Establishing a Business Firm - The Importer-Exporter Code Number - Business Assignment Help

Assignment Task:

Export preliminaries:

In order to enter into export business, certain preliminary steps have to be taken by every business organization. The setting up of an export firm is completed in two stages. They are: 

1. 1. Establishing a business firm-: 

There are various formalities and registrations to be made with different authorities before an exporter can enter into export business and accept an export order.

1. Selection of name of the firm-: An entrepreneur can choose any name for the firm he wants to start. It is desirable that the name of the firms indicates that the business relates to export/import. 

2. Approval to the name of the firm-: There is no need to obtain prior approval of regional licensing authority of DGFT (Directorate General of Foreign Trade) for the proposed name of business firm. However, if the firm is planning to export readymade garments to any country; approval from Apparel Export Promotion Council (AEPC) is required. The entrepreneur has to apply to AEPC in the prescribed application form for the clearance of the name. Once the name is approved, registration of firm in that name with AEPC is to be made within a period of three months. After the registration is done, the firm would become registered exporter. 

3. Registration of Organization-: The form of organization can be sole partnership, partnership firm under Indian partnership act, 1932 or join stock company registered under the companies act, 1956. 

4. Opening of Bank Account-: The firm or company has to open a bank account with branch of a commercial bank, authorized by reserve bank of India to deal in foreign exchange. The firm may require pre and post shipment finance for its business. 

5. Obtaining Permanent Account Number-: export income is subject to a number of exemptions and deductions under the income tax act. For claiming those exemptions and deductions, it is necessary for every exporter to obtain permanent account number from the income tax authority. 

Registration with Sales Tax Authorities-: exporter need not pay sales tax while making purchases meant for export. But for availing the benefit, firm has to register with sales tax authorities and secure sales tax number.

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