Knowledge and compliance with import-export regulations
Before selling in international markets, it is essential to be aware of the import-export regulations of the relevant countries. These regulations and permits vary from country to country, and without their compliance, it can be difficult to enter international markets.
Import regulations and tax rules : Each country has its own import regulations and tax systems. For example, in the United States, FDA (Food and Drug Administration) regulations are mandatory for businesses exporting food, drugs, and cosmetics. Also, in the European Union, CE (Conformité Européene) certification is required, which is a certification of product safety.
Consumer Safety Standards : When selling in international armenia phone number data markets, it is important to check whether the products comply with the consumer safety standards of the respective countries. This gives the products more credibility and increases consumer trust.
Licenses and Certifications : Obtaining the right licenses and certifications is extremely important for a business. In addition, international certifications are often required, which provide global recognition for products.
Importance of Importer Exporter Code (IEC)
Importer Exporter Code (IEC) is an important code required for international trade. This 10-digit code is provided by the Government of India and without it, exports are not possible. IEC code can be applied for on the website of Directorate General of Foreign Trade (DGFT) .
IEC Code Requirement : This code enables Indian businesses to export their products. Moreover, without obtaining this code, businesses cannot sell products in the international market.
Process to get IEC code : You have to apply online for IEC code. The application process involves filling in business details, bank account details, and other required documents. Once the application is complete, you get the IEC code within a few days.