Export Import FAQs

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Q1 : What is an Export Business ?
Ans : Export is  a lucrative business but also involves hard work and natural business instincts to run it successfully.

Q2 : How Many kinds of An Export firm ?
Ans : There are primarily 3 kinds of export companies that form the core of this activity.

  • Export Management Organization: from manufacture to final sale are handled by these exporters
  • Export Trading Corporation: these people generally focus of big markets and getting orders and then sourcing manufacturers and suppliers to execute the orders
  • Export Merchants: companies dealing in this premise generally source the supplies and repack and recondition them and export to various destinations across the globe.

Q3 : How to get Import Export Code – IEC Code in India ?
Ans : Obtaining IEC from Director General of Foreign Trade (DGFT) is mandatory for companies and organizations aspiring to enter into export and import. You will be allotted a Business Identification Number – BIN, which is based on PAN issued by IT authorities.

Q4 : What is Registering Cum Membership Certificate (RCMC) ?
Ans : t is advisable for you to get membership of applicable export promotion council – EPC having jurisdiction over the commodity you are dealing in.

Q5 : What is Foreign Trade Law ?
Ans : Indian foreign trade legislation is primarily controlled by Foreign Trade (Development and Regulation) Act 1992. Through this policy tool government of India strives to permit imports into Indian shores and similarly encourage exports from Indian Shores.

Q6 : What are the tips for New Buyer Identification ?
Ans : Collection of statistics serves primarily one objective i.e. generating enquiries. Different sources bring in diverse inputs about markets located in diverse geographical locations.

Q7 : How to Negotiate Foreign Buyers ?
Ans : As an exporter you must relentlessly pursue and explore new markets and locate and new buyers. After the initial penetration of targeted market has been achieved and enquiries start to flow in you must single out serious dealers.