Export Process

[Honeykumar Sharma]

Dear Sir/Ma'am,

Request you to please clarify the below points.

1) I want to start a export business (If possible request you to please let me the full process)

2) I have an IEC, Product, Market.

3) How to identify the genuine buyer? Safest payment term? Safest Inco term?

4) How many documents do we require to fill up? Type of Doc and No. of copy per doc?

5) What is the process of Port Registration?

6) How to calculate the FOB & CIF Price?

7) How to Claim MEIS & Duty Drawback?

I request you to please explain me the full process of Export business (Step by Step), so accordingly will move ahead.

Awaiting for your positive response.

Regards,

Honeykumar Sharma

[KASTURI SETHI]

For such purpose, physical training (face-to-face) is required. Even replies to all the queries would not suffice. Hope you follow and would not mind it.

[YAGAY andSUN]

Dear Honey Kumar Sharma,

Following are the replies on your queries: -

1. Please visit DGFT's website. https://dgft.gov.in/

2. Please check whether your product falls under which category i.e Free, Restricted or Prohibited.

3. For Genuine Buyers, You can check FIEO's website. Safest Payterm is Either against Documents/at sight/LC/Advance. Safest INCOTERM is EX WORKS/FOB/CIF respectively.

4. Currently three documents are required: Commercial Invoice cum Packing list, Tax Invoice and Shipping Bill. Bill of Lading/Airway Bill would be generated by Shipping Company. If required you may also apply for Certificate of Origin.

5. For port registration you would need copy of IEC, list of Directors, GSTIN, BIN (Default generated on the basis of IEC on Customs Port). Bank Account, Address Proof, AD Code.

6. Through Cost Sheet you would be able to calculate the FOB Value = (Ex works + Freight till port+ Insurance till port); CIF = (FOB + Insurance till Destination Port + Freight till Destination Port).

7. MEIS will applied by filing an online application at DGFT's website on the FOB value of export goods against the amount actually received. Duty Drawback will be on the value of FOB of exported goods, It can be AIR Duty Drawback or Under Section 74 of the Customs Act or Under Section 75 of the Customs Act i.e. Brand Rate Fixation.

Regards,

YAGAY and SUN

AI Summary

Guidance for Starting Export Business: Processes, Buyer ID, Payment Terms, Documentation, Port Registration, Incentives (MEIS, Duty Drawback) An individual inquired about starting an export business, seeking detailed guidance on processes, buyer identification, payment terms, required documentation, port registration, price calculations, and claiming incentives like MEIS and Duty Drawback. One respondent suggested in-person training for comprehensive understanding, while another provided specific advice, directing the inquirer to the DGFT website for product categorization, FIEO for buyer verification, and outlined safe payment terms and INCOTERMS. They listed necessary documents, explained port registration requirements, and described how to calculate FOB and CIF prices. They also detailed the application process for MEIS and Duty Drawback.