Step to Start Export Business from India
0. Decide Firm Name & Products to Export
1. Get Partnership deed & firm pan card or get an PVT LTD Co.
2. Open an current account in Bank
3. Get Digital Signature Class 2 or Class 3 for DGFT
4. Get an IEC code from government website www.dgft.gov.in for 500 INR Only with only 3 scan document (PAN Card, Cancelled Cheque, Digital Photo of Applicant)
5. Get GST Code for Free via gst.gov.in
6. Meet Custom house agent in your area and check / re-conform ECR (Export Compulsory Compliance requirement like http://www.indiantradeportal.in/ & https://www.icegate.gov.in/ ) for your product, it may be possible that your product might require few more documents, for eg. Tea requires certification of Tea board only IEC code not enough, Rice export require RCMC for agro along with IEC to get export clearance from government.
7. Get RCMC from your relevant export promotion council (For Eg Reg. in APEDA council for agro products could be done online with only 2 docs i.e. IEC code & Bank Certificate as per prescribed format of APEDA)
8. Ask CHA rates and port to port tentative rates to ship the goods
9. Create FOB, CFR & CIF rates in INR & convert it into USD based on Forex rates. You can keep 1 INR less than actual to protect yourself more.
10. Compare your rates with Exim port data available for free from www.zauba.com& www.thedollarbusiness.com (many also buy Export Import Shipment data with party name and address from http://www.infodriveindia.com/ & http://www.tradegeniusindia.com/)
11. Do port registration in Advance with your company KYC like PAN, Partnership Deed, etc with the help of Freight Forwarder
12. Update your bank account with IEC code, get additional facilities of EEFC (Exchange earners foreign currency account) to hold dollars, USD earned from the export business could also be used to import products in USD and you can save your forex conversion cost.
13. Visit ECGC (Export Credit Guarantee Corporation) Centre & update your business profile & do pre formalities before getting cover, ECGC is the government department who takes the responsibility of your payment. Kindly visit ECGC office near your area or send email on marketing@ecgc.in or visit www.ecgc.in
14. Verify the importer credibility via Indian embassy or ECGC before Exports or via https://www.dnb.com/
Import Business Step by Step
0. Decide Company Name & Products to Import.
1. Get Partnership deed & firm pan card or get an PVT LTD Co.
2. Open a current account in Bank
3. Get Digital Signature Class 2 or Class 3 for DGFT
4. Get an IEC code from government website www.dgft.gov.in for 500 INR Only with only 3 scan document (PAN Card, Cancelled Cheque, Digital Photo of Applicant)
5. Get registration under GST & meet CHA near your area to check ICCR, Import Compulsary compliance requirement, sometimes only IEC code is not enough for import we also need "Polution Control Board Certificate" to import OCC waste paper and other scrap/
6.Check Import Data from ports via www.zauba.com & www.thedollarbusiness.com see the rates of Imports for your product also anlyse that which country is best for importation for perticular product
7.Find the importer of that product, many also buy Export Import Shipment data with party name and address from http://www.infodriveindia.com/ & http://www.tradegeniusindia.com/
8. Ask them for CIF Price in USD & Ask CHA for Custom Clearence Cost till goods reched at your door or at place you want to sell or warehouse.
9. Verify the supplier's credibilities from Indian Embassy set up abroad or via https://www.dnb.com/
10. Ask for pre-shipment inspection certification from credible agencies like SGS from the supplier
11.Calculate the import duty via https://www.icegate.gov.in/
12. Select appropriate payment and shipment terms before entering into a final deal like 100% DP / DA or LC. And make sure you ask them strong documentation from the exporter if any documents remain missing don't visit bank to collect the documents.
We should ask importer to provide
Invoice, Packing List, Certificate of Origine, Insurance of ICC Cover A covering all risk, Phyto (For Food) & SGS lab report, on Board of vessel Bill of Lading, etc.