Vehicles are one of the most important parts of our transport in day to day life. Every financial year, the Vehicle industry contributes a huge part to our country’s economy through export trading as well. 

Indian Vehicle Industry

The Indian vehicle industry produced over four million commercial vehicles in 2018. This industry has also witnessed sturdy growth in exports in recent years. By the end of the fiscal year 2020, India had exported over four million vehicles.

India is also known as the largest producer of two-wheelers globally. Export of passenger vehicles has grown by 20.37 percent in November, according to the data provided by the Society of Indian Automobile Manufacturers (SIAM). 

As per the data of 2020 the exported cars from India are Ford, Chevrolet, Hyundai, Nissan, Maruti Suzuki, Toyota and etc.

If you are planning to start an export or import business of any product, as here we are discussing vehicles, it is mandatory to obtain an Importer Export Code (IEC). It contains a 10-digit code with lifetime validity and is issued by the Director-General of Foreign Trade (DGFT)

How to operate an Export Business from India?

To step a foot forward in the foreign market with vehicle export, business personnels are required to obtain the following licenses:

• Company Registration: Registering the entity in the Ministry of Corporate Affairs (MCA) is essential to incorporate a business.
• Import Export Code: An Import Export Code or IEC is seen as the gateway for foreign business for any Indian business entity.
• GST Certificate: Every business organization in the country is mandated to register in the GST Taxation system.

Required Documents for registering an Export Business:

• 2 color photographs of the applicants
• PAN Card of the business personnel
• Govt. issued Identity Card of the business personnel
• Address proof of the business personnel

Why we should obtain an IEC Code

Registering an Import Export Code or IEC is the very first step to put a step forward in the Foreign marketplace. The benefits of an IEC Code for a business entity are likewise:

• Business expansion
• No requirement for renewal
• Simple processing
• No return filing 
• Exemption of the Customs Duty

How to get IEC easily?

Are you worried about how & from where to apply for IEC? Don't worry, you are on India’s own IEC solution platform with over 1,20,000+ satisfied consumers from all over the country.

In Online Legal India™, the country's recommendable IEC expert Panel will guide you up with their 24x7 digital solutions in six different languages. 

Apart from registering an IEC, the business experts here will provide 24X7 assistance in your GST Registration & Tax Filing, Company Registration, Trademark Registration, and any sort of assistance to incorporate your foreign trading.

Find this article helpful for export business? Help others by sharing it with the business individuals in need.