When you are trying to get your footing in the international market, you must know a great deal about its all-important documentation. Quite a few documents are mandatory if you want to plunge into the field of export and import.
There are three categories of documentation that are required for doing import and export business in India. We are listing here all these three categories for you to understand.
Regulatory Documents
Regulatory documents are the type of documents which are needed to be submitted to the competent authorities to prove that your business sticks to the set rules and regulations. These are a few regulatory documents needed for import export business:
Inspection Certificates
If you are dealing with mechanical products or food items, then the competent authorities of your country issue an inspection certificate for exporting the products.
Sanitation or Health Certificate
Sanitation and health certificate is required for agricultural products to ensure their quality. Since the inspection of exported goods is carried out in the host country at the time of entrance, a pre-issued sanitation and health certificate can be beneficial to save time and effort.
Information on Electronic Export
The information of electronic export is required if the product value exceeds a certain amount of value based on the country of origin.
Commercial documents
These are a few commercial documents that are needed for import and export business:
Bill of Exchange
The Bill of exchange contains the figure of payment that one needs to pay the other.
Bill of Lading
It is an agreement between the owner of the consignment and the shipping company. The bill contains the list of the destination, details of projects, and the source.
Certificate of Insurance
A certificate of Insurance covers the risk involved in case the goods are damaged. It is mandatory to have an Insurance Certificate ready beforehand.
Packing List
The packing list contains items inside a particular parcel for the purpose of import or export. This list at the entry and exit point ensures that the goods are transported successfully.
Credit Letter
A credit letter contains the information and commitment to the total amount by the bank. If the business has no prior list of trading, at the time of entity you may need to submit the credit letter.
Custom Clearance Document
On the specific guidelines and parameters, these documents are granted by the customs department of a country.
Origin Certificate
To ensure the authenticity of the goods, the exporting country issues an origin certificate for the destination.
Export Shipping Bill
Without the export shipping bill, you can’t export your shipment. Since the process of preparing this document varies country-wise, it must be prepared beforehand.
Import License
Depending upon the type of goods you want to import you may need an import license.