IMPORT EXPORT CODE
What is Import Export Code?
In simple terms, an individual or an entity requires 10 digit IEC code to import or export any products or services. This code is called as Import Export Code issued by DGFT, Ministry of Commerce and Industries. Import Export Code and License are one and the same. This code once generated become lifetime validity. Once the necessary documents are submitted, the certificate is generated within 2-3 working days. This code or certificate can be issued in company’s name.
IEC license is one of the prerequisite when you are planning to import or export goods and services from India. Doing business globally and going beyond the limits of domestic market, an entity can plan for IEC registration.
This code can be known with various names i.e., Importer exporter code, import export number, IE code, IE license, import export license, etc. There is no need to renew the certificate or code generated.
When IEC code is obligatory?
• In case, custom authorities need to clear shipments at the time of imports.
• In case, bank needs to transfer the money when imports arise.
• At the time of exports the shipments IEC is required.
• That, when exporter is supposed to accept money in foreign currency, IEC code is required to transfer the money to his account straightaway.
Government fees is Rs. 500 as well as professional consultancy charges is to be taken.
- PAN Card of applicant and each shareholders and directors
- Identity Proof (Voter ID / Driving License/ Passport)
- Address Proof (Bank Statement / Electricity, Mobile, Telephone Bill)
- Proof of Registered Office
- Utility Bill as proof must be latest
Whole procedure is to be processed online and there is no need to go anywhere physically or submit the documents manually. Below are the steps required to be followed while doing IEC registration:
- Visit the DGFT government website, go to the menu of online IEC application and fill the details.
- OTP will arise after entering mobile number and email id, enter and submit.
- Screen of IEC application form will be displayed where organization details needs to be submitted.
- Upload the documents as required and make the payment of the value mentioned below as government fees.
- Once all the formalities of IEC registration is completed, IEC certificate will be generated over by e-mail after payment.
- Business Growth
Trading or dealing business in international market will boom the industry and enlarge the business like Amazon or Alibaba, etc. In addition to this, IEC itself enable businessman to sell products outside India. To avail growth opportunities through import or export, IEC is mandatory.
- Export Subsidies
With the help of IEC certificate, any company or firms can take the benefit of subsidies their exports and imports from DGFT. As Indian government follow the policy of exporting the goods and not taxes, exporter can get easily the refund on taxes paid. Even government waive some import duties, if exporter exports the goods in promised time.
- Lifetime validity
As the above term itself reflects that once code is generated, it will be considered valid for lifetime till the entity exists and no further renewal is required again and again.
- No return filing
Unlike other registrations, IE code does not require any return filing process. No further compliances are to be maintained after IE code. Also, no periodical returns is required to be filed.
- Individuals can have IE code
Even individuals like proprietor of proprietorship firm can obtain IE code in their name. There is nowhere mentioned that only companies can obtain the IE code.
- What is IEC?
Import Export Code is essential for those who trade products and services to or from India. IEC contains 10 digit number issued by DGFT, Ministry of Commerce and Industries.
- What is the validity of IEC?
Once IEC is allotted to an applicant or company, it will be counted valid for lifetime.
- Who requires an Import Export Code?
Any person or entity doing business with international market regarding import or export of products and services must register for IEC certificate.
- Can an individual obtain Import Export Code?
Any individual who is a sole proprietor of an Import Export Business can obtain Import Export Code registration.
- How many IECs can a person get?
Only one, a single business owner can register for one IEC.
- Can any changes be made in IEC?
Obviously! If you want to make any modifications, you can raise a request with the DGFT and produce the relevant documents. Only then, modification can be made. A certain value is to be charged as government fee for the same.
Maximum 2-3 working days it will take from documentation to generation of IEC certificate.
Hurry up!! IEC license is one of such requirement. IEC certificate will be beneficial to take your business to the international market. As there is no maintenance fees for filing or renewal of the same. In addition to this, it reduces illegal transportation imports and exports. We are here to help you. Consult with us is still faces any query!!
For further queries please contact us on: Email Id Swati@neusourcestartup.com and Phone Number 9540026175.
The NeuSource Startup Mind is the finest business startup consultant that offers various services of registration like Proprietorship Firm Registration, Partnership Firm Registration, LLP Registration, Company registration, GST Registration, Copyright Registration, ISO Registration Trademark registration and other FSSAI License etc.
CS Ayushi Agrawal
All in Startup: Launching a New Idea When Everything is on the line!! But doing something that isn’t done before takes the world from zero to one. NEUSOURCE takes an progressive approach to building startups. THINK OUTSIDE THE INBOX!!