When starting a business in India, in addition to arranging the necessary funds, the entrepreneur must comply with various other requirements, including obtaining licenses, permissions, and other elements that enable them to operate within the country.
For an entrepreneur looking to start an export and import business, they should obtain an export-import license from the Government of the country. And with an approved license, a unique 10-digit IEC or Import-Export Code, which is issued by the DGFT or the Directorate General of Foreign Trade, which is a part of the Ministry of Commerce and Industry.
To obtain an Import Export License, the user must select the product to be exported, as the IEC will be issued based on the category of the exported product.
And then, a name for the company should be decided, and this should end with the word ‘Exports’. The company should also be registered under the relevant statute, after which an online application for the IEC can be made on the payment of a prescribed amount of fees. After completing this, the entrepreneur should also register the company with the EDC, which is typically the nearest airport or seaport. The entity should also prepare the relevant documents to complete the registration and obtain the license to enable export.
The details are provided correctly, and all documents are furnished as required. It would only take from a minimum of 3 days to a maximum of 1 week to obtain or issue the license enabling the entity to export. This shall be issued by the DGFT, allowing the entity to conduct seamless exporting. Some of the top-performing export industries in India include machinery and computers, gems and precious metals, organic chemicals, cotton, iron and steel, and the clothing and accessories sector.
