Importing and exporting business has emerged as a successful model for many companies as it widens their market to a great extent to bring in more profits. But to start a business like this it is important to get the licensing done first. What Are Import License And Export License?
Import License is a license by the government of a country to authorize the importing of certain goods from the foreign countries into its territory. This license permits an individual or an organization to bring in goods from the other nations. Export License on the other hand is a formal document allowing the exporting of certain domestic goods to the other nations.
In India, Director General of Foreign Trade issues the Import and Export licenses. Though many of the goods are freely to import in India, but Import Policy prohibits the import of certain goods. In the same way, the export of certain goods is prohibited under the Export policy. Thus it becomes compulsory for the exporting or importing company to have the Import or Export license issued by the concerned authorities. Need For The EXIM Licensing
Import and Export Licensing Services are needed by many businesses around the world. The companies desiring to expand their businesses overseas or to sell imported products in the domestic markets require Export and Import Licensing Services to a great extent.
In addition, constant increase in globalization also has been a major impetus behind the increase in demand of Import and Export Licensing Services. By having proper authorization for import or export of goods, trading globally becomes much easier. By doing this, it becomes easier to make a mark in the international market and get their brand recognized in any nation.
Certain Steps To Be Followed To Get The License Include:
- Researching the products you wish to import/export to find which ones require license
- Contacting the embassy in the countries where you plan to deal to get more information
- Getting a registration number
- Getting an LOC –Letter of credit issues from bank
- Apply for the license by getting information on the relevant agency from the Chamber of Commerce
- Another good option is to hire a customs broker or avail the licensing services from a registered firm. This will speed up the process to a great extent.
By hiring a professional Import and Export Licensing Service Provider time and cost savings can be made in a great way. It is easy to find many Licensing Service Providers online. These trusted Import and Export Licensing Service Providers can advance the process as they have connections in the right places and experience to handle licensing process effectively.