Businessmen are transcending boundaries and expanding their businesses to international levels. However, there are certain aspects you need to keep in mind before you expand your business internationally. One of the significant requirements associated with conducting international business is the Import Export Code (IEC). Let’s understand what is IEC code and how to do IEC code registration in India.
What is Import Export Code (IEC Code)?
Import Export Code, popularly known as IEC code, shall be obtained by any person who is willing to start an import or export business. It is a 10-digit code issued by the Director General of Foreign Trade (DGFT) and comes with a lifetime validity. It is important to note that the IEC code is required only for the import and export of goods and not for services. The benefits related to exports cannot be availed of by the merchants without IEC.
Import Export Code (IEC Code) Registration Process
If you wish to start your import export business, you need to follow the below process to apply for IEC Registration:
- Registration on DGFT Portal: You can apply for the IEC code by visiting the DGFT portal online. Once you visit the portal, you need to register yourself to create your profile and complete the OTP validation.
- File the Application Form: After registering yourself, you need to fill and submit the application form online. This includes furnishing all the necessary information like details of the proprietor / partner / Karta / trustee / director, bank account details and all the other details as required. Further, you shall upload all the relevant documents.
- Verification by DGFT: Once you submit the application, it will be scrutinized by the DGFT. The concerned officer will check all the relevant information and documentation provided and decide on the approval or rejection thereof.
- Issue of IEC Certificate: Once approved, you will receive the IEC registration certificate on your registered mail ID. You can also download the same by logging into the DGFT website and clicking on the ‘Print IEC’ tab under the ‘IEC Profile Management’.
Documents Required for Import Export Code Registration
Following are the documents required to apply for IEC registration in India:
- Copy of the PAN Card of an individual, firm or company
- Copy of Aadhaar Card, Voter ID Card or Passport of the proprietor / partner / karta / trustee / director
- Certificate of incorporation or registration of the company, partnership firm, LLP or HUF
- Proof of place of business like rent agreement, utility bill, sale deed etc.
- Copy of cancelled cheque of the individual / company / firm
- A self-addressed envelope for delivering the IEC certificate through registered post
Why You Should Obtain DGFT IEC Code Registration?
Following are some of the major benefits of IEC Code Registration in India:
- Expansion of Business: The IEC code is imperative to expand your business internationally. If you wish to import or export goods, it is mandatory to have an IEC code.
- Statutory Benefits: There are various benefits of IEC code. This includes benefits conferred by DGFT, Export Promotion Council, Customs etc.
- No Returns: There are no obligations like filing returns after you obtain IEC registration in India. This ensures that there are no compliance burdens for the IEC registration holders.
- Simple Processing: The application process for IEC registration is really simple and easy. You can obtain IEC certificate in India from the DGFT within a period of 10 to 15 days after you submit the application. You are not required to provide any proof relating to the import and export of goods while applying for the Import Export Code.
- No Renewals: You are not required to renew the IEC code. IEC code comes with a lifetime validity. Further, it can be used against all of your import and export transactions.
Following are the detailed requirements relating to the Import Export Code in India. It is always beneficial to hire professionals to avoid any discrepancies or queries. If you need any assistance in relation to the IEC code registration in India, feel free to contact the ASC Group.
Also, Read "Launching of new DGFT platform and Digital delivery of IEC related services"
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