Formalities of Registration and Export Documentation

1. Establishing an Organisation.
2. Opening a Bank Account.
3. Obtaining Permanent Account Number (PAN)
4. Obtaining Importer-Exporter Code (IEC) Number.
5. Registration cum membership certificate (RCMC)
6. Selection of product.
7. Selection of Markets.
8. Finding Buyers.

What is the procedure of import?

Prior to importing from India, every business must first obtain an Import Export Code (IEC) number from the regional joint DGFT. The IEC is a pan-based registration of traders with lifetime validity and is required for clearing customs, sending shipments, as well as for sending or receiving money in foreign currency.

How imports and exports are done?

Exporting is the sale of products and services in foreign countries that are sourced or made in the home country. Importing refers to buying goods and services from foreign sources and bringing them back into the home country.

What are the import documents?

List of Documents required for Imports Customs Clearance

• Bill of Entry.
• Commercial Invoice.
• Bill of Lading or Airway Bill.
• Import License.
• Certificate of Insurance.
• Letter of Credit or LC.
• Technical Write-up or Literature (Only required for specific goods)
• Industrial License (for specific goods)

What are the steps in the export process?

This article throws light upon the sixteen major export-import procedures. The procedures are: 1. Compliance with Legal Framework 2. Concluding an Export Deal 3. Arranging Export Finance 4. Procuring or Manufacturing of Goods 5. Pre-shipment Inspection 6. Central Excise Clearance on Goods for Exports 7.

Why is import procedure important in international trade?

Export, import procedure serve as important guide to international trade operations and contains a sample of virtually every relevant document used in foreign trade (Johnson, 2010).

What is the import export procedure in India?

In India, there are certain criteria to perform the Export and Import Procedure in a well managed and easier way. Now, when a company is registered to perform the import and export activities, it has to submit the documents, namely, commercial and regulatory documents.

How does a business export goods and services?

Business exports its goods and services to other nations by adhering to basic principles and law and thus this is very important in the study of export and import fields. In general, an export procedure initiates with the willingness to send the goods and services to other foreign nations at some price, these procedures of export are stated below: