Online Import Export Code Registration

-



In this highly competitive environment, everyone wants to grow their business beyond the domestic market. Before
going global, there is a need to follow several processes and laws to get different registrations as well as licenses.
Online Import Export code registration is one such license required to import or export your products from India.

What is Import Export Code?


Import Export Code (IEC) is required by any person who is looking to start their import or export business in India. Director General of Foreign Trade (DGFT) issues the certificate. IEC is a10 digit code which has lifetime validity. Exporters, as well as importers, cannot avail any benefit without ten-digit IEC.

IEC is required for the following situation –
  1. The custom authorities require IEC when an importer needs to clear his shipments.
  2. The bank requires IEC when importer needs to send the money.
  3. The custom port when exports need to send their package.
  4. When exporter receives money from a foreign country directly into their bank account, the bank requires the IEC.

The Validity of Import Export Code Registration

 The ten-digit IEC code has the validity of a lifetime. Therefore, there is no hassle of updating, renewing or filing for IEC Registration. The validity is till the business exist, or the registration is revoked or surrendered. There is no compliance requirement like annual filing in case of IEC registration.

What are the Eligibility criteria to obtain IEC?

Business registration dealing with export or Import of goods should register for IEC, irrespective of the size of the business.
Import Export Code is not required for Import or export of personal use products because they are not connected with trade, manufacture or agriculture. Setting up a business is not required to apply for IEC.

Who are exempted from Import export code registration?

The following category of people cannot take IEC registration-
  • Import and export of goods for personal use
  • Import and export by the central government for defence purpose or other lists specified under Foreign Trade Order, 1993.

Documents required for Import Export Code Registration

Following documents are needed for IEC registration in India-

Proprietorship
  • Digital Photograph of the Proprietor.
  • Copy of PAN.
  • Copy of Passport or Voter ID/ Driving Licence/UI(anyone).
  • Latest electricity bill.
  • Cancelled Cheque bearing the name and A/C No.


  • Partnership Firm

  • Managing Partner’s photograph
  • Copy of PAN.
  • ID proof of the Managing Partner.
  • Copy of Partnership Deed.
  • Latest electricity bill.
  • Cancelled Cheque bearing the name of the entity and A/C No.


  • LLP / Private Limited Company

  • Photograph of the director.
  • Copy of PAN.
  • ID proof of the director.
  • Certificate of incorporation.
  • Latest electricity bill.
  • Cancelled Cheque bearing the name of the company and A/C No.


  • Society or Trust

  • Photograph of the Chief Executive.
  • Copy of PAN
  • ID proof of Trustee.
  • Latest electricity bill.
  • Cancelled Cheque bearing the name of the Registered Society or Trust and A/C No.


What is Import Export Code Registration procedure?

Following is the procedure for IEC registration online-


What Are the Precautions that should be taken while filling For IEC?

  • No need to apply for more than one IEC code in India against the same PAN
  • You need to be specific while providing information about the business. The applicant can be punished for delivering actionable and incomplete information.
  • It is essential to update business information once in every year after receiving e-IEC. The update shall be provided on the DGFT website.

What are the Advantages of Import Export Code Registration?


The advantages of IEC Registration are-




International market reach

IEC helps you to take your business to the global level, and it will increase the growth as well as revenue.

No annual maintenance

There is no need for any yearly maintenance fee once you have obtained IEC.

Lifetime validity

IEC is permanent documentation having lifetime validity.

No risk of illegal transportation

IEC is centralised, which helps the officials to manage the cross border business.

Scheme benefit

The IEC registered firm can avail the benefits as well as subsidies declared bu the customs.

No need to file again

There is no need to register IEC again.

No compliance

There is no need for filing any annual fining or return 

Conclusion

Obtaining IEC code becomes mandatory for commencing import export business. Online import export code registration makes the process more simplified and hassle-free. There is no need to file for renewal of IEC because the code has lifetime validity. DGFT has various regional offices in whole of India.


Comments

Post a Comment

Popular posts from this blog

What is Fire Department NOC all about?

-
Image
With the growth in the Real Estate Sector and flexible legal system, there is an alarming increase in fraudulent practices in the purchase of properties and its usage. The increasing level of deceptive practices has taken the attention of government who has mandated several licenses compulsory along with scrutinizing of property documents before allotting licenses for the property deals. The shocking incident occurred back in 2011 in which a fire broke out in Kolkata hospital caused injury to approx 100 lives. This incident witnessed several government hospitals and schools in Delhi were ordered to be shut down because they don’t hold valid NOCs. These incidents have pushed the government to take strict actions and issue stern warnings to the multi-story building by advising them to get mandatory fire department NOC from the relevant state fire department. Fire department NOC is a State License and is allotted by the respective state fire department after verification of bui...
Read more

How to obtain Sole Proprietorship Registration in India?

-
Image
Sole Proprietorship Registration is a straightforward process as it does not involve any formal or government procedures. It is one of the most opted forms of business establishments in India. Furthermore, when a single person opens a proprietor firm, then it is called a Sole Proprietorship. Moreover, you can validate your Sole Proprietorship firm by taking government licenses based on the type of business you are running. What to know more about Sole Proprietorship Registration ? Keep reading this blog to know more about Sole Proprietorship firm and how to register one for you. About Sole proprietorship firms When a person solely runs a proprietor firm, then that type of firm is called a sole proprietorship firm. Also, this type of business has the minimum compliance and another requirement along with least registration fees. However, there is no formal way of registering a Sole Proprietorship firm. Thus, you can obtain other government licenses and authorizations to prov...
Read more

How to apply for FIEO Registration?

-
Image
With a perspective to provide a genuine identity to the exporters in our country, the Government of India has established an organisation called FIEO abbreviated as Federation of Indian Export Organization. It is the organisation which represents the interest of the government recognised exporting firms such as Export House, Star Export House, Trading House etc. The organisation is not only involved in promoting the export of merchandise, but it also promotes the export of services. FIEO Registration is the mandatory requirement for every exporter in our country through which they can start and continue their international trading. Here we will have a look at the entire procedure for the FIEO Registration. What is FIEO? Federation of Indian Export Organization popularly known as FIEO was established in the year 1965 by the joint collaboration of Ministry of trade and commerce and Private Trade and Industry. It is the apex body of the commodity boards, export promotion counc...
Read more