Import Export Code (IEC) Registration Consultants in India
Import Export Code (IEC) Registration Consultants in India: Businesses in India can unlock a world of possibilities through international trade. Whether you intend to import goods, export products, or expand your business globally, obtaining an Importer Exporter Code (IEC) is essential for venturing into the international market. The Directorate General of Foreign Trade (DGFT), a division of the Ministry of Commerce, issues this code. Importers rely on the IEC to navigate customs procedures and facilitate payments to foreign banks, ensuring smooth international trade transactions. Similarly, exporters utilize the IEC to streamline shipment processes and receive payments from overseas clients.
What is Import Export Code (IEC) Registration?
Any business involved in import and export activities must acquire an IEC registration certificate. This document is essential and serves as proof of authorization for importing goods into India. Commonly referred to as the IEC number, this ten-digit unique code is issued by the Directorate General of Foreign Trade (DGFT).
To facilitate the smooth importation of goods into India, it is imperative for importers to possess an IEC registration certificate. This certificate, along with GST registration, is mandatory for businesses involved in import and export operations. Both the GST registration and IE code are essential for customs clearance.
Highlighting the Value of Import Export Code (IEC)
The significance of an Import Export Code cannot be overstated. This unique code plays a crucial role in facilitating international trade by enabling businesses to engage in import and export activities. The Import Export Code serves as a mandatory requirement for any individual or entity involved in cross-border trade. It not only helps in streamlining the import and export process but also ensures compliance with various legal and regulatory frameworks. Furthermore, the Import Export Code acts as an identification number for customs authorities, allowing them to track and monitor international trade transactions. Overall, the Import Export Code is of utmost importance in promoting global commerce and fostering economic growth.
Key criteria for Import Export Code (IEC) application
To apply for IEC, you will need to have valid login credentials for the DGFT Portal. Make sure to register on the portal before proceeding.
IEC application can be submitted on behalf of various types of firms such as Proprietorship, Partnership, LLP, Limited Company, Trust, HUF, and Society.
Your firm must have an active Permanent Account Number (PAN) and provide details like Name as per Pan, Date of Birth, or Incorporation.
It is essential for the firm to have a bank account in the name of the firm and a valid address before applying for IEC.
Remember, the details provided will be validated with the Income Tax Department site.
Validity period assigned to an Import Export Code (IEC)
Obtaining an IE Code registration is highly recommended for all exporters and importers as it offers a one-time process with lifelong validity. This means that there is no need for any updates, filings, or renewals. Unlike tax registrations such as GST or PF, importers and exporters are not required to fulfill any compliance requirements like annual filings. The IE Code remains valid until the business exists or until the registration is revoked or surrendered.
Registration process for obtaining an IEC (Import/Export Code) involves the following steps:
Start by visiting the DGFT website.
On the homepage, click on the ‘Services’ tab.
From the drop-down list, select the ‘IEC Profile Management’ option.
This will open a new page. On the page, click on the ‘Apply for IEC’ option.
Next, click on the ‘Register’ option and provide the required details. Click on the ‘Send OTP’ button.
Enter the OTP received and click on the ‘Register’ button.
Once the OTP validation is successful, you will receive a notification with a temporary password. You can change this password after logging into the DGFT website.
Login to the website using your user’s name and password.
On the DGFT website dashboard, click on the ‘Apply for IEC’ option.
Then click on the ‘Start Fresh Application’ button.
Fill in the general information, details of the proprietor/partner/director/Karta/managing trustee, bank information, and other required details. Attach the Digital Signature Certificate (DSC) and make the payment.
Once your payment is confirmed, you will be instantly redirected to the DGFT website, where you can conveniently view your receipt.
The IEC Certificate will be sent to your email. You can download it by logging into the DGFT website and selecting the ‘Print IEC’ option under ‘IEC Profile Management’.
The following documents are necessary for the registration of Import Export Code (IEC):
The PAN Card copy of the individual, firm, or company is required.
In order to authenticate the proprietor, they must provide a copy of their voter ID, Aadhaar card, or passport.
Documentation proving the establishment, incorporation, or registration of the partnership, society, proprietorship firm, company, HUF, etc. is necessary.
Proof of address for the business premise, such as a sale deed, lease deed, rent agreement, or utility bills (electricity bill, telephone bill, or mobile bill) is required.
Copies of cancelled cheques from the current bank accounts belonging to the individual, company, or firm are needed.
Please consist of a self-addressed envelope for the transport of the IEC certificates through registered post.
The IEC registration offers a range of benefits to businesses.
Expanding your business
IEC registration can help you expand your business by allowing you to take your services or products to the global market.
Access to various benefits
With IEC registration, companies can avail several benefits from organizations such as the DGFT, Export Promotion Council, Customs, etc., for their imports/exports.
No requirement for return filing
One of the benefits of IEC registration is that it does now no longer require the submitting of any returns. Once you have been allotted an IEC code, there is no need to follow any specific process to maintain its validity.Even for export transactions, there’s no requirement to document any returns with DGFT.
Simple application process
Obtaining an IEC code from the DGFT is a relatively easy process that can be completed within 10 to 15 days after submitting the application. There isn’t always any need to provide proof of any export or import sports activities to reap the IEC code.
Lifetime validity
Once obtained, the IEC code is valid for the lifetime of the entity and does not require any renewal. It can be used for all export and import transactions conducted by the entity.
Conclusion
Legal Guides Associates is here to assist you in acquiring an Importer Exporter Code (IEC) in India. Our services include providing you with comprehensive information about the IEC application process, including the eligibility criteria and required documents. We can also help you prepare the necessary documentation, submit your application to the Directorate General of Foreign Trade (DGFT), and track its progress. Once your IEC is approved, we will ensure that you receive your certificate promptly. Additionally, our experts are available to address any queries or concerns you may have regarding IEC or international trade. By choosing Legal Guides Associates, you can save time and ensure that your IEC application is handled efficiently and accurately, allowing you to focus on your import and export activities.
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