How to set up Business in Export of Automobile Parts from India
Undeniably, a unique Import Export Code is a key to access the global market where you can truly find a plethora of lucrative opportunities in the name of your business.
As we all know, the export promotion has been the key drive of the Indian government ever since independence. In the recent years, the trade & commerce authorities have undertaken numerous initiatives and schemes in order to shore up the exports from India. All exim trade corporations across India can easily access those schemes with a unique Import Export Code registration.
1. HOW ABOUT EXPORTING AUTOMOBILE EQUIPMENT?
No doubt, it can be truly a great idea to begin your venture in exporting of genuine Automobile spare parts. As a matter of fact, Automobile equipment ranks 8th in the list of top 10 largest exports from India, with the total value of exports amounting to $4.4 billion (₹318.5 billion). If you can really excel in the export of Automobile spare parts & accessories, it can be an opportunity for life.
#2. HOW TO BEGIN EXPORT-BUSINESS IN AUTOMOBILE EQUIPMENT?
Given below are the steps to begin export trade in automotive spare parts:
- Incorporation: To start a venture in the export of automobile parts, you first need to establish your entity as a sole proprietary firm, partnership firm or through a company formation. Evidently, you must select a catchy name for your venture.
- Opening bank account: Next is to open a bank account in your business name with a bank authorised to deal in forex.
- PAN registration: Every exporter needs to obtain a PAN card in the business name. For this, you need to go for PAN registration.
- GST registration: obviously, an exporter is required to have a valid tax registration. And for that, you definitely need a GST registration.
- IEC registration: Here comes the most integral part, i.e. the IEC registration process. Undeniably, an Import Export Code is the key to launch your product in the global market.
