How to start your Import Export business with dgft IE Code Registration Online India
Globalization in India has paved way for minimization of cost of production to a maximum level and has also paved for maximization of profits to the maximum level possible. In today’s business wherein every business organization dreams of reducing its cost of production by utilizing the utmost suitable sources of production from across the world, they also dream of maximum profits by exporting their products to various countries of the world. The business entities do not wish to remain a mere domestic or international business organization, but in fact, wish to be a global business organization. In light of the same, every organization in India begins their business to grow to a global level.
But the question remains as to how to start import and export business with the dgft IE Code Registration Online Indiai.e. Importer Exporter Code Registration in India?
- Obtain IEC – Assuming that the business is completely set up in India, any person or any business organization who wishes to import into sources of production or export their products to other countries may file an application for IEC. Upon the successfully submitting few documents like PAN card, bankers certificate, cancelled cheque and others, the processing of the application will take place in 2 days. On accurate application filing, the IEC which is a 10 digit unique number will be issued by the Director General of Foreign Trade (DGFT). The issuance of the dgft IE Code Registration Online India is a license to import and/or export goods and services from any port within India.
- Exploring International Markets – Every country is rich with its unique resources. It is very imported to explore the international markets for both imports of sources of productions which may include the best technology, labour, etc at the most reasonable price and may also include the best market where the demand for the product manufactured by the organization can be created easily. On the availability of such opportunities it is necessary to exploit them.
- Selecting the best course – When the international markets are exploited may alternative opportunities seem to be arising one after the other. It is up to the individual or the organization holding the IEC to select the best course after due consideration of all the alternatives. The selected course which could be a potential market or cheap labour or cheap raw materials, etc it is necessary to consider only those alternatives which would reduce the cost of production and increase the profits.
- Import or Export – Based on the research, import or export of goods and services should be carried out. The import export code application online India should reflect either in the Bills of Payment or in the Shipping Bills so that this information can be used for calculating the total imports and exports, this will also be useful in tax calculations and also in deciding the subsidy policies for various IEC holders.
Law firms like Company Vakil , take the utmost care in getting the IEC number issued. With the assistance of such an expert firm, the organization can mainly focus on exploiting the opportunities and can leave the rest of the legal procedures to be followed in obtaining the import export code application online India in the hands of Company Vakil.