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International business setup allows entrepreneurs to take their business to new heights. It gives access to various markets across the globe and usually has more potential for profit-making than a national business setup. In this blog post, we shall explain the licenses required for international business setup from India.
To start an international business setup from India, you require certain licenses and registrations. Some of them are listed below:
For international business setup, you must register your business legally. You can choose from various options available, such as one person company, private limited company, limited liability partnership, partnership firm or sole proprietorship. Each model comes with its own unique advantages and disadvantages.
For example, sole proprietorship is ideal for an individual who wants to operate his business alone and save up on registration fees as this model doesn’t require mandatory registration. Partnership firms are ideal for those who want to operate business with a partner or partners without registering their business. However, these models come with unlimited liability. So, if the business suffers from losses or falls under debt, the owner’s personal assets will be at risk.
This is why it is suggested to choose a business structure that requires registration. To operate business alone but with limited liability protection, you can go for a one person company model. It requires mandatory registration with the Registrar of Companies (ROC).
To operate business with another partner or several partners and have limited liability protection, you can choose limited liability partnership (LLP), which also requires mandatory registration with ROC. Private ltd company, an entity that requires mandatory registration, is one of the most preferred structures for global business. It offers limited liability protection and better access to funding than many other structures.
The registered businesses have more compliance requirements than unregistered entities. So, this is one drawback. But at the same time, it is an advantage since registered businesses are seen as more credible. They find it easier to obtain funding and attract new customers and clients.
The Import Export Code, abbreviated as IEC, is a 10-digit identification number. It is issued by the Directorate General of Foreign Trade (DGFT). To conduct an import or export business, it is mandatory to obtain an IEC.
The code is essential for getting customs clearance, processing of the international payments and allows the businesses to access benefits under Foreign Trade Policy. To obtain an IEC, you must file an application via the official DGFT portal.
The validity of IEC registration is for a lifetime. It doesn’t require renewal. For international trade, IEC is one of the most important requirements. So, don’t forget to obtain it if you want to conduct import or export operations.
Export Promotion Councils are government-recognized organizations that are responsible for promoting and developing trade and assisting exporters across various industries. Every industry has its own export council. For the textile industry, the EPC is the Cotton Textiles Export Promotion Council (TEXPROCIL). For the leather industry, the EPC is Council for Leather Exports (CLE).
Although EPC registration isn’t usually mandatory, it is recommended. By becoming a member of the EPC of your industry, you can avail many benefits like participation in trade fairs, market information and incentives under FTP.
You must learn about the EPC in your industry and then file an application for registration with the council. You must submit documents like IEC code, business incorporation documents, identity proofs, etc. You must also pay the prescribed membership fee.
GST registration full form is Goods and Services Tax registration. It is a mandatory requirement for businesses if their annual turnover exceeds Rs. 40 lakhs for goods or Rs. 20 lakhs for services. However, in the case of import and export of goods or services, GST registration is mandatory irrespective of the turnover limit.
To apply for GST registration, you need to file an application online via official GST portal. After the application is approved, your business will be GST-registered and obtain Goods and Services Tax Identification Number (GSTIN). This number serves as a proof of your registration. If you need assistance in applying for GST registration, you can get in touch with a professional consultant for assistance.
Trademark Registration isn’t a mandatory requirement. However, it is highly recommended, especially when you want to set up a global business. By securing this registration, you will be granted exclusive rights for your brand’s logo, symbol or design.
TM registration establishes clear ownership and control over the brand. It prevents trademark infringement. For global trademark protection, you must file a trademark application in India. Then, you have to use the Madrid System to apply for trademark protection in other member countries.
After your mark is registered in India with the TM registry, you need to file a single application via the eMadrid portal of WIPO (World Intellectual Property Organization). The portal will forward your application to the trademark offices of member countries for examination and registration.
ICEGATE full form is Indian Customs Electronic Gateway. It is a platform that serves as a digital interface between the customs department and stakeholders within the trade ecosystem.
ICEGATE registration is a mandatory registration for importers, exporters, customs brokers and freight forwarders. It allows such entities to file their documents, like bills of entry and shipping bills, in a digital manner. It also allows them to make payment of customs duties online and keep an eye on the status of their submissions.
This registration is crucial for ensuring compliance with the customs laws in India. It is not possible for stakeholders to access customs e-filing and tracking services without ICEGATE registration. So, make sure to secure this registration.
For international business setup, some of the most important requirements are business registration, import export code registration, goods and services tax registration, trademark registration and ICEGATE registration. You might need additional licenses and registrations depending on your exact business’ industry.
Do you need assistance in international business setup from India? If yes, then connect with our professional consultants at Registrationwala for assistance. We’ll guide you through all the requirements and help you establish a global business successfully.
Q1. Is FSSAI license required by international food business to export food from India?
A. Yes, FSSAI license is required for international food business that is engaged in exporting food from India.
Q2. Which registration is required for basmati rice export business?
A. APEDA registration is required for basmati rice export business. You’ll also require FSSAI license, IEC registration, GST registration and other necessary documents.
Q3. Why is global trademark registration beneficial for international businesses?
A. The global trademark registration is beneficial for international businesses as it grants exclusive rights to use the mark and protects it from unauthorized use. It is essential for establishing brand identity and credibility across the globe.
Q4. Is GST registration mandatory for a global export business?
A. Yes, GST registration is mandatory for a global export business registered in India.
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