Since gold is a precious metal, exporting it has its own set of challenges and benefits. As an exporter it surely involves just looking up the gold rate in Goa today for 10 grams and deciding whether to export or not. In this article, we will cover everything you need to know about starting a gold jewellery export business in India. Let’s get started.
- Register Your Business
The first step to starting an export business is registering your business entity. You can choose between a proprietorship, partnership, private limited company or LLP (Limited Liability Partnership). To register your business you will have to visit the Ministry of Corporate Affairs website and select the appropriate form for your business entity.
- License and Registration
The first step is to obtain the necessary licenses and registrations for starting a gold jewellery export business. You need to register your business as either a proprietorship, a partnership firm or a private limited company. For partnership firms and private limited companies, you need to get registered under the Ministry of Corporate Affairs (MCA). For proprietorships, you need to get them registered under the Shop and Establishment Act.
You will also require an Importer Exporter Code (IEC) number from the Directorate General of Foreign Trade (DGFT). This code is mandatory for all those who are involved in any import-export business.
- Apply for a PAN (Permanent Account Number) Card
You will require a PAN card for all financial transactions relating to your export business. You can apply for the card by submitting Form 49A at any of the TIN-FCs or PAN centres that are present in most major cities across India. Alternatively, you can also apply online by visiting the UTIITSL website or the NSDL website. If you’re applying online, you need to submit scanned copies of relevant documents and make online payment of fees to complete the application process.
- Open a Current Bank Account
After obtaining the above-mentioned registrations and licenses, it is time to open a current bank account for your gold jewellery export business. It is advisable to open a current bank account with a public sector bank because most of them have tie-ups with international banks. This will help you with transactions abroad and make them hassle-free.
- Get GST registered
Once you have opened a bank account and got your AD code it is time to complete the GST registration for your business. Without this, you cannot get the IE code mentioned in the first step.
- Register at ports
Once you have received the IEC you need to choose the ports where you will need your goods to be cleared by customs. At these ports, you would be required to register the AD code. This is an extremely crucial step since if you don’t register your AD code at these ports you won’t be able to generate the bills
After you have completed all the above-mentioned steps you would be required to get n E-sanchit registration. For this, you will have to visit the Indian Customs Electronic Gateway portal. This is the national portal for the country’s Central Board of Indirect Taxes and Customs.
- Operational measures
Once you have set up your export firm you can then begin to select the products, pricing setting up parameters for quality checks. For things like pricing, procuring export orders or finding authorized suppliers and buyers you can get help and info online. For instance looking up gold prices is as easy as going online and searching gold rate today in erode or for any other place you want.