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Import Export Code Registration
SAHU & ASSOCIATES:Import Export Code (IEC) is a registration is mandatory for those who are involved in import and export business. To get IE Code you need to fill import and export code application form and attach required documents with it. After attaching the required documents you need to submit your application to Directorate General of Foreign Trade (DGFT). The Directorate General of Foreign Trade (DGFT) department will verify your documents and application; if there is any rectification needed they will send back application to you. After that you to respond within 15 days of application otherwise department will reject your application. After all the process once the application is filed in DGFT department, they will issue IE Code in 3 to 7 business days.
IEC Code is issued for lifetime; it means that it doesn't have any expiry. In short any entity that has IE code doesn't have to renew their license because it has lifetime validity. And there is no need to file any return.
IEC is also known as IEC Code, Import Export Number, Export License, Import Export License, Importer Exporter code, Import License, Export Number etc.
What is a Import Export Code or License?
Import Export Code (IEC) or Import Export License is the 10 digit code issued by DGFT office in India. IEC code registration is mandatory for every exporter importer to do the business of import export legitimately.
How to register Import Export Code (IEC)?
Import Export Code (IEC) is mandatory for all exporters and importer in India as per the Foreign Trade Policy. All the registration steps has been broadly categorized under three sub heads:
# Apply for DSC: The IEC registration process is completely online and hence needs to be signed by a digital Signature (DSC). DSC is a tool which is used to sign on computers.
# Fill online Application & Upload Doc: After applying for DSC, one must fill the application and upload the documents properly to avoid any mistake. A small mistake will also leads to rejection of application.
# Upload and Follow Up: Once application is filed properly and submitted then you must follow up in case IEC is not issued within time limit.
Why Import Export Code (IEC)?
Reasons to Register a IE Code
1. Every importer, as well as every exporter, is required to register IEC.
2. IEC holder is not required to file any returns
3. It is issued for a lifetime and needs no renewal.
4. You can avail benefits on the export or import from DGFT, Custom etc.
FEATURES OF IMPORT EXPORT CODE
Business growth: Taking your services or products to the international market will enlarge your businesses. IEC enable you to sell products outside India
Export Subsidies: On the basis of IEC, companies or firms can benefits and subsidies their exports/ imports from DGFT, Customs and export promotion council.
Lifetime validity: IE Code is issued for the lifetime of the entity and requires no renewal. So once an IE Code is obtained, it can be used by that entity for all its import or export transactions without any further hassles.
No Return Filing: IE Code does not require filing of any return. Once, an IE Code is issued there are no further procedures required to maintain validity of the IE Code. Even if import or export transactions occur, there are no filings required to DGFT.
Individuals can have IE Code: Even individuals who are proprietors of a business can obtain IE Code in their name. It is not necessary to incorporate a business entity for obtaining IE Code.
Documents required for Import Export Code Registration
For Individuals / Proprietorship
- PAN Card
- Aadhar Card / Voter ID / Passport / DL
- Cancelled Cheque of Current Account
- Passport Size Photo
For Company / LLP / Partnership
- Pan Card of Establishment
- Pan Card of Authorized Person
- Aadhar Card / Voter ID / Passport / DL of Authorized Person
- Passport Size Photo
- Cancelled Cheque of Current Account
Cases in which Import Export Code is not mandatory
To start an import/ export business in India, the first thing is to obtain an IEC or Import Export License. An IEC is necessary for importing and exporting of goods.
- In case the import/export is of services or technology, IEC is required in only limited circumstances, when import/export is in 'specified services' or 'specified technologies', i.e. services or technologies in which international trade is restricted by Government of India as they pertain to national security, such as dealing in nuclear weapons, automatic guns ext.
- Import Export Code is also not necessary to be taken if the goods imported or exported is for personal use and not to be used for commercial purpose. on saving account is 2% plus rate provided by nationalized bank on saving a/c. E.g. SBI rate is 4% then max rate will be 6%.
- Import / Export done by Government of India Ministries and Departments, Notified Charitable organizations also not required to have Import Export Code.
How to Export From India?
To know if your venture is ready to enter the import/export market? Here are some things you need to have in order.
# Set Up the Business Entity: The first thing is to open a business Entity, whether it is Proprietorship, LLP, Partnership or Company Set Up the Business with an attractive name and logo.
# Pan Card of Business: If open a Partnership, LLP or Company, then having a Pan Card issued by Income Tax department Get Pan Card for Business Mandatory.
# Current Account with Bank: Once Registered and got the Pan card duly issued by IT Department, you need to open a Current Open Current Account with any commercial bank.
# Get the IEC Code Issued: This is one of the most important requirements to get your import and export business started.IEC Get Import Export Code is required in all cases except in case of restricted or prohibited.
# Getting RCMC issued: For Importing goods having IEC is enough, but for doing exports and claiming export benefits you need to obtain Get RCMC from an RCMC, granted by the concerned Export Promotion Councils.
Advantages of Import Export Code (IEC) Registration
1. It opens up International Market for those who are trading in the domestic market.
2. Online Registration with lifetime validity with no compliances.
3. Can be used for both Goods and Services by Manufacturer, Trader or Service Provider.
4. Cheaper cost of registration to connect with the world.
FREQUENTLY ASKED QUESTIONS IEC CODE REGISTRATION
Q. Whether Import Export Code (IEC) is mandatory for import of goods?
Import Export Code (IEC) is compulsory for all imports and exports of goods and services in India. However, certain categories of importers are exempted from obtaining IEC.
Obtaining Import Export Code (IEC) is the first step to be in import Export Business in India.
Q. Is there any renewal charges?
IEC is valid for the lifetime; there are no renewal charges for that.
Q. What are the benefits of IEC?
On the basis of IEC, companies can obtain various benefits on their exports / imports from DGFT, Customs, Export Promotion Council, etc.
Q. Can I modify the IEC information?
Yes, you can easily modify the IEC information through Makemyregistration, You just need to provide Makemyregistration with the supporting of the modification and that's it, you are done.
Q. How much time does it take to get an IEC?
With Makemyregistration, it will take 3 to 4 working days to get an Import Export Code (IEC).
Q. Do any compliance need to be done after taking IEC?
No Compliance needs to be done in the case, of Import Export Code (IEC). Once IEC issued by DGFT it is valid for a lifetime period. IEC is a compliance free document.
Q. Is Import Export Code (IEC) mandatory for both Import & Export of goods?
IEC is compulsory for both imports and exports to and from India. However, certain categories of importers are exempted from obtaining IEC.
Q. How can I get the Duplicate copy of IEC?
You need to login on DGFT website, and from there you can easily download the copy of the IEC allotted to you.
Q. Can 2 IEC be issued against one Pan?
No, only one IEC can be issued in a lifetime against one pan card.
Q. IEC is delivered in Physical format or Digital format?
Nowadays, IEC will only be issued in digital format by the DGFT. No Physical copies are sent to applicant address.
Q. How to Apply for IEC?
With Makemyregistration you don't need to worry, just give us the scanned documents and two working days and you have your IEC Number in your hand.
Q. Is Pan Card is Essential Document?
Yes, having PAN is mandatory.
If You are an Individual - Pan Card of Individual.
If you are Firm or Company - Pan card of Firm/Company & Pan Card of Director/Partner
Q. What is IEC Number?
IEC Stands for Import Export Code. No export or import shall be made by any person without an Import Export Code (IEC) number unless specifically exempted.