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Why Do You Need Export-Import Consultant Service?

Export and import trading are an excellent opportunity to expand your business and gain a foothold in a new international market, making it one of the best investments you can make. To make money quickly, you can sell your products abroad and import any items at a lower price to sell the same products at a higher profit margin in a domestic market, rather than manufacturing the same products and selling them domestically. You’ll want to work with an Export Import Consultant to ensure everything goes as planned.

They can help you navigate the process. To begin importing and exporting goods to and from other countries or bringing in raw materials to one’s home country, a person, company, or firm must complete a lengthy and difficult process. Because of this, starting an export and import business is one of the best decisions you can make for your company’s revenue and profits. However, a company’s choice of Export Import Consultant must be very specific.

Need for Export Import Consultant

1. Risk-Free Export-Import Business

Nothing in business comes without risk, but nothing is impossible if you know what you’re doing. Having a lot of experience and training made things simple. Even if you have years of experience in the export-import business, you should never assume that you are invincible. It’s wise to live each day as if it were your last, as Mahatma Gandhi famously advised. If you were to live forever, you should learn as if that were the case. “When you first begin your export-import journey there are many factors you should consider including everything from the functioning to the potential for profit. The last thing anyone wants is to have their hopes dashed. Because of this, the role of an import/export consulting service is critical.

2. Cost savings

One of the most important considerations for any company is how to reduce costs. Then, you’re serious about putting your money to good use. What an export import consultant do for you is exactly what they do for you.  When you hire a consultant a lot of money can be saved. As a result, you should be aware that imports and exports can be categorized in various ways. You must ensure that your company’s imports and exports are properly classified so you don’t end up paying hefty fines. Outsourcing your import and export operations to a well-known firm allows you to avoid hiring in-house staff to handle these tasks.

3. Auditing

A company that provides export import consultant services will conduct a complete supply chain audit. Also will scrutinize imports and exports from the past and plans for the future. As a result, even more, money is saved.

4. Customs compliance

It can be difficult and time-consuming to comply with customs regulations. It doesn’t matter if you’re dealing with permits, licenses, or compliance paperwork; you’ll need the help of a professional. In addition, a country may have several ports of entry. For example, there are numerous ports of entry in the United States. They will help you find the best port of entry when outsourcing your import-export compliance.

5. Establish fruitful collaborations 

Having logistics experts on your team is critical if you run an import/export business. A consulting firm can assist you in locating the best warehouse and logistics professionals, saving you time and money by eliminating the need to conduct time-consuming searches.

6. Increased productivity

One of the most significant advantages of working with a well-known export import consultant is increased productivity. All levels of productivity will be significantly improved.

7. Government Process

When it comes to getting the paperwork to sell goods and services abroad, dealing with the government can be challenging. A professional export import consultant will ensure that all necessary paperwork and permissions are in order before the business can begin.

8. Customs Broker

Their primary responsibility is to deal with the government’s customs services and ensure that all duties, notices of permission, and approvals are completed correctly and smoothly.

9. Export-Import Documentation

A good export-import consultant can assist you in obtaining all of the necessary import and export documentation, such as an import-export license, a letter of credit, a Pro-forma invoice, an EEI, a bill of lading, and an origin certificate, in naming just a few of the more common.

10. Banking

The consultants can help you receive duties and taxes, as well as obtain a letter of credit, which ensures that you will be paid for the goods you supply to customers in other countries.

Conclusion

We hope this article has given you an idea of how important an Export Import Consultant is to our company. It is possible to make big money and get paid on time by selling a product in a foreign country. However, it is a complicated process that requires expert guidance to ensure that all your paperwork, tariffs, insurance, and shipments are in order. It’s a good idea to have some cash on hand when making your first purchase. There are many private firms and import consultants to help a company or firm streamline the process of importing and exporting goods and services to a target market. Aside from pointing to the most appropriate market, import-export consulting services ensure that every step of the process goes smoothly. You don’t know who you’re dealing with at the beginning of your export-import journey, do you?

Moreover, you might put your faith in an import-export consultancy firm that will steal your money. That stuff isn’t going anywhere! Essentially, many organizations are taking money under the guise of consulting. The problem, however, is that they don’t provide the services they claim. Selecting a reputable export-import consulting firm is critical to success. Every newbie should join a group that has a good reputation. In this case, as the level of trust in a certain group rises, so does the need for research. Selecting a good export-import consulting firm depends on your research. As a result, you must hire the best export-import consulting services.

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What all things are Needed to Start an Import Business?

The International Trade business will always help in taking you all over the world along with multiple product niches from exporting light fixtures to importing exotic fashion. International trade can be considered to be one of the hottest industries of the new millennium. However, this cannot be considered as new as it has already started from the time of Marco Polo. Previously people use to deal with only silk and spices but this business has now expanded and there has been the inclusion of many products which are being imported and exported on a daily basis.

The existence of trade is because of the supply of one product that is present in one country but is demanded by other countries. International Trade is becoming more and more rewarding with the advancement of technology including the import business.

Basic knowledge to Start your Import Business

Lone footloose adventurer types are not the only ones for whom the importing is becoming renowned day by day. This business has grown a lot and the price amounts to around $ 1.2 trillion in a single year. This amount has been statistically proven by the U.S Department of Commerce. However, exporting is also considered to be as big as importing. According to various data, American companies were responsible for exporting around $ 772 billion to around 150 foreign countries.

The most important of all is to take a proper look at the players. Main variations are there on the main theme although you are having your importers and exporters.

EMC or the Export Management Company- The export operations of domestic companies that are wishing to sell their goods overseas are normally handled by the Export Management Company. The EMC plays a very beneficial role by hiring all the dealers, and distributors, invoicing customers, handling promotions, marketing, and advertising, and sometimes also arranging to ship. They also play a major role by arranging finance as well as contracting out that will help in developing a credit card app. EMC also sometimes become its own distributors by taking the title of the goods.

ETC or the Export Trading Company- ETC is responsible for attacking the other side of the coin of the market which is different from that of the EMC. It is responsible for identifying what the foreign traders are interested in and what they want to buy and then they make a selection for the domestic sources that are willing for exporting. An ETC also plays a role in taking title to the goods and sometimes also works on a commission basis.

Export-Import Merchant- The international entrepreneur is also known as the free agent. There is no specific client base for him and there is also no specialization for him in any individual product or market line. He plays a major role in purchasing the goods in a direct manner from the foreign or domestic manufacturer and then they pack, ship, and finally resell the goods on their own. So it can be said dissimilar from EMC he is responsible for assuming all the risk as well as all the profits.

Import Export Merchants

Things needed to start an Import business

There are various things that are very much essential for any business but the main things must be noted for each business. The same is the case for this Import Business. One must have a proper idea about the important stuff that is essential for the import business in order to earn a considerable amount of profit and have fun in this business field. People from different countries are getting involved in the import business and so there is nothing to be scared off. One must know the advantages as well as barriers to overcome them. Some of the important things that must be known are given below-

Target Market

Consumers are very much essential for each and every kind of business for their services and products. As you are now having the basic knowledge you must understand the business entails which must be planned by you along with targeting your market. It is very essential that you understand your potential clients. Moreover, you must also understand which geographical area you will be drawing from along with the specific product or services you will be offering to draw them in. If the market research is done in a proper way then it will help in building your project.

Startup cost

It is very essential that in order to make money, money is needed. In simpler words, it can be said that startup funds are very much essential. In the case of the Export-Import Business, the amount ranges from $ 5000 to even more than $25000. A Homebased business can also be started that will help you in saving a little bit of cost as you are not leasing any office or purchasing a lot of inventory for your office.

Marketing

Marketing is basically an art that cannot be performed by everyone. It is very much difficult to sell yourself and your company to the clients as a manager for Export-Import the products. Selling the products to the representatives by themselves is also very important. However, if one of them is achieved then the other can be achieved soon. A track record is very much essential. With each success, confidence will be gained and strategies for marketing will increase.

These were the main things that one must know is essential for starting an import business. However, three other things are also needed and they are given below-

  • Operations- people must know how their operations will be and must consult experts in this field.
  • Resources- Resources that they are having and what they will be needing are also important.
  • Income and billing- this factor must be taken care of in a proper way with proper expertise in this field.

Conclusion

Coming into business is not very difficult but to maintain the Import Business and take it to the limelight is very difficult. The import business is growing at a large rate and the above knowledge will help in guide you to understand what things are needed for import business.

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What is use of the import export code?

In the world of foreign trade, Import Export Business is known to be one of the most common and hot terms. This sector helps you by allowing your business to grow in a rapid manner. Moreover, this will also help in increasing global reach. The economic infrastructure of a country is also dependent on this business as it helps in increasing a country’s economy by increasing the GDP. Gross Domestic Product (GDP) is an indicator of a country’s overall economic health and export import business plays a vital role in contributing to it. To engage in this business, one needs to obtain an Export Import Code (EIC) from the Directorate General of Foreign Trade (DGFT). EIC is a 10-digit code issued by DGFT that authorizes businesses to import or export goods. This code is required for all shipments above Rs. 25,000 in value.

Some important criteria are there which are very much mandatory for the business of import and export. One of them is the IEC code which is the Import Export Code registration. It is known to be one of the most important requirements for a person or any other type of business that deals with the import and export business. The Director-General of Foreign Trade is responsible for issuing the Import-Export code for industries and commerce.

What do you mean by Import Export Code?

One of the best options for new people is the IEC or the Import Export Code. This is known to be one of the first steps of registration for the people who are engaged in the import and export of products and services. The Director-General of Foreign Trade issues the IEC code which is having a unique code of 10 digits. This is known to be one of the most necessary documents for the Import-Export business.

A person can easily grow up the level of their business with the help of this IEC code. A business entity can use the IEC code once it has been issued and it is known to be the Import Export License. There is no need for the importer and exporter to renew or fill the issue. The IEC code is required by the importer who imports goods to its country and also to the exporter who exports its good from their country to another country. IEC is also required by the bank when there is a need for sending money abroad.

Uses of Import Export Code

Import Export Product Codes are essential for the person who are in this business as mentioned earlier. Ships carrying cargo play a major role in transferring the cargo or goods from one place to other and helps in importing and exporting goods. In order to unlock the corridors of the International economic and trade market IEC plays a major role. There is various use of this code as this is required by both importers as well as exporters. It is very important for an importer to clear the shipment from customs and here comes the role of the Import Export Code for the importers. Now for the exporters when they are responsible for exporting their items to other countries this code is asked by the customs. The major uses for this IEC Code are as follows-

  • Expansion of business is known to be the first and foremost use for this Import and Export Code as this IEC plays a major role in assisting a businessman to take their services as well as product to the global market.
  • A company can easily avail of various benefits with the help of this Import Export Code from customs, DGFT (Director General of Foreign Trade), and export promotion council depending on the registration of IEC.
  • Now for the exporters who get their payments by means of foreign currency and the transferring of money is taken place through the bank account of the exporter in a direct manner this IEC code is used.

There is also an Import Export HS code which is being followed by 200 countries all around the world. In order to execute the international trade agency the most systematic method that can be used is the IEC HS code. This code is having a unique code of 6 digits which is given for any particular item that is to be imported or exported.

Documents that are important for Import Export Code

Before knowing about the uses of the Import Export Code it is very much essential to know about the documents that are required for receiving the license for Import Export Code. They are as follows-

  • Pan Card copy for individual or Company.
  • Rent of agreement of the premises or electric bill copy.
  • Aadhaar card or Passport copy or Voter’s ID for an individual.
  • An envelope that is self-addressed for registered mail delivery of the certificate of Import Export Code.
  • Copies of cancel cheque of current bank account for firms, companies, or individuals.

There are also various benefits that can be avail by the use of this Import Export Code and they are the expansion of business, no requirement for renewal, no return filing, simple processing,  etc.

Conclusion

However, it is very essential to keep in mind that there are some places where the Import Export Code is not mandatory. According to the latest circular that has been issued by the Government, it is not mandatory for any traders who are having their registration under GST. So pan card of the user is used in this case as IEC code. This is also not essential for goods of personal purposes. The above points will surely help in guiding the Import Export Code and knowing about their uses as well as the things essential to receive this IEC.

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