Status” after having filled and submitted the requisite details in “Online IEC Application” webpage, applicant can view and print his e-IEC.
- Briefly, following are the requisite details/documents (scanned copies) to be submitted/up loaded along with the application for IEC:
(i) Details of the entity seeking the IEC:
- PAN of the business entity in whose name Import/Export would be done (Applicant individual in case of Proprietorship firms).
- Address Proof of the applicant entity.
- LLPIN/CIN/Registration Certification Number (whichever is applicable).
- Bank account details of the entity. Cancelled Cheque bearing entity’s preprinted name or Bank certificate in prescribed format ANF2A(I).
- Details of the Proprietor/Partners/Directors/Secretary or Chief Executive of the Society/ Managing Trustee of the entity.
- PAN (for all categories), (2) DIN/DPIN (in case of Company/LLP firm)
- Details of the signatory applicant:
- Identity proof, (2) PAN, (3) Digital photograph
- In case the applicant has digital signature, the application can also be submitted online and no physical application or document is required. In case the applicant does not possess digital signature, a print out of the application filed online duly signed by the applicant has to be submitted to the concerned jurisdictional RA, in person or by post.
- Detailed guidelines for applying for e-IEC are available at :
http://dgft.gov.in/exim/2000/%20iec_anf/iecanf.htm
(II) No Export/Import without IEC:
- No export or import shall be made by any person without obtaining an IEC number unless specifically exempted.
- Exempt categories and corresponding permanent IEC numbers are given in Para 2.07 of Handbook of Procedures.
(III) Only one IEC against one Permanent Account Number (PAN), Only one IEC is permitted against on Permanent Account Number (PAN).
If any PAN card holder has more than one IEC, the extra IECs shall be disabled.
- Registration Cum Membership Certificate (RCMC)
For availing authorization to import/export or any other benefit or concession under FTP 2015-20, as also to avail the services/guidance, exporters are required to obtain RCMC granted by the concerned Export Promotion Councils/FIEO/Commodity Boards/Authorities.
At Present, we have 28 different Export Promotion Councils, 6 Commodity Boards, and 3 Development Authories. PI refer list of the Export Promotion Councils. As per the product, ex porter has to register with concerned product council and more than one product, they can register for multi products with FIEO (Federation of Indian Export Organisations). If Agriculture products are among multi Products, they have to invariably register with APEDA (Agriculture and Processed Food Products Development Authority to get necessary certifications for the export of agri products.
- TIN (Tax Identification Number)
Goods exported out of the country are eligible for examption from both Value Added Tax and Central Sales Tax. So, to get the benefit of tax exemption it is important for an exporter to get registered with the Tax Authorities
TIN number registration is required for Manufacturers, Traders, Exporters and Dealers. It has to be applied to concerned State Commercial Tax Department.
When new registration is undertaken under VAT or Central Sales Tax a new TIN will be allotted under registration number. The TIN number should appear on all Quotations/Orders/Invoices by both Sending Company and Receiving Company
The Tax Payer’s Identification Number (TIN) is a unique registration number that is used for identification of dealers registered under VAT. CA can help us to get the TIN and regular returns has to filed.
- Website / Email
The main reason that it is important for businesses to have a website is how people are likely to find you. These days most people will go online and research products and companies before they make a purchase, if you don’t have a website you are missing out on all of this potential business. Even if people don’t buy your product online they are still likely to research it online so you have to have a website so these people can learn about your business. A website is also important because it helps you establish credibility as a business.
A website will not only give you credibility but it will also help to give the impression that your company is bigger and more successful than it may actually be. One of the great things about the internet is that the size of your company does not really matter. There is no reason that you can’t get your site to rank in Google ahead of a large multinational competitor and funnel off some of their traffic. This is a big part of the reason that a website is even more important for a small business than a big one, it tends to level the playing field.
Website can be built for very little money and if you are on a tight budget you can even get free websites. Remember you don’t need a giant ten thousand page website for your business. just a simple site that tells people about your company and your products will be more than enough.
Any business that does not have a website is missing out on one of the most powerful marketing tools available to them.
Select a right domain name as per your company title and get a good web designer to prepare the site in international standard as you are going to expose the site internationally.
Promote your website on various platforms and listings with leading trade portals. Effective and economic Marketing promotion can be done with Google Adwords to reach the target clients.
Always use the official mail ids for communication with the clients and also to register with various websites. Don’t use the public domains mail ids like gmail.com, hotmail.com or any other public domain ids.
