Planning to start an import/export business in India? Worried about the critical procedure and documentation required for the same for the smooth running of the business? Here is the solution. We are explaining Import Export Initial Requirements to assist you in achieving the desired heights in your business without any hassle.
Initial Documents Required for Import/Export:
1: You need to have a business establishment/entity like a private Limited Company which will help you to proceed further without any issue.
2: You need to have various registrations under different laws that are applicable to your entity like GST, Income tax, Corporate Law, etc. for which you also need to pay some government fees.
3: You should have a bank account in which you will require international banking services so that you can send or receive money abroad.
4: You need to apply for IEC i.e. Import Export Code which is a license to import/export issued by DGFT (Director General of Foreign Trade). Without an IEC, import/export is not possible in India unless specifically exempted. For applying IEC along with the application form you need to submit the following documents listed as under:
For Entity: PAN of business entity in whose name import/export would be done, Address Proof of applicant entity, Registration Number of the entity like CIN/LLPIN, Bank account details either by way of canceled cheque or by way of bank certificate.
For Proprietor/Partners/Directors/Trustee of the entity: PAN, DIN/DPIN(in case of Company/LLP)
For Signatory applicant: Identity Proof, PAN, Digital Photograph, and Digital Signature to file an application online.
This completes Import Export Initial Requirements. Real Import/Export procedures start after setting up the entity and completing the initial documentation.