Date : 2 July 2018
How to start an Export-Import Business? This question comes into the mind of many people, who see the success and big buildings of Export-Import Trading-houses present in Indian cities of Mumbai, Delhi, Chennai, Kolkata etc.
First of all, it’s not about the process of start which is complex, but the fear and associated uncertainties, which one needs to overcome to start the Export-Import business.
Secondly, one must devote sufficient time and efforts to start any Export-Import business, as there will be more people in market to misguide you than people who will guide you in the right manner.
Finally, International Trading is all about relationship, if someone is looking to build brand and grow manifold in coming years. Without relationship & associated trust, it’s very hard to crack good business deals in any part of the world. To build any relationship, we must spend good amount of time to understand partners (suppliers/buyers), their culture, their trading practices and associated business negotiations, which is an art in itself and comes with exposure and time only.
Where to start ? First of all, you need to find out the commodity or trading item, which you can source in good quantity and quality at a very competitive rate and there should be demand of same in different markets across world. Once you are clear on the commodity, you should move ahead and start the process of “IDENTITY CREATION”. Just the way we do for new born baby :-)
Identity creation process: Organizations across the world are known by their name and the brands which they own. Similarly, you need to create Name (proprietorship, partnership, LLP, Pvt. etc.) and associated Brand (if you want to keep brand and name separate) to establish yourself in market and create exclusivity from others.
Name registration process with MCA (Ministry of Corporate Affairs) is very simple nowadays and same can be completed within 7-10 workings days maximum, if documents are correct and there is no other company similar to your name. Here, we can help you in registration process and associated documentation to avoid any delays, which is a very normal with brokers and agents, as there is nothing like customer loyalty for them.
Once organization name has been approved and Id’s are issued (like COI, PAN, TAN, GST etc.), you can move ahead with branding process of your company, which is a must in today’s International Trading. Below are the areas which you need to consider towards creation of right brand.
Once you create your online presence, you need to start searching for buyers of your commodities, who are available on different online platforms. Apart from searching buyers online, you can start participating in different national and international trade conferences & exhibitions related to your commodity, which will help you to expedite the entire process. Here, you will be in better position to judge the genuineness and interest of buyers in your commodity, as you will meet them personally.
Once you are able to crack the deal with any buyer of your commodity, you need to start the process of Export and associated registrations with appropriate customs authority, which takes 2-3 days maximum. You can start this process in parallel with Identity creation process, as there might be some additional approvals towards the export of your particular commodity.
To Export/Import any commodity you need documentation as under.
Apart from above, there are many other things which you need to take care to create successful Export-Import business empire. Not all things you will understand from first day itself, as same takes time and effort of years. But, with right guidance and team, you will sail through rough waters with minimum risk.
Want to know more about Export-Import business ? Please feel free to contact us anytime and we will be glad to help in every possible manner.
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