Step By Step Process to start Exports Business

What are the documents required to start an export business? Starting from Company registration to getting the right bank account, Import Export License, Registering with the export promotion bodies, we have covered it all.
Interested in Exports Business? Let’s learn the step-by-step process to get you ready as an exporter, officially.

But get your expectations right because we are not going to discuss finding the customers, product selection, pricing etc. in this article.

The purpose here is to get you ready with the documents and registration process to begin exporting.

Step 1: Company registration

The company you register can be a Proprietorship/ Partnership/ LLP/ Private Ltd. / Public Ltd/ HUF/ OPC.

Tax structure and Liabilities are different with each type of company. Also, the choice depends on a lot of personal factors like no. of owners, partners, initial investment etc. The attraction of investors also changes with the type of company. So, make an informed choice after talking to a consultant and register your company accordingly.

Step 2: Current A/c in Bank

Open your current account with a bank permitted to deal in foreign exchange.
Have the name of your entity printed on your cheque book. You’ll need it to get IEC (Import Export Code) otherwise you’ll need to take a certificate from the bank later.

Step 3: Apply for IEC

You can apply for IEC online on DGFT’s website,
Applying for IEC is easy. You require only the address proof of your entity & a cancelled cheque to get it. The Fees for application is Rs 500/-. Your IEC is generated almost instantly and can be downloaded from the dashboard of the your account on DGFT’s website.

Step 4: Apply for RCMC (Registration Cum Membership Certificate)

Depending on the product you want to work with, you have to register with the Development Body/ Board/ Export Promotion Council promoting it.

They offer you a lot of help you’d require while exporting the product.

You can avail of all the benefits and concessions given under Foreign Trade Policy only when you have an RCMC. They also help you participate in various international trade fairs .
You can apply for the RCMC online through the website of the Board/ Development Body/ Council that your product fall under.

Validity: 5 years.

Form to be filled: ANF 2C

You application is verified and is approved, if valid. RCMC become available for download online from your board’s/ council’s website.

It is important to furnish quarterly returns of your exports to registration authority.
And, it is very important to stick to their Terms and Conditions because the penalty is deregistration, which you definitely don’t want.