What is EXIM code and its importance in Import Export Business?

Are you planning to venture into the Import Export business but have no idea what the EXIM code is and its significance? In Nepal, the EXIM code is a unique 13-digit code consisting of 11 numbers and 2 alphabets used to monitor and control every product that is imported and exported in the country. It is a mandatory requirement for every individual involved in the Import Export business.

1. Importance of EXIM Code:

• The EXIM code is essential for customs clearance and documentation during the import and export process.
• It enables the government to regulate trade activities and maintain accurate records of imported and exported goods.
• The code ensures compliance with international trade regulations and helps prevent unauthorized trade practices.

2. Obtaining the EXIM Code:

• Your business must be registered under the Ministry of Industry, Commerce, or Cottage and Small Industries with a minimum capital investment of NPR 10 lakhs.
• All partners of the business must possess citizenship, PAN/VAT certification, company registration certificate, tax clearance certificate of the previous fiscal year, tracing map of your office, recent passport-sized photographs, and a bank guarantee of NPR 3,00,000 from a category “A” bank approved by the Nepal Rastra Bank.

3. Application Process:

• Apply for the EXIM code on the Nepal government’s website, www.nnsw.gov.np.
• The application process is straightforward, and you will receive updates via email.
• Ensure all required documents are provided accurately and promptly to avoid delays in obtaining the code.

In summary, the EXIM code plays a crucial role in the Import Export business in Nepal. It serves as a unique identifier that allows the government to monitor and control all products that are imported and exported. Obtaining an EXIM code is a mandatory requirement to operate in the import-export industry.

For more information on importing products from China to Nepal or to seek personalized assistance, visit our office located at Sinamangal, Kathmandu, or contact us at 9801976688 or 01-5913806. Start your successful import journey in Nepal today!