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Introduction
IEC is also known as Import Export Code. It is important for the import and export of goods and services both. IEC (Import Export Code) is required by any individual who is willing to do the business of import and export in the country. There are many prerequisites for doing business on an international level and in the business of import & export, getting IEC is the most important pre-requisite to kick start the business. IEC is a code of ten digits. IEC remains valid for a lifetime, the individual does not need to take or renew the certificate again and again. The importer can not import things into the country without the Import Export Code and the exporter can not avail of some specific rights provided by the Director General of Foreign Trade (DGFT) if he or she is not taking the IEC. Hence, not only it is mandatory but beneficial, the individual can avail a lot of special rights just by having it.
Situations for which the IEC (Import Export Code) Registration is Required
- ⦁ The situation, when the import businessman has received the goods from the offshore and now that individual needs to clear his shipments the IEC is required or asked from the customs authorities. The import businessman can not import things into the country without the Import Export Code.
⦁ If the businessman is sending money abroad through banks then banks ask for the IEC (Import Export Code).
⦁ The situation, when the export businessman wants to send his or her shipments to abroad.
⦁ If the businessman is receiving money in the form of foreign currency from abroad directly in his or her bank account then banks ask for the IEC (Import Export Code).
The Entities, who can Apply for IEC (Import Export Code) Registration
The following entities can apply for getting the IEC (Import Export Code) Registration.
⦁ Proprietorship firms
⦁ Partnership firms
⦁ LLP (Limited Liability Partnership) Firms
⦁ Private Limited Companies or Public Limited Companies
⦁ Trusts
⦁ HUF (Hindu Undivided Family)
⦁ Society
Procedure For Getting the IEC (Import Export Code) Registration
⦁ STEP NUMBER: 1. Go to the official website of DGFT i.e. https://www.dgft.gov.in/CP/.
⦁ STEP NUMBER: 2. Go to the homepage of the same and click on the services tab.
⦁ STEP NUMBER: 3. After that you will see multiple options for various services, choose IEC Profile Management Option from the list.
⦁ STEP NUMBER: 4. Then, a new page will open and click on the ‘apply for IEC’ option.
⦁ STEP NUMBER: 5. Click on the option of REGISTER and SEND OTP.
⦁ STEP NUMBER: 6. You will get the OTP to enter it and click on the REGISTER option.
⦁ STEP NUMBER: 7. After successfully putting in OTP, you will get verified and receive a password.
⦁ STEP NUMBER: 8. Now, you have successfully registered your business on DGFT. Now you can easily login into your account by putting username and password.
⦁ STEP NUMBER: 9. Now, you will see the option of ‘APPLY FOR IEC’.
⦁ STEP NUMBER: 10. After that fill out the form that you saw after choosing the ‘APPLY FOR IEC’ option and upload the required documents that I will add below and pay the required fee and click on the option of ‘CLICK AND GENERATE IEC CERTIFICATE’.
⦁ STEP NUMBER: 11. The applicant will get the IEC Code that is generated by the DGFT. Now take the print out of the certificate for the safety purpose and you have generated your IEC successfully
Procedure to obtain IEC Registration Certifacte online
Choose a service you require
Fill up the application form
Upload the required documents
Make online document
Excutive will process application
Receive certificat on mail
Details and Documents required for IEC (Import Export Code) Registration
The following documents are required for the IEC (Import Export Code) Registration.
⦁ Copy of the PAN Card of the individual or firm or company or whatever organization for which you want to get the IEC (Import Export Code) Registration.
⦁ Copy of the Aadhar Card or Voter ID of the individual who is applying for the IEC (Import Export Code) Registration.
⦁ Enter the CIN (corporate entity number), If the IEC (Import Export Code) is getting registered for the LLP (Limited Liability Partnership) Firms, Private Limited companies, Public Limited Companies
⦁ Enter the GSTIN of the firm or company
⦁ Name of the firm or company or company or whatever organization for which you want to get the IEC (Import Export Code) Registration is required.
⦁ Contact details of the firm or company or company or whatever organization for which you want to get the IEC (Import Export Code) Registration are required. Contact details will include its email id and mobile number.
⦁ Details of the address of the applicant firm or company or any organization.
⦁ Copy of the address proof of the firm is required. For that purpose, the applicant can add a copy of the electricity bill or rent agreement or sale deed or Lease Deed or Partnership Deed.
⦁ If the address proof is not in the name of the firm or the company or the other applicant organization, the owner needs to provide the no objection certificate in the name of the firm for the purpose of using the premises by the applicant firm with the address proof of the property of the owner.
⦁ Enter the required details of the trustee or proprietor or director of the firm or company or whatever organization for which you want to get the IEC (Import Export Code) Registration.
⦁ Submit the correct details of the Bank Account of the firm or company or company or whatever organization for which you want to get the IEC (Import Export Code) Registration.
⦁ A self-attested and self-addressed envelope needs to be submitted for the delivery of the IEC (Import Export Code) certificate.
Pre-requisites that an applicant need to fulfil before applying for the IEC (Import Export Code) Registration
⦁ After the registration, the individual needs to have the valid login id and password of the DGFT Portal handy with him or her.
⦁ The individual needs to incorporate the firm or the HUF or the Society or the company if he or she wants to get the IEC (Import Export Code) Registration in its name.
⦁ The individual must get the PAN Number of the firm or the HUF or the Society or the company etc. and it should be active. Apart from that, the individual should provide the name, date of incorporation etc. as per the PAN.
⦁ The firm or the company or company or whatever organization for which the individual wants to get the IEC (Import Export Code) Registration should have a bank account in its name.
⦁ Before applying, the firm or the company or company or whatever organization for which the individual wants to get the IEC (Import Export Code) Registration should have an address proof.
Benefits of getting the IEC (Import Export Code) Registration
Now a days, everyone wants to do big business that will flourish on an international level. But it is not that easy to do business on an international level without any hassle. Before expanding the business on the international level, some licenses and approvals need to be taken. There are many prerequisites for doing business on the international level and in the business of import & export, getting IEC is the most important pre-requisite to kick start the business.
There are the following benefits of getting the IEC (Import Export Code) Registration.
⦁ Gives international reach and exposure:
The IEC (Import Export Code) Registration gives international reach and exposure to your business as it is mandatory to get the IEC (Import Export Code) Registration before entering into the international business. It will not only give international exposure but recognition of the goods and services of your business.
⦁ Hassle free process:
Getting the IEC (Import Export Code) Registration is a hassle free process as it requires very less number of filing or documentation process.
⦁ Long validity:
IEC (Import Export Code) remains valid for a lifetime, the individual does not need to take or renew the certificate again and again. It will remain valid until the holder firm or individual exists or the business exists or it gets revoked or gets surrendered by the company or individual who owns the IEC.
⦁ Easy Online procedure:
The process of getting the IEC (Import Export Code) registration is online and easy. You can get your IEC (Import Export Code) with our help of us really easily without any hassle in ten to fifteen days.
⦁ Provide the authenticity to the goods:
It is important to get the IEC (Import Export Code) Registration for the import export business of goods and services. Hence, it will give the authenticity to the goods and services and reduce the illegal supply or business of import and export. It makes the import and export of illegal goods impossible.
⦁ Comes with specific rights and benefits:
Apart from providing hassle free import export business, the IEC (Import Export Code) Registration provides various rights and benefits for the export and import business. The various authorities like DGFT, customs and the Export Trade Council etc. provide various special rights and benefits.
⦁ Less compliance:
Unlike other registration and Approval, the IEC (Import Export Code) Registration does not require several compliances. You do need even need to renew it again and again. It is valid for its life time until and unless it is surrendered or got revoked.
⦁ No requirements of return filing:
The IEC (Import Export Code) needs no filing of returns. After getting the IEC (Import Export Code) registration, you do not need to follow any further process for its validity. Apart from that you do not even need to file any returns for export transactions with DGFT.
Who are Sheris Advisors ?
Sheris Advisors is a platform that helps people in filing online legal forms. It provides a full range of Regulatory and certification, etc. It also helps in registering companies and provides professional assistance. You can get any legal advice or if you want to get your company registered then we are just one call or text away.
sherisadvisors@gmail.com.
