Import Export Code Registration

Overview of IEC Registration

The Directorate General of Foreign Trade (DGFT), Ministry of Commerce & Industries, issues IEC registration. It is necessary for Indian companies to have IEC registration if companies want to expand their business via Import and Export. Import Export Code is a ten digit code which is issued by DGFT, the purpose of Import Export License Certificate is to regulate and monitor the foreign trade activities in India.

For carrying out Import Export activities in India obtaining IEC registration is compulsory, without having IEC license no business can involve in import export activity. Plus, if any business wants to entertain the benefits provided by the government then getting IEC registration is must. Reserve Bank of India has made it compulsory for all the traders to provide their Import Export Code during any payment transfer.

In the present era of ever-growing competition, businesses, in order to survive their substitutes available in the domestic market, are stepping out of their local presence. With back to back innovations and the generation of new ideas in business, the emergence of e-commerce, business operating in local limits finds it important to operate globally by stepping abroad.

There are several methods to go beyond the domestic level, such as amalgamation for foreign brands, opening franchisee abroad, starting subsidiary or branch office abroad, or through import-export business. Doing business at the global level is not that easy as it sounds.

Import Export Code (IEC) once gave can be utilized by the entity all through its existence and it doesn’t necessarily need any renewal. When the organization has gotten IEC, at that point the organization can involve in import export necessities with no issues.

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.

When IEC registration is required?

• It is important to get IEC registration done to import and export goods. It passes on the vendor code details with the port through which the items or administrations are being imported or exported. Illicit vehicle of goods is confined, and subsequently IEC helps in diminishing it since it is practically difficult to get import export code without giving the total data of the things being imported or traded.
• Custom authorities will only clear your shipment as an importer if you have an IEC number.
• Bank needs IEC registration in order to send money abroad
• To make his shipments clear an exporter needs IEC registration at the custom port
• IEC registration is needed when an exporter receives payment in foreign currency directly into his bank account
• Only on the basis of IEC registration a government of the other countries verify the trader.

Benefits of IEC Registration

Till now it is clear that Import Export Code is a ten digit code which is essential for every business to obtain who wants to indulge in import export activities. In India DGFT issues IEC. IEC Registration is the first thing that businesses need to import or export any item from India to some other nation. IEC registration paves the way for many new opportunities for business personnel.

Here Are The Few Benefits Of IEC Registration:

• Expansion Of BusinessWith the help of IEC business can expand its reach in the global market. IEC provide the opportunity to business to export its goods and products outside the nation’s territory and create a name for oneself in the international market.
• Availing Several BenefitsOn the basis of IEC registration businesses can enjoy several benefits given by Export Promotion Council, DGFT, and Customs.
• No Need Of Return FilingIEC doesn’t include in the filing of return. Once IEC is allocated, there isn’t any necessity to follow any kind of procedures for supporting its legitimacy. In any event, of export transaction, DGFT doesn’t order for filing any return.
• Hassle-Free ProcessingAcquiring IEC from DGFT is genuinely simple and same can be gotten within a time of 10-15 days in the wake of presenting the application. No evidence of export or import is required subsequent to getting IEC Registration.
• Free For LifetimeOnce you have obtained IEC you can enjoy its validity till eternity since it is free for lifetime plus there is no need of any renewal.
• Government Authorizes ProofImport Export Code is a government identity which is issued by the DGFT. At the time of clearance of shipment one can show this identity number.

Documents Required for IEC Registration

The documents needed for IEC registration are as follows:-

• 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, 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.

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