India has been a reputable country in the spices export business.
High demands for the natural spices from other nations and especially the taste that attracts everyone.
Spices export business is one of the early export businesses of India due to the long old history of spices.
Even with the economic factor, the spices export business has earned a lot and helped the country create a strong position in the import-export business.
However, like any other import-export business, this spice export business also needs complete and thorough planning to understand the basic rules of export business.
Before we go ahead, let’s know how much scope does the spice export business has?
The Scope of Indian Spices Export Business:
The Indian spices export business is rapidly increasing its scale around other countries due to its taste of flavor and quality.
India is known as a manufacturer, developer for almost 75 Spices out of 109 in the world.
India’s tropical and non-tropical conditions help the agriculture industry grow different kinds of spices, and now almost every state in India is growing a spice.
Now let’s learn, How to Start a Spice Export Business in India:
Before you start with the process of how to start the spice export business, you will need first to decide what type of business and with what kind of spice you want to begin with.
You can choose to be a supplier, a retailer, or an Exporter if you have enough funds to begin.
Now the real question is, with what kind of spice should you start your export business? Well, then Market Research is the key.
Understand e.g., how much spice export business Turmeric has done in the last 5 years to get extensive research. If you want to go with any other spice, then the same rule applies.
From last year’s April to Feb 2021, India has earned up to 3.55 billion in US dollars, and Turmeric has alone sold 133,600 tonnes of Spices from last year.
These are the numbers that even you can find on the Internet, but how the spices export business is doing, to understand you will need to meet up with other suppliers, vendors, or general stores.
To start with the business, you can use the spices from other suppliers in bulk amounts, and to store the product, you will need storage of your own, or you can just rent it.
Now, you will need legal permissions to start the business, and you will need to submit all the necessary legal documentation.
Meeting with a legal expert or with a lawyer will help you know what legal compliance you will need to follow to start such a business and what licenses you will need.
Documents You Need To Start Spice Export Business:
The list below will be the documents you will need to start your spice export business in India
- Incorporate certificate from the Registrar of Companies
- IEC (Import Export Code) from Director-General of Foreign Trades
- RCMC (Registration cum Membership Certificate) from the Spice Board of India
- Registration Certificate of Good and Service Tax
- MSME (Ministry of Micro, Small, and Medium Enterprises) Registration Certificate
- Trademark Registration Certificate of your business/company to protect it
- Registration Certificate or License of Food Safety and Standard Authority
- Your passport size photo
- Open a separate bank account for your business
- An Authorized Dealer Code from the bank
- Bank Statement and Certificate
- Company/Business PAN Card
You will also need a BIS Certification under the ISI.
E.g., If you’re starting your spice export business with Turmeric, then you will need the BIS Certification for the Spice with the ISI Number, which is 2446:1963.
You will also need a Certificate of Registration to be an exporter for the spice, and for that, you will need –
- An IEC Certificate (Import Export Code)
- PAN Card
- GST Registration Certificate
- Bank Statement
The Import Export Business is so vast in India that people are now considering becoming educated in this specific field.
So if you’re too eager to learn about the import-export business in India, then follow the import-export online course of B2B Import Export Academy in Pune.
Business Development of India, then whichever business it is, has always helped the country financially.
Despite the Pandemic situation, the spices export business in India has exported 15,65,000 tonnes of spices with a valued amount of 271930.20 Crores.
So if you doubt whether the spice export business in India is profitable or not, then the above number might clear your doubt.
Final Words:
The Import Export Business in India is growing steadily and profitable even in the Covid-19 Situation.
If you’re planning to start an import-export spice business but are a newcomer in the industry, then an import-export online course of B2B Import Export Academy will be the best option for you.
