To start an import export business in India , One has to decide form/status of business and register the same with respective Government Department under which it comes.

Business Organisation mainly have option to get it register either as Individuals as now many freelancers working in their own Individual capacities , Proprietorship , Partnership, Limited Liability Partnership (LLP), Private Limited /Public Ltd Companies.

If  already running business, find whether you are eligible for  doing import-export business as per respective form of organisation. Registration and legal formalities differs according to nature of business i.e. Manufacturer, Merchant Trader, Service Provider etc. For example If you are running Food business first check whether it has all valid legal registrations with various departments like FSSAI, APEDA, FDA , ISO (FSMS) , Trademark if you are selling in your Brand Name, RCMC, Barcode Registration, MSME Registration etc 

For having Import Export License/Code in India one of the most important document is PAN (Permanent Account Number). As per  Foreign Trade Law provisions Import Export License issued on the basis of PAN issued to Organisation by Income Tax Department .

Only one IEC would be issued against a single PAN number. Multiple IECs against a single PAN stands deactivated suo-motu after 31.03.2015.

For doing Import Export business one has to open Bank Account i.e. Current Account for doing Foreign Currency Transactions also same  is regulated by various laws like FEMA, RBI time to time issues Notifications for the same. It is advisable to get  Current Account opened with Bank Branch permitted to do Foreign Currency Transactions otherwise one may face issues in compliances. Also you will get professional information from us related to compliances required to be done as per prevailing laws to avoid penal/criminal action.

Caution/ De-caution listing of exporters, 

(i) The exporters would be caution listed if any shipping bill against them remains open i.e unrealised for more than two years in Export Data Processing Management System (EDPMS) of RBI provided no extension is granted by AD Category – I bank / RBI. Date of shipment will be considered for reckoning the realization period.

 (ii) Once related bills are realized and closed or extension for realization is granted, the exporter will automatically be de-caution listed.

 (iii) The exporters can also be caution listed even before the expiry of two years period based on the recommendation of AD banks. The recommendation may be based on cases where exporter has come to adverse notice of the Enforcement Directorate(ED) / Central Bureau of Investigation (CBI) / Directorate of Revenue Intelligence (DRI) / any such other law enforcement agency or the case where exporter is not traceable or not making any serious efforts for realization of export proceeds. In such cases, AD may forward its findings to the concerned regional office of RBI recommending inclusion of the name of the exporter in the caution list.

 (iv) Reserve Bank will caution / de-caution the exporters in such cases based on the recommendation of AD Category – I banks.

STEPS TO APPLY IE CODE IN INDIA

IE Code in India required for exporting or importing goods. It is a 10 digit code which is issued by the Directorate General of Foreign Trade (DGFT), Ministry of Commerce and Industries, Government of India. It is an essential requirement for a businessman in India who is into a business of import and export. IEC Stands for Import Export Code. No export or import shall be made by any person without an Import Export Code (IEC CODE).

IEC Code is unique 10 digit code issued by DGFT – Director General of Foreign Trade , Ministry of Commerce, Government of India to Indian Companies and business organisations.

Full Form of IEC Code is : “Importer Exporter Code ”. To import or export in India, IEC Code is mandatory. No person or entity shall make any Import or Export without IEC Code Number.

Eligibility condition and Legal Provisions are given for IEC Code Number Application in Foreign Trade (Regulation) Rules, 1993 Ministry of Commerce.

One has to do market research of his products/services that the organisation has planned for getting the better idea and potential of the products or services . Just like demand for the Product, Trade Barriers, Regulations, Profitability, Political Environment, Government Policies, relation with the other countries etc. On that basis one can plan accordingly about the market of his product/services.

Getting Export Council Registration from Council regulated by Ministry of Commerce 

Registration Cum Membership Certificate (RCMC) is issued by Export Promotion Councils/Commodity board/Development authority or other competent authority as prescribed in FTP (Foreign Trade Policy)

This certificate is issued as a proof that any particular exporter is registered with the council.

Any firm applying for an Authorisation to import/export or avail any other benefits / concession under FTP is required to furnish valid RCMC.

(a) While applying for RCMC, an exporter has to declare his main line of business in the application. The exporter is required to obtain RCMC from the Council which is concerned with the product of his main line of business. 

(b) In case an export product is not covered by any Export Promotion Council/Commodity Board etc., RCMC in respect thereof is to be obtained from FIEO. Further, in case of multi product exporters, not registered with any EPC, where main line of business is yet to be settled, the exporter has an option to obtain RCMC from Federation of Indian Exporters Organization . 

(c) In respect of multi product exporters having their head office/ registered office in the North Eastern States, RCMC may be obtained from Shellac & Forest Products Export Promotion Council (except for the products looked after by APEDA, Spices Board and Tea Board). 

(d) In respect of exporters of handicrafts and handloom products from the State of Jammu & Kashmir, Director, Handicrafts, Government of Jammu & Kashmir is authorised to issue Registration Cum Membership Certificate (RCMC).

For Applying Import Export Code and Starting Import Export business in India numerous papers and details are required which calls for some Professional legal advice for Import and Export documentation, process and timely guidance. For this following legal advice provided related to IEC Online:-

• Preparation and filing of application with the concerned office of DGFT.

• Providing assistance and obtaining IEC on behalf of importer and exporter.

• Providing consultancy services with respect to applicability of various Custom laws, GST and other  Tax Levies to importers and exporters .

FOR LEGAL DOCUMENTATION & CONSULTATION

CONTACT @ 08696019471

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