Import Export Code Registration
In today’s world of fierce competition, everyone is looking to expand your business to the limitations of their local market. However, doing business internationally isn’t a cup of tea for everybody. Prior to going international, you must comply with the various laws and procedures and obtain a different registration and licensing.
IEC (Import Export Code) license is one of these requirements for those who are thinking of importing as well as exporting to India. It’s also referred to as the Importer Exporter Code.
IEC (Import Export Code) is required for anyone who wants to start their export or import business within the country. The IEC is issued by DGFT (Director General for Foreign Trade). IEC can be described as a 10 digit number that is valid for a lifetime. Most importers merchants are unable to import products with out IEC. Import Export Code and similarly exporters merchants cannot get benefits from DGFT to export schemes or export scheme. without IEC.
Situations Where IEC is Required
- If an importer must remove his goods from customs authorities, it’s required by customs officials.
- If an importer makes a transfer of money overseas through banks, it’s required from the banks.
- If an exporter must ship his goods, it’s required by the customs port.
- If an exporter is able to deposit funds in foreign currency and deposits it directly into his bank account, it is necessary for the bank to approve it.
Steps Involved in IEC (Import Export Code Online)
There are easy steps for import export code online registration process, let’s have a look at them
- Go to the website of the DGFT.
- Click on the “Services” tab on the home page.
- Select the “IEC Profile Management option from the drop-down menu.
- A new page will be displayed. Select the ‘Apply to IEC button on the webpage.
- Click on the Register option. Fill in the required information and select the ‘Send OTP Click on the ‘Sent OTP’ button.
- Input the OTP and then click the “Register” button.
- After successful validation of the OTP After successful validation of the OTP, you will receive a confirmation with a temporary password, which you can modify when you log into the DGFT website.
- After you have registered at the DGFT website, log in to the site by entering your username and password.
- Click on the “Apply for IEC choice from the DGFT website.
- Fill out the Application Form (ANF 2A )) Upload the required document, make payment of the fees, and then click the “Submit and generate IEC Certificate’ button.
- The IEC code is generated by the DGFT. You may print a copy of your certificate when the IEC code has been generated.
Documents needed for IEC (Import Export Code) Registration
To be eligible for IEC Code Registration, the following documents are needed:
- Corporate or individual’s PAN Card copy.
- The voter’s ID of the individual as well as Aadhar document or passport photocopy.
- Firms, individuals or companies cancel cheque copies of their current bank accounts.
- Copies of Rental Agreement and Electricity bill Copy for the premises.
- Self-addressed envelope to be used for delivery of an IEC certificate by registered mail.
Benefits of Import Export Code Registration
There are prominent benefits of import export code registration, let’s have a look at them.
Expansion of Business
IEC helps you to take your products or services to the world market and thereby growing your business.
Availing Several Benefits
The businesses could enjoy a variety of advantages from their imports/ exports through Customs, the DGFT, Export Promotion Council, Customs, etc. Based on the IEC registration.
Returns are not filed.
IEC doesn’t require the submission of any return. After allotted, there’s no longer any obligation to follow any procedure to ensure the validity of the certificate. Even in the case of export transactions there’s no need to file any return to DGFT.
It’s fairly simple to get IEC codes from DGFT within 1 to 2 working days after making the application. There is no need to prove any import or export to obtain IEC code.
IEC code is in effect throughout the life span of an organization and needs renewal. Once it has been obtained the code can be used by the entity to protect all import and export transactions.
Cases Where Import-Export Code (IEC) is Not Mandatory
In the most recent circulatory issued by the Government, Import Export Code Registration cannot be mandatory for businesses recognized under GST. In all instances IEC is not required. PAN of the business will be considered to be a new IEC code to be used for purposes of export and import. Import Export Coding (IEC) isn’t needed in the event that the product being shipped or imported are used only for personal use and isn’t employed for commercial purposes. Export imports made by Government of India Departments and Ministries, Notified Charitable institutions are not required to have an IEC for Import Code.
How much time does it take to get the IEC code?
Once the online application about Import Export Code Online is submitted by paying the appropriate fees and requisite documents, IEC will be auto-generated. The DGFT will send an intimation regarding the allotment of IEC to an applicant through an SMS and e-mail along with a hyperlink through which the e-IEC can be downloaded and printed.
Individuals acting as proprietors of a business can obtain Import Export Code registration. Individuals can use either the name or the name of their company to apply for IEC registration.
It is mandatory to update the IEC profile every year. In case of non-updation of the IEC profile, it will be deactivated. A deactivated IEC can be reactivated upon its successful updation. However, reactivation is subject to the condition that any other action should not be taken for violation of any provisions of the Foreign Trade Policy.
Is Digital Signature Certificate (DSC) required to apply for IEC Online?
A Digital Signature Certificate (DSC) is not compulsory to apply for an IEC. The IEC application can be signed through Aadhaar authentication. DSC has been introduced in IEC to strengthen the IEC issuance and modification processes.
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