India is the 17th largest export economy in the world and the 45th most complex economy according to the Economic Complexity Index (ECI). For as long as people have been there on earth, there's been trade. We always have been interested in buying and selling each other products. There some things which you cannot grow or make in your home country due to several factors. Some products are cheaper when brought from other countries, this is one reason how potato came in Ireland.

Are you considering to start your own export-import business? This is becoming the hottest industry among the Millenium. If you are new to this business and want to take a step ahead, here are some points that can help you in setting up an export and import business.

Government of India amend some guidelines and procedures from time to time to set up import and export business.

First of all, you need to register a firm and you need to have a rental agreement with the premise owner. This is generally required by government authorities to verify your firm proof of address.

Now, most of the businesses are linked with the PAN details provided by the government. Separate PAN details are required for individual or business and are required to be registered with the Income-tax department.

If your firm is engaged in a partnership it is better to get a partnership agreement between partners with terms and conditions. It helps to resolve any dispute if any arises in future.

Current bank opening - Open a current bank account preferably with who are internationally present and do not delay in crediting international foreign exchange.

If you need to import and export goods from India you are required to obtain IEC number with DGFT with branch code which will be issued by the director-general of foreign trade. However, you can cross-check for further update with DGFT before applying for import export code.

However, if you have zero experience in this business. It is useful to be familiar with Import-Export business, it's working, the procedures in general. Today various import-export training programs and workshops are available all across India and you can register easily. These workshops are generally designed for people who have little or no knowledge about this industry and want to start their business. Import Export Education professionals provide practical training in export and import business, so the participants have an insight into international trade.