Import Export Code Registration
Import Export Code Registration
- IEC Registration category Consultation
- Document Preparation for Import Export Code Registration
- Application Drafting for Import Export Code
- Application Filing for IEC Registration
- IEC Registration category Consultation
- Document Preparation for Import Export Code Registration
- Application Drafting for Import Export Code
- Application Filing for IEC Registration
Import Export Code Registration - An Overview
With the rapid upsurge in globalization, nowadays, the opportunity of having a cross border business is also increased. Moreover, an IEC Registration also assists an individual in unlocking the growth opportunities of the international business. Further, every individual who wants to expand his business on a global platform by dealing with the Import and Export business is mandatorily required to obtain IEC Registration.
Hence, having an IEC (Import and Export Code) is one of the basic and essential prerequisites for expanding and running a business at the global level. Moreover, an IEC has various advantages annexed to it. One such benefit of an IEC Code is that it not only assists in unlocking the international market but also helps in increasing the business’s growth level.
What is an Import Export Code?
IEC or Import-Export Code is a 10-digit code that an individual or a business needs for the import or export goods or services. Further, this code is allotted by the Director General of Foreign Trade (DGFT), Ministry of Commerce and Industries, Government of India.
Furthermore, the validity period of this code is for a lifetime. This means that there is no need for the IEC code holder to apply for its renewal. Hence, the company having IEC is able to perform all requirements concerning import-export and related issues.
Usually, a period of 12-15 working days is required for the generation of IEC code once all the required documents are submitted and corrections are made. Further, having an IEC is mandatory and compulsory for every commercial importer or exporter in India. Hence, the business not having IEC is not qualified to undertake the category of import and export.
Documents Required
The following listed are the documents needed by a Sole Proprietorship Firm for obtaining IEC Registration:
- Digital photograph (3*3) of the proprietor
- A copy of proprietor’s PAN Card
- A copy of proprietor’s Passport, Voter ID, Driving License, UID
- A copy of sale deed, if in case the business is self-owned
- A copy of Rent Agreement or Lease Deed, if in case the business is rented.
The following listed are the documents needed by a Partnership Firm for obtaining IEC Registration:
- Digital photograph (3*3) of the proprietor
- A copy of the Partnership Deed
- A copy of the Managing Partner’s PAN Card
- A copy of Passport, Voter ID, Driving License, UID of the MD (Managing Partner) signing the document.
- A copy of sale deed, if in case the business is self-owned
- A copy of Rent Agreement or Lease Deed, if in case the business is rented.
- Bank certificate according to ANF 2A or a Cancelled cheque bearing the account number and the blueprinted name of the applicant entity
The following listed are the documents required by a Limited Liability Partnership and Company for obtaining IEC Registration:
- Digital photograph (3*3) of the Company’s Director or LLP’s Designated Partner who is signing the application
- A copy of applicant’s PAN Card
- A copy of Passport, Voter ID, Driving License, UID of the MD (Managing Partner), or the director signing the document.
- A copy of sale deed, if in case the business is self-owned
- A copy of Rent Agreement or Lease Deed, if in case the business is rented.
- Bank certificate according to ANF 2A or a Cancelled cheque bearing the account number and the blueprinted name of the applicant entity
The following listed are the documents required by a Trust for obtaining IEC Registration:
- Digital photograph (3*3) of the Managing Trustee or Chief Executive or the signatory applicant
- Certificate of Registration of the society
- A copy of the Trust Deed
- A copy of Passport, Voter ID, Driving License, PAN card, UID of the Managing Trustee, or Chief Executive or the signatory applicant signing the document.
- A copy of sale deed, if in case the business is self-owned
- A copy of Rent Agreement or Lease Deed, if in case the business is rented.
- Bank certificate according to ANF 2A or a Cancelled cheque bearing the account number and the blueprinted name of the applicant entity
The following listed are the documents required by a Hindu Undivided Family (HUF) for obtaining IEC Registration:
- Digital photograph (3*3) of the Karta
- A copy of Karta’s PAN Card
- A copy of Passport, Voter ID, Driving License, UID of the Karta
- A copy of sale deed, if in case the business is self-owned
- A copy of Rent Agreement or Lease Deed, if in case the business is rented.
- Bank certificate according to ANF 2A or a Cancelled cheque bearing the account number and the blueprinted name of the applicant entity
PROCESS
- Registration for IEC
- Fill the Application form
- Payment of Fees
- Issuance of the IEC Code Number
Benefits of ESIC Registration
With the help of IEC code license take your business global and an individual can easily and smoothly expand the business’s reach in the global market. Further, an IEC not only provides an opportunity for the business to export goods outside India but also assists in creating a name for oneself in the international market.
Based on IEC registration, nowadays, businesses can enjoy and avail benefits provided by the EPC (Export Promotion Council), DGFT, and Customs.
IEC does not require the filing of return. Hence, once an IEC Code is allocated, there is no need to abide by any procedure for proving its legitimacy. Further, in any event, relating to export transactions, DGFT does not require the filing of any return.
The process of obtaining IEC registration from the DGFT (Director General of Foreign Trade) is genuinely simple and easy. Moreover, the same can be acquired within a period of 10-15 working days from presenting the application. Further, no evidence relating to export or import is needed subsequent for obtaining IEC Code.
Once an individual has obtained his or her IEC, he or she can enjoy its validity till perpetuity since it is free for a lifetime, and there is no need to apply for any renewal.
Import Export Code (IEC) acts as a government identity which is issued by the Director General of Foreign Trade. Hence, at the time of shipment clearance, one can show this identification number to the customs authorities.
Why BizOkay India?
Frequently Asked Questions
An IEC code issued by the DGFT has lifetime validity.
Any person who is or wants to get involved in the business of import or export in India
Yes, an individual is eligible to apply for IEC (Import Export Code). However, the same eligibility applies only when he/she has a registered sole proprietorship business, along with a registered GST number.
An IEC Branch Code denotes the code issued as per the information filled in the IEC Application Form. Further, an applicant needs the IEC Branch Code only when he/she has business in any other place in India other than the place where its registered office is located.
No, obtaining DSC (Digital Signature Certificate) is not mandatory for getting an IEC Code.
Yes, one can surrender his or her IEC Code. For surrendering an IEC code, one needs to inform about the decision to the issuing authority. After that, the authorities will immediately cancel the applicant’s IEC number and will electronically transmit it to the DGFT for onward transmission of the same to the Customs and Regional Authorities.
No, there is no imposition of tax on an IEC code. However, the customs duty may be imposed on it. Further, the levying of tax also depends on the category of the products being imported or exported from India. To know about goods on which customs duty is imposed, the IEC holder needs to visit the official website of the Customs Department.
Yes, and IEC number is displayed in all the customs documents concerning exports and imports.
Yes, it is mandatory and compulsory for the applicant to provide PAN card details for obtaining IEC registration.
No, there is no need for any renewal or return under an IEC code. IEC code is quoted at the time of importing and exporting goods or receiving or making payments. Moreover, this code has lifetime validity, which means there is no need to get it renewed. Also, there is no need to file any return as there are no post-registration compliances.