What is import Export

Importing and Exporting are means of Foreign Trade. Foreign trade is carried out in goods and services which includes imports, exports, and the balance of foreign trade – is presented separately for goods and for services. The total imports, exports, and balance of foreign trade are presented as summaries of goods and services.

Exporting refers to the selling of goods and services from the home country to a foreign nation. Whereas, importing refers to the purchase of foreign products and bringing them into one’s home country. Further, it is divided in two ways, which are,

  • Direct
  • Indirect

Document for Import Export Registration

  • Individual’s or Firm’s or Company’s copy of PAN Card.
  • Voter id or Aadhar card or passport copy.
  • Individual’s or company’s or firm’s cancel cheque copies of current bank accounts.
  • Copy of Rent Agreement or Electricity Bill Copy of the premise.
  • A self-addressed envelope for delivery of IEC certificate by registered post.

Benefits of Import and Export

  • Business expansion: Registering for Import Export Code will help you in expanding your business and reaching out to a larger market on a global scale, thereby helping your business to grow by leaps and bounds.
  • No return filing: Registering for Import Export Code will mean that you need not file any returns. Once the code has been allotted to you, you will not be required to follow some kind of process to ensure that its validity is sustained. Even with regard to export transactions, you will not be required to file your returns with the Director General of Foreign Trade.
  • No requirement for renewal: The validity of an Import Export Code lasts until the entity exists. As such, those who hold this code will not have to ever worry about renewing it.
  • Simple processing: Obtaining an Import Export Code from the Director General of Foreign Trade is fairly simple. Applications are usually processed within 10 to 15 days once submitted.
  • Other benefits: Companies that register for Import Export Code could make the most of several other benefits offered by customs, the Export Promotion Council, and the Director General of Foreign Trade.

Advantages of Import and Export

  • It is one of the simplest routes of entering into the global trade and import and export generate huge employment opportunities.
  • Requires less investment in terms of time and money when contrasted with other methods of entering into the global trade.
  • Is comparatively less risky when compared with different routes of entering in international business.
  • As no nation can be 100% self-sufficient, import and export are very crucial for the functioning and growth of that nation.
  • Can help Countries to access the best technologies available and best products and services in the world.
  • It gives better control over the trade than setting up a market and the risk is considerably low.