Many Indian people in business are opening a company to engage in the trading business. Recently, with the increasing popularity of electronic devices in India, opportunities for importers have also increased. However, the most common problem regarding the process is not everyone knows about it.

I. How to get the Import license in India

Before you start importing from China to India, you need to have a license that will give you the freedom to import.

The process of getting a license might seem hard, but it is a simple process that entails the following.

Import license in India:

1. You must register your legal entity in India. It is required for every type of business. For importing business, you must incorporate a legal entity on your firm or your brand name, or company name. You can register for any of the 5 legal entities:

  • Sole Proprietorship Firm
  • Partnership Firm
  • Limited Liability Partnership
  • Private Limited Company
  • One Person Company

2. After you’ve incorporated a legal entity on your brand name, you have to apply for the tax registration on your goods. It is also called TIN and is a VAT/CST number from your state government. Even if you’re not importing goods from China, you’ll still need this number to sell products in India.

3. After you’ve applied for the VAT/CST number, you must apply for the IEC code registration. IEC refers to a 10-digit number that you can obtain from the Directorate General of Foreign Trade (DGFT).There are several regional offices of the DGFT where you can obtain your IEC.

They have the authority over your business location. While you are applying for the IEC, you will be required to have the necessary documents and fees which I will explain to you. The documents you will need when getting the IEC include:

  • The PAN Card of the business entity
  • List of partners in the business, their address, their ID, and the PAN card
  • Bank Account statement
  • A banker certificate as prescribed by the law.

2.How Much will be paid

3.Import process

a.Once you have cargo has been shipped to you, you will have to pay for them before receiving the necessary documents.You will use these documents when clearing your cargo at the customs.Therefore, you need to agree with your supplier on the payment terms for your goods.

b.Hire Freight Forwarder from China to India You will have to engage the services of a freight forwarder to handle your shipping from China to India.

c.You must prepare the following documents before the shipment arrives:

  • Bill of Lading (Sea Freight) or Air Waybill (Air Freight)
  • Commercial Invoice
  • Packing List
  • Certificate of Origin (if applying for reduced duty rate)
  • Insurance Policy / Note
  • Product Description / Catalog
  • GATT & DGFT Declarations
  • Proforma Invoice
  • Purchase Order or Letter of Credit

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