How to Start Exports from India
Summary
TLDRNicole, from a coconut-rich region in India, is guided on starting an export business to meet Middle Eastern demand for coconut products. The video outlines the steps: choosing a business entity, obtaining an Import-Export Code (IEC) from the Directorate General of Foreign Trade, registering with the Coconut Development Board, and understanding inspection certificates under the Export Quality Control and Inspection Act, 1963. It teases further insights into international trade specifics and government support for exporters.
Takeaways
- ๐ด **Coconut Business Potential**: Nicole's region has abundant coconut plantations, indicating a potential source for her export business.
- ๐ **Market Demand**: There is a suggested demand for coconut products in the Middle East, which could be a promising market for Nicole's business.
- ๐ข **Business Entity Selection**: Nicole needs to choose between various business entities like proprietorship, partnership, etc., to set up her export business.
- ๐ **Merchant or Manufacturer**: She must decide if she will be a merchant exporter or a manufacturer exporter, which affects the registration process.
- ๐ **IEC Requirement**: Nicole must obtain an Import-Export Code (IEC) from the Directorate General of Foreign Trade for legal export operations.
- ๐ป **Online Application**: The IEC application can be done online, with a fee of 500 rupees, emphasizing the digital accessibility of the process.
- ๐ซ **IEC Limitation**: Nicole should be aware that only one IEC can be issued against one PAN, and applying for more is against government rules.
- ๐ **Lifetime IEC**: The IEC is valid for a lifetime and does not require renewal, providing long-term validity for her business operations.
- ๐ **Registration with EPC**: Nicole must register with an Export Promotion Council (EPC) or a commodity board relevant to her coconut products.
- ๐ **Inspection Certificates**: She needs to identify the necessary inspection certificates for exporting her products, ensuring quality and compliance.
- ๐ **Further Technicalities**: There are additional considerations in international trade such as payment methods, shipping, and documentation that Nicole will need to learn.
Q & A
What is the first step Nicole should take to start her export business?
-The first step is for Nicole to choose the nature of her business entity, which can be a proprietorship, partnership, limited liability partnership, limited company, one-person company, trusts, registered society, or HUF.
What are the different types of business entities Nicole can choose from for her export business?
-Nicole can choose from proprietorship, partnership, limited liability partnership, limited company, one-person company, trusts, registered society, or HUF.
Why does Nicole need to decide whether to be a merchant exporter or a manufacturer exporter?
-This decision is important as it affects the registration process and the type of business operations Nicole will engage in, which in turn influences the legal and regulatory requirements she must comply with.
What is an Import-Export Code (IEC) and why does Nicole need it?
-An Import-Export Code (IEC) is a unique identification number issued by the Directorate General of Foreign Trade (DGFT), required for any person making imports or exports. Nicole needs it as per the Foreign Trade (Development and Regulation) Act of the Government of India.
How can Nicole apply for an IEC?
-Nicole can apply for an IEC online through the DGFT's website, and she needs to pay a fee of 500 rupees for the application.
What are the consequences if Nicole applies for more than one IEC against one PAN?
-Applying for more than one IEC against one PAN is a violation of government rules and could lead to legal consequences.
Why is it mentioned that an IEC is for a lifetime and no renewal is required?
-This is to inform Nicole that once she obtains an IEC, it does not expire and she does not need to go through the renewal process, making it a one-time requirement for her export business.
Why should Nicole register with an Export Promotion Council (EPC) or a commodity board?
-Registration with an EPC or commodity board is necessary for Nicole to get support and guidance in her export activities, and to ensure compliance with industry-specific regulations and standards.
Which EPC should Nicole register with for exporting coconut products?
-Nicole should register with the Coconut Development Board, which is the EPC for all coconut products, excluding those made from coconut husk and fiber.
What is the role of the Export Inspection Council of India in Nicole's export business?
-The Export Inspection Council of India helps in identifying the inspection certificates required for exporting products, ensuring that Nicole's coconut products meet the necessary quality control and inspection standards.
What additional aspects of international trade will be covered in the next set of videos for Nicole?
-The next set of videos will cover technical specifications related to payment methods, shipping, documentation, and other aspects of international trade to help Nicole navigate the global market effectively.
Outlines
๐ด Starting an Export Business in India: Coconut Products
Nicole, from a coconut plantation-rich region in India, is considering starting an export business after a friend in the Middle East suggests a potential demand for coconut products. Nicole will need to establish a business entity, choose between various types such as proprietorship, partnership, or a limited company, and decide if she will be a merchant or manufacturer exporter. She will then have to register her business and obtain an Import-Export Code (IEC) from the Directorate General of Foreign Trade, which is mandatory for any import or export activities in India. Nicole's business, 'Fresh Coconut Products,' will also require registration with the Coconut Development Board, which is the Export Promotion Council (EPC) for coconut products, and possibly with the Coir Board for products made from coconut husk and fiber. Additionally, Nicole must identify the necessary inspection certificates for her products under the Export Quality Control and Inspection Act, 1963, to ensure quality control and inspection standards are met for exporting.
Mindmap
Keywords
๐กExport Business
๐กCoconut Plantations
๐กMiddle East
๐กMerchant Exporter
๐กManufacturer Exporter
๐กImport-Export Code (IEC)
๐กDirectorate General of Foreign Trade (DGFT)
๐กExport Promotion Council (EPC)
๐กCommodity Board
๐กInspection Certificates
๐กExport Inspection Council of India
Highlights
Nicole is considering starting an export business in India, leveraging the local coconut plantations.
A friend in the Middle East suggests there might be demand for coconut products.
Nicole's friend offers to help secure orders, but Nicole needs to set up a trade business first.
Nicole must choose a business entity type such as proprietorship, partnership, etc.
Different registration requirements exist for various business entities.
Nicole opts for a proprietorship named 'Fresh Coconut Products'.
An Import-Export Code (IEC) is mandatory for any import or export activities in India.
IEC can be obtained by applying to the Directorate General of Foreign Trade online.
IEC is issued against one PAN, and applying for more than one is against government rules.
IEC is valid for a lifetime and does not require renewal.
Nicole needs to register with an Export Promotion Council (EPC) or a commodity board.
For coconut products, Nicole should register with the Coconut Development Board.
Inspection certificates are required for exporting products, as per the Export Quality Control and Inspection Act, 1963.
The Export Inspection Council of India assists in identifying required inspection certificates.
Nicole's groundwork is prepared for starting her export business.
Further videos will cover technical specifications, payment methods, shipping, and documentation.
Government of India provides benefits to help exporters like Nicole stay competitive globally.
Transcripts
how to start an export business in India
meet Nicole she lives in a region where
there are a lot of coconut plantations a
friend of hers living in the Middle East
suggests that there might be a demand
for coconut products there the friend
would help in getting the orders but
before that she would have to set up a
trade business so that she can execute
the export orders we will explain to
niku how to set up an export business
step by step step one first
niku must choose the nature of her
business entity either proprietorship
partnership limited liability
partnership limited company one-person
company trusts registered Society HUF
she would also have to decide whether
she wants to be a merchant exporter or a
manufacturer exporter thereafter the
required registration would have to be
done to learn about each of these
business entities and what the
registrations are required click here
step 2 after step 1
niku has set up a proprietorship called
fresh coconut products next she must get
an import-export code
she needs an IEC because as per the FTD
R act of Government of India
no person shall make any import or
export except under an importer exporter
code to get her IEC niku needs to apply
to the directorate general of foreign
trade which is an attached office under
the ministry of commerce the application
may be made online on HTTP colon double
slash triple w dot d GF t dot govt dot
i n4a fees of 500 rupees here Nikko
should keep in mind a few things first
only one ie see the issued against one
pan applying for more than one I II see
is a violation of the government rules
also Nikko should remember that an IEC
is for a lifetime and no renewal is
required for an IEC step 3 next Nikko
would have to register with an Export
Promotion Council EPC or a commodity
board the list of Export Promotion
councils is found in the appendices to
the foreign trade policy which is
available on the DG of the website under
acts and rules since nick who wants to
export coconut products she would have
to register with coconut Development
Board which is the EPC for all coconut
products other than those made from
coconut husk and fiber for exporting
husk and fiber products she would also
have to register with the coiler board
for some products one might have to
register with more than one Export
Promotion Council step 4
next niku needs to identify the
inspection certificates required for
exporting her coconut products the
export quality control and inspection
Act 1963 provide for the sound
development of the export trade of India
through quality control and inspection
the export inspection Council of India
would help in identifying the inspection
certificates required for the given
product now Niko has the groundwork
prepared for starting her export
business however this does not end here
in international trade there are many
other technical specifications related
to payment methods shipping and
documentation at
cetera but niku does not have to worry
deej EFT shall explain them as well in
the next set of videos not only that we
will also discuss the benefits that the
government of India provides to help
exporters like niku stay competitive in
the big world of global trade
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