Tags: importer, exporter, code, registrations
Considering the recent trends in the business sector, a gradual shift of businesses is observed from the local market to the international market. To spread reach and conquer the international market, the import and export activities are undertaken which further requires the Import Export Code.
Import Export Code is a 10 digit unique code allotted to the business entities that allow imports and exports. The code is allotted by the Directorate General of Foreign Trade (DGFT) to the applicants.
Register for IEC code online comes with one-time registration and lifetime validity. The process for import export code registration has become simpler with online IEC application supported by a few documents.
Unless the entity holds IEC, it is not allowed to import or export goods/services into the foreign market. It is a key to enter the international market and widening the scope of business. With IEC, one can take their products or services to the global market and expand business with ease.
The complete process of applying for importer exporter code is simple and hassle-free with the online Import-Export license application. It merely takes 3-4 working days for obtaining the importer exporter code. The applicant can immediately download the e-IEC through the link provided in the mail after uploading documents and payment of the fee.
Once the import-export code is obtained, there is no adaptational formalities. Unlike other tax registrations, the IE code holder also does not need to comply with any kind of annual filing or return filing. Also, the code is valid for a lifetime so there is no need for renewal.
The importers and exporters are eligible to benefit from many Government schemes. The entities are eligible for the schemes under DGFT on their import/export. They can avail the subsidies from Customs and Export Promotion Council or similar government organizations.
PAN Card of shareholders and Directors. Foreign nationals must provide a valid passport.
Sale Deed/ Rent Agreement/ Latest Electricity Bill/ Telephone Bill in name of applicant
A cancelled cheque of current account bearing entity’s pre-printed name or Bank Certificate in form ANF-2A(i)
For a company/partnership, PAN card of the Director/Partner is a must
Entity should provide the registration certificate with MoA- AoA / LLP Agreement, or a Partnership Deed as applicable
Who is required to make online IEC code registration application?
The IEC registration is required under the following circumstances:
1) It is a pre-requisite for any entity planning to engage in the business of import and export from India.
2) In case of service or technology, if the provider is taking benefits under the Foreign Trade Policy, then the IE code registration is mandatory for them.
Whether obtaining IE code is mandatory for all?
No. Import Export Code registration is not compulsory for the below-mentioned activities:
If the import or export of goods is done for the personal use.
If the import or export is carried out by any Government Ministry or department or a notified charitable organization.
Any other category mentioned or defined by the DGFT.
Can an individual apply for IEC registration?
Whether copy of PAN Card is required to be uploaded?
What is the validity of import export code registration?
Whether the separate application is to be made for other branch?
Whether more than one IEC can be issued against one PAN?
Is there any penalty for not having an importer and exporter code?
Whether renewal of IEC registration is required?
Is there any compliance after obtaining IEC?
Can IEC information be modified?
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