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Import Export Code Registration
Import Export Code, commonly abbreviated as IEC is the first registration required for the business entities who are dealing in Importing or exporting goods and services from India. Import Export Code is a unique 10-digit number issued by the Directorate General of Foreign Trade (DGFT). It is a passport for import and export business. IEC is required by importers to clear customs and shipment and to transfer money to foreign banks. Exporters require IEC to send shipments and receive money from foreign banks. In short, no importer/exporter can operate in India without getting the IEC.
Why register for IEC?
• The IEC registration helps traders open the doors to venture into the global market, including registration in online e-commerce operators.
• Businesses can avail of government schemes like Merchandise Export from India Scheme (MEIS), Service Export from India Scheme (SEIS), and others from Customs and Export Promotion.
• No compliance requirements pos registration and hence maintaining the business is relatively simple.
• The process of obtaining IEC is not tedious and can be obtained with minimal, basic documents.
The detailed procedure for registration of IEC:
To get your Import Export license online, you will need to do the following simple IEC registration procedure.
1) The online IEC application form in the format Aayaat Niryaat Form no. 2A is filed with the Directorate General of Foreign Trade. Alternatively, it could also be done offline at the Regional office of DGFT.
2) All the required documents, including bank details and DSC, have to be submitted.
3) Next, the Import-Export code will be allotted and the application will be processed further.
4) Once the documents and application are verified by the authorities, the import-export license will be granted as a soft copy to the entity.
In the following cases the IE Code would be required:
• At the point when a shipper needs to clear his shipments from the traditions at that point, it’s required by the traditions specialists.
• At the point when a merchant sends cash to another country through banks that point, it’s required by the bank.
• At the point when an exporter needs to send his shipments at that point, it’s required by the traditions port.
• At the point when an exporter gets to cash in unfamiliar money legitimately into his ledger then accommodation of IEC is needed by the bank.
One shouldn’t be an enlisted element to apply for import send out code; you can apply even as a person. IEC Certificate is otherwise called Export License, Import License, IE Code, IEC code, EXIM License. All have similar importance.
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Advantages of IEC Registration in India
An online Import Export Certificate once gave is legitimate for a lifetime and has no expiry date. It needn’t bother with any recharging too. Import Export Code is substantial from one side of the country to the other and overall manufacturing plants or parts of the association.
Needed by Importers
All merchants who wish to import merchandise in India need to have a substantial IE Code. IE Code must be referenced in all pertinent traditions archives. Financiers would expect you to have legitimate IEC enrollment for making installments abroad.
Needed by Exporters
All exporters who trade products out of India need to have a legitimate IE Code. It must be cited in pertinent traditions reports. Brokers would expect you to have an IEC enrollment while getting cash from abroad from your clients.
An IEC code once applied needs no restorations. Further, there are no occasional re-visitations to be documented regarding an IE Code.
IEC For Individuals
An individual may likewise apply for Import Export Code Enlistment There is no limitation on you to have a business enrolled.
You need not present any confirmation for import or fares for applying for IEC Code. IEC Application is an online cycle.
Documents required for IEC Registration
- Passport Size Photograph
- PAN Card
- Bank Account Details
- Pre Printed Cancel Cheque
- Certificate from Bank
- Address Proof
Steps to get IEC Code
Complete a simple Form.
Submission and verification of documents.
Application for IEC Registration
IEC Code alloted
Fill Simple Checklist
A compliance manager will get in touch with you to collect your documents along with a simple checklist. You need to fill up that checklist and submit along with your documents for verification. Our team of experts will verify the documents provided by you and take the procedure further. The compliance manager dedicated to you will keep you updated on the progress of Company Registration throughout the process.
Once your documents along with Checklist are submitted, we shall proceed with the application of your Digital Signature and subsequently the approval of name for your Private Limited Company. You may suggest up to three names of your choice. Names should be unique and suggestive of the Company’s business. We will proceed with application for name for your Private Limited Company in Part A of SPICe Plus form.
We will draft the MOA (Memorandum of association) and AOA (Articles of association). We will file the incorporation documents with MCA through in part B of a form called “SPICe Plus (SPICe +)” along with the subscription statement. Usually, MCA approves the forms within 4-5 days once filed and issues Incorporation Certificate with CIN. PAN & TAN are allotted alongside. You may then proceed to open your Company Bank Account.