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Import Export Code (IEC)Registration

Import Export Code (IEC)Registration

Are you into importing or exporting goods? If so, you should have an Import Export License legally. The IEC code Online is a ten digit code issued by DGFT (Directorate General of Foreign Trade). Every businesses and organization that are engaged in export and import of goods need to register import export code mandatorily.

The IE code is valid for lifetime, and therefore you need not to worry about renewing or other issues. Any importers or exporters will not be able to import or export the good without this IEC code registration, and the people can take advantage of exports from Directorate General of Foreign Trade customs and Export Promotion Council if they do not hold the IEC Code.

What is Import Export Code (IEC)Registration ?

When clearing the custom, IE code should be qouted to the importers and also bank needs the importers IE code, while sending money to abroad. Apparently, the exporters should estimate the IE code while sending shipments. It is mandatory for the bank to have IE code of the exporters, while receiving money from foreign nations.

Benefits of Registering an IE Code:

There are multiple advantages of registering an IE Code for both importers and exporters, here you go!

No return Filing:

IE code does not need any filling of return. There is no other procedure to be followed to maintain the IE Code validity once you have been issued with the IE code. There is no chance for any fillings needed to DGFT even if export or import transaction occurs.

Proprietors with IE Code:

Even independent persons who are business proprietors can acquire this IE code in their own name. You need not to start a business entity for acquiring this IE code.

Exporters with IE Code:

All exporters who export services or goods from India should mandatorily have an IE code. The code needs to be quoted when sending any shipments. Similarly, the bank needs exporters IE code when receiving the money from foreign countries.

Lifetime-No renewal:

IE code is issued for a long time that’s for life, and therefore you need not to renew them. The entity can use it for all export and import transactions without any further difficulties.

Business Expansion:

IEC assist you in taking any products or services to the universe and helps in business growth.

Easy Processing:

Obtaining IEC code registered from the DGFT can be within a short period of 10 to 15 days of submitting the application form. The people who apply are not required to provide import or export proof gets the IEC code.

What are the Documents required in respect of Proprietor, director, partner, and individual?

  • Passport size photograph.
  • Authorization letter if you are in partnership with another member.
  • Authority from the rest of your company directors.
  • Self Declaration or Board Resolution.
  • A canceled cheque of an independent person.
  • PAN Card copies
  • Aadhar card, voter ID card or any other identity card copies.
  • Partnership deed copy.
  • Telephone bill in the name of an independent person in case of an individual.

Documents required for IEC Code Registration in case of Entity:

  • PAN Card Company or firm copy.
  • Rent agreement copy.
  • Canceled firm cheque.
  • Telephone bill in the name of the business.
  • Incorporation certificate.
  • AOA and MOA.
  • Property Papers copy.
  • Landlord NOC.
  • Water or electricity bill of the business place.
  • Service Tax Returns copy in case of proprietorship.
  • Bank Statement of Company or firm.
  • One letter company head.

How to Apply IEC code

People can file an FSSAI application with the government directly, but this process is long and requires at least 60 days to get completed. Here are some of the steps you can follow to apply the IEC code.

Preparing Applications:

To get the IEC code, you need to have applications that are made in the format of Aayaat Niryaat Form 2A to the DGFT in the particular region where the company’s register office is established. There is also an online filing facility arranged by the government to obtain IEC code online.

Processing Application:

Details of the directors, partners, and proprietors of the business like bank certificate, bank account details are the fundamental requirements of ANF 2A. Every IEC documents required should be submitted along with the ANF 2A. Apart from this, the ANF2A form also asks for the Digital Signature.

Fee Payment for IEC:

Once completing the application, make sure whether it is filled with DGFT. You also should pay an application to the government. There is a chance for the IEC Department to send back the application for change or correction. You need to reply to the DGFT in 15 days.

Issuance – IEC Code:

The directorate general of foreign trade will provide an IE code for every enterprise and business once the department entirely verifies the application. This IR code can be provided in both hard copies as well as soft copy. You can start the transaction of import and export once you receive the softcopy to your Email.