In India, if you want to start an export business, you need some major and important registrations. These are – AD Code Registration, Import Export Code Registration, FIEO Registration, GST Registration etc. These registrations are important not only for the government but also for you. These registrations such as Spice Board Registration also benefit you. So, in this article, we will talk about Spice Board Registration for exporters.
What is Spice Business in India?
Spice business in India is one of the most profitable ventures you can embark on. India is the world’s largest spice exporter and producer. India’s spices are also well-known across the world. Furthermore, spices are a must in any cuisine. Thus, whether you want to start a spice export business or a spice trading firm in India or both, there will always be a Spice Business opportunity in India.
Is it profitable to run a spice export business in India?
The spice, as we all know, falls under the basic commodities category. It is also an important culinary component in kitchens. And in a nation like India, China, or the U.S.A, where population density is great, consumption is high as well.
In comparison to plain and unbranded spices, spice blends and branded spices demand higher profit margins. We may also start a modest home-based spice company, which is a lucrative investment potential for young Indian entrepreneurs. Explore the beneficial spice business in India and you will find there are plenty of opportunities and spices that are extremely profitable to export.
What is a Spice Board?
When understanding How to Start a Spice Business in India, there is a constant doubt about what a Spice Board is?
In simple words, The Spices Board (Ministry of Commerce and Industry, Government of India) is a non-profit organization whose mission is to manufacture and promote Indian spices worldwide.
As a result, the Spice Board of India provides Spice Board Registration to persons who wish to start a trade exporting spices and verify that the business is not being misused unlawfully.
The Spice Board’s responsibilities also include the growth of small and large cardamom, as well as the promotion, expansion, and management of spice exports, as well as the quality assurance of spices for export.
The Spice board also specifies the List of Spices Mentioned in the Spice Board Act that you can export easily.
Know About Spice Board Registration for Exporters
No person or business entity shall commence or engage in the business of exporting any spice from India without Spice Board Registration, according to section 11 of the SPICES BOARD ACT, 1986.
As a result, it is critical to remember that exporting spices without first registering with the Spice Board may result in in-
- Confiscation of the Spice Stock is currently underway.
- Punishment and Imprisonment for up to a year.
- A fine of up to one thousand rupees can be imposed.
As a result, Spice Board Registration is one of the most crucial prerequisites for starting a spice export business.
Eligibility Criteria for Spice Board Registration
The following are the eligibility criteria for obtaining SPICE BOARD REGISTRATION in India:
- Your ID and Address proof must be genuine.
- You must be a business organization based in India.
- Your company entity’s partners/directors should not have any criminal records.
What are the benefits of Spice Board Registration for Exporters?
Spice exporters profit from Spice Board registration in a variety of ways. The following are the most major advantages of obtaining a Spice Board Registration:
- The Spice Board’s registration assists exporters and importers in connecting with one another.
- It assists in the identification of competent supplier sources for importers’ specific requirements, as well as processing international trade inquiries and forwarding them to trustworthy exporters.
- Spice Board hosts group programs that bring international organizations, exporters, and policymakers together.
- The Spice Board registration process is entirely online. As a result, there is no need to send in a hard copy of the application.
- According to the authorities’ announcement of April 2008, RCMC is not required after the Spices Board’s (CRES) since it is considered as a Registration-cum-Membership Certificate. As a result, spice exporters that have a Spice Board Registration do not need to apply for RCMC.
- The Spice Board is also responsible for keeping an up-to-date national database for exporters and importers. As a result, exporters who have registered are always up and running quickly in a changing market.
- Spice Board Registration also aids with the provision of other crucial services that may be necessary for export business in India.
If you want any other guidance relating to the Spice Board Registration, AD Code Registration, Import Export Code, FIEO Registration, GST Registration, please feel free to talk to our business advisors at 8881-069-069.
Download E-Startup Mobile App and Never miss the latest updates narrating to your business.