What is an Import-Export Code (IEC) and do I need one?
An IEC is a 10-digit code required for all import or export activities in India, issued by the DGFT. It is mandatory for commercial transactions but not for personal use imports or exports under specific exemptions like goods from Nepal or Myanmar below Rs.25,000 value.
How do I start an import-export business?
Register your business, obtain an IEC and GST number, select a product niche with global demand, and open a current bank account. Identify buyers via B2B platforms and suppliers through trade directories, then partner with freight forwarders for logistics.
How can I find buyers and suppliers?
Use B2B marketplaces like Alibaba, IndiaMART, and Global Sources to connect with verified partners. Attend trade fairs, join export promotion councils, and leverage LinkedIn for outreach to importers.
What documents are needed for exports?
Key documents include commercial invoice, packing list, bill of lading/airway bill, certificate of origin, and insurance policy. Ensure contracts are in convertible currency and comply with buyer-specific requirements like samples.
Are separate codes needed for import and export?
No, a single IEC covers both import and export activities for the same entity. Multiple firms require separate IECs, but one per business suffices regardless of product lines.
What about GST and payments for exports?
Exports are zero-rated under GST, allowing refunds on input taxes. Realize payments in freely convertible currency through authorized banks, and explore incentives via export promotion schemes.