What is Export-Import?
Import and Export are means of Foreign Trade. Foreign trade is carried out in goods and services which includes imports, exports, and the balance of foreign trade is presented separately for goods and for services. The total imports, exports, and balance of foreign trade are presented as summaries of goods and services.
One advantage of EXIM
It is one of the simplest routes of entering into global trade and import and export generate huge employment opportunities.
One limitation of EXIM
It includes extra packaging, transportation and protection, and insurance costs which build up the total cost of items.
Types of Import/Export Businesses
Export management company (EMC)
Export trading company (ETC)
Import/export merchant
How to Start Import Export Business in India Legally
a) Register Your Business as a Legal Entity like Proprietorship Firm/Partnership Firm/LLP/Company.
b) Apply for IEC (import-export code Registration) for your business.
c) Apply for VAT/TIN Registration for your business. ( Now its called GST Registration in India)
d) Hire a Custom Clearing Agent.
e) Use your own freight forwarder.