Import Export Code (IEC) Registration

IEC Registration is required for all business engaged in trading of goods or supply of services in and out of India. IEC code is principally a 10-digit range issued by the DGFT (Director- General of Foreign Trade). IEC Registration helps the business become a whole by unlocking the international market and obtaining new business opportunities.

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    Import Export Code Registration

    The Importer -Exporter Code (IEC) is a key business identification number which is mandatory for Exports or Imports. No person shall make any import or export except under an IEC Number granted by the DGFT.


    IEC is required in the following situations

    1. When associate businessperson needs to clear his shipments from the customs then it’s required by the customs authorities.
    2. When an importer sends money abroad from banks then it’s needed by the bank.
    3. When an exporter has to send his shipments then it’s needed by the customs port.
    4. When an exporter receives money in foreign currency directly into his bank account then it’s required by the bank.

    Cases Where Import Export Code Is Not Required

    1. As per the latest circular passed by the government it is declared that every trader do not require IEC if they have registered themselves under GST (Goods and Services Tax). In such cases the PAN card are used as new IEC code for mercantilism and mercantilism merchandise
    2. IEC isn't needed till and unless you import product for business use. likewise as Charitable establishments don't need IEC
    3. If you're wanting to expand your market and transcend country borders and export/import, reach intent on our specialists and recognize all formalities you would like to urge through. You’ll be able to avail all services like GST registration, business registration etc.
    WHAT IS IEC?

    If you are in business of Importing and Exporting of goods in India, it mandatory to have 10 digit Import Export Code. Many a times Import Export Code is abbreviated as IEC. Import Export Code is required for all persons or enterprises involved in Import or Export of goods. Import Export Code is issued by the Directorate General of Foreign Trade (DGFT), Ministry of Commerce and Industries, Government of India. Import Export Code has Lifetime Validity.

    Steps

    Steps Involved in IEC (Import/Export Code) Registration

    Step1
    First, you need to prepare an application form in the specified format – Aayaat Niryaat Form no. 2A format and file it with the respective Regional office of DGFT.
    Step2
    Secondly, you need to prepare the required documents with respect to your identity & legal entity and address proof with your bank details & the certificate in respect of ANF2A.
    Step3
    One your application is completed, you need to file with DGFT via DSC (Digital Signature Certificate) and pay the required fee for the IEC Registration.
    Step 4
    Finally, once your application is approved then you would receive the IEC Code in a soft copy from the government.
    Documents

    Documents Required for IEC Registration

    Scanned copy of proof of incorporation/establishment/ registration for the specified entity. +

    this supporting document is mandatory for Registered Society, HUF, Partnership, Trust, Others.

    Scanned copy of Photograph (Passport Size)

    Pan of company/individual/ partnership firm/ LLP

    ID proof of individual - Aadhar card, passport, voter id, Mobile no. and email-id

    You must have a Current or Savings bank account in a bank which contracts and transacts in Foreign Exchange.

    You should have scanned copy of rental/lease deed, sale deed, and electricity/phone bill for address verification

    You are needed to submit the scanned copy of RBI approval letter if an applicant is Non-Resident Indian (NRI) or there is Non-Resident interest in the Company/firm.

    You should have ‘Bankers Certificate’ in the prescribed format OR he should have a scanned copy of ‘Cancelled Cheque’ with Entity’s or Individual’s name pre-printed on it.

    You should have a ‘Debit/Credit card or Net Banking account’ for Online payment of Government Fees of Rs. 500/- only.

    In case of company as applicable, you must have the details of Proprietor and all partners in case of firm or Director

    User should have an active Aadhaar or DSC of the firm’s member for submission.

    Benefits

    Benefits of IEC Registration

    Expansion of Business

    IEC assists you in taking your services or product to the global market and grow your businesses.

    Availing Several Benefits

    The Companies could avail several benefits of their imports/ exports from the DGFT, Export Promotion Council, Customs, etc., on the basis of their IEC registration.

    No Filling of returns

    IEC does not require the filing of any returns. Once allotted, there isn’t any requirement to follow any sort of processes for sustaining its validity. Even for export transactions, there isn’t any requirement for filing any returns with DGFT.

    Easy Processing

    It is fairly easy to obtain IEC code from the DGFT within a period of 10 to 15 days after submitting the application. There isn’t any need to provide proof of any export or import for getting IEC code.

    No need for renewal

    IEC code is effective for the lifetime of an entity and requires no renewal. After it is obtained, it could be used by an entity against all export and import FEATURES OF IMPORT AND EXPORT CODE (IEC)

    Needs of IEC.

    It is mandatory for every importer and exporter to register under IEC

    DGFT, Customs, and Export Promotion Council guarantee benefits can be taken from the import or export. The revenue cannot be claimed without this code

    IEC code has a lifetime validity, you don’t have to renew it again and again

    Any of the property owner can obtain the code in their name, though it does not necessarily require establishing a business

    When it comes to IEC no return filling is not required and even import or export transactions are not required to be filed under DGFT

    Importer need IEC License for custom clearance.

    Exporters need IEC License for export subsidy.

    Bank requires IEC License for sending and receiving money to foreign customers.

    For Food Licensing and APEDA Licensing IE Code is required.

    Features

    Key Features of IEC Registration

    No business can indulge in Import/Export activities without taking IEC registration

    It works as a proof that a firm is involve in import/export of goods and products

    Once obtained, an IEC exists for a lifetime. This implies it does not require any renewal.

    It is not mandatory to involve in import or export of goods for individual or legislative purposes.

    IEC is obligatory for making foreign bank transfers

    It is substantial for all parts of importers or exporters business.

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