Due to the long experience in the field of import and worldwide network, Connect2India is capable of providing all trading data and information to the organizations looking to import from a particular country. Our team have collected these information in many years. The information we provide to the clients are up-to-date.
Import of products helps in improving the economy of a country by providing quality material for manufacturing and fulfilling the shortage. It improves the quality of production. It provides balance in the costs of things and also improves the living standards by providing things which are not produced in the country. Because of these benefits, today many countries are involved in international trade. There are many rules and regulations must be learned before starting import of goods.
There are many customs entry formalities which must be completed when importing goods from another country. It includes electronic data transfer of SAD (single administrative document). Also system like Automated Entry Processing (AEP) are used by importers in clearing consignment and payment of charges like excise duty, customs duty etc through bank draft, cheque, money order etc. There are specific documentation must be considered for the custom clearance like-invoice, import license, certificate of origin etc. You can read the full detail here.
Before starting the import business, businesses should consider the initial research for the products and goods they want to import from outer countries. They should find out about the demand of products in domestic market whether it be an end user products or manufacturing material. Also they should study the current competition and future prospects.
Those who are new to import, should know about all the regulations, policies and procedures and foreign trade agreement between their country and the country they are importing from.
Registration with the Directorate General of Foreign Trade (DGFT) is the next step on the way of import. It provides an importer exporter code number to the organization, also called IEC code. This is a 10 digits unique code number provided to the companies of that country.
Identifying the source of items to import is very necessary to know about the regulations to be applied in both countries as well as credibility of the suppliers. International Trade Promotion Organization provides assistance for this, through various trade fairs and exhibitions in India and foreign countries. Also importer must be updated with the applicability of standard of products/items which is laid by organizations like Bureau of Indian Standards (in case of India).
There are four main categories under which all products are categorized:
Samples of products are imported to get idea of their characteristics and usage. They are sent free of charge by the suppliers.