Import Export Code Registration
IEC Code is required before you commence the business of any Import or Export. No Import or Export can be initiated unless IEC is allotted.
Online Import Export Code in India Starting at just Rs. 2999/-
In this age of cut-throat competition, everyone wants to grow their business beyond the limits of the domestic market. However, doing business globally isn’t just a cup of tea for everyone. Before going global, you need to follow several procedures and laws in place and get different registration and license. IEC (Import Export Code) license is one of such prerequisite when you’re thinking of importing or exporting from India. IEC (Import Export Code) is required by anyone who is looking to kick-start his/her import/export business in the country. It is issued by the DGFT (Director General of Foreign Trade). IEC is a 10-digit code which has lifetime validity. Predominantly importers merchant cannot import goods without the Import Export Code and similarly, the exporter merchant cannot avail benefits from DGFT for the export scheme, etc. without IEC.
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Expansion Of Business
With 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 Benefits
On the basis of IEC registration businesses can enjoy several benefits given by Export Promotion Council, DGFT, and Customs.
No Need Of Return Filing
IEC 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 Processing
Acquiring 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 Lifetime
Once 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 Proof
Import 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
- 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.
Step-1:
The online IEC application form in the format Aayaat Niryaat Form no. 2A is filed with the Directorate General of Foreign Trade. Alternatively, it could also be done offline at the Regional office of DGFT.
Step-2:
All the required documents, including bank details and DSC, have to be submitted
Step-3:
Next, the Import Export code will be allotted and the application will be processed further
Step-4:
Once the documents and application are verified by the authorities, the import export license will be granted as a soft copy to the entity.
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1. What is IEC?
IEC Stands for IMPORTER EXPORTER CODE Legal Provisions As per section 7 of Foreign Trade (Development and Regulation) Act, 1992 Importer-Exporter Code Number – No person shall make any import or export except under an Importer-exporter Code Number granted by the Director General or the officer authorised by the Director General in this behalf, in accordance with the procedure specified in this behalf by the Director General. -
2. Can Export/Import be made without IEC?
No. IEC forms a primary document for recognition by Govt. of India as an Exporter/ Importer -
3. What are the benefits of IEC?
On the basis of IEC License, companies can obtain various benefits on their exports/ imports from DGFT, Customs, and Export Promotion Council etc. -
4. Whether more than one IEC can be issued against one PAN?
Only one IEC would be issued against a single PAN number. Any proprietor can have only one IEC number and in case there are more than one IECs allotted to a proprietor, the same may be surrendered to the Regional Office for cancellation.In case of more than one proprietorship firm belonging to one proprietor, they will be indicated as branch offices of the first firm. -
5. How much time does it takes to get an IEC?
Normally two working days for processing. For cancellation of IEC 15 working days
In case the IEC is returned undelivered, what are the documents required for proving the genuineness of the firm?
A. Information to Post Office, Proof of Address-Copy of ownership Title, Registered copy of Lease Deed, copy of Telephone Bill, Electricity Bill, Registered copy of Rent deed etc. are required to confirm about the genuineness of the address. Applicant may also be asked to attend interview before the IEC issuing officer if necessary. -
6. Can IEC be hand delivered/Over the counter?
No, IEC issued are dispatched by Speed Post to the address mentioned on the self addressed envelope enclosed with the application. Only Deficiency Letters along with Application form/Document will be delivered at the IEC counter to the authorized person/Applicant having the acknowledgement receipt. If Deficiency Letter is not collected within 5 days then it will be sent by post to the applicant. -
7. Can a person/entity have more than 1 IEC Code?
No. Only 1 IEC is issued to a person/entity. So if more than 1 IEC code is issued, then the same should be surrendered to the Regional Office for cancellation. -
8. Is there any tax levied based on IE Code?
IE Code is not a tax registration. However, certain customs duty may be levied depending on the product. -
9. Can individuals/proprietors obtain IE Code?
Anyone who is acting as sole proprietor of a business can obtain IE code Registration. -
10. What is the penalty levied for not registering for IE code?
As trade is not possible without a valid IEC, the penalty levied may be the pay duty depending upon the quantum of the goods. -
11. Does Custom department use IEC?
Yes, IEC number is reflected in all customs documents related to exports and imports. -
12. Is there any need to revalidate at any point in time?
No, the validity of IEC Registration is of a lifetime. Therefore there is no requirement to revalidate it. -
13. Can Export /Import be made without having an Importer Exporter Code ?
No. IEC is a mandatory document for recognition by Govt. of India as Exporter / Importer of goods and services. However, if the value of goods is too low, the customs authorities may permit first export by imposing nominal charges which is highly unlikely to happen. -
14. Can Export /Import of good and services be made without Importer Exporter Code ?
No. IEC is a mandatory document for recognition by Govt. of India as exporter/importer. However, if the value of goods is very low, the concerned customs officer may permit the first export (only one time) by imposing penal charges. -
15. How to cancel IEC?
IE code can be cancelled by initiating a formal request to the DGFT online. On receipt of such intimation, the authorities will cancel it electronically.
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