IEC Registration

Benefits of IEC Registration

The Import Export Code is mandatory for businesses engaged in import or export. Registration has several benefits, including:

1. Open Doors for International Trade

IEC Registration is important for business persons and entrepreneurs interested in foreign trade. It allows businesses to tap into the global market. The IEC code is proof that the business is following the rules set by the DGFT for international trade. IEC streamlines customs clearance and is relied upon by exporters for sending shipments and receiving payment from overseas clients.

2. Avail Various Benefits from the Government

IEC registration enables businesses to avail various government schemes like Merchandise Exports from India Scheme (MEIS), Service Exports from India Scheme (SEIS), Rebate of Duties & Taxes on Exported Products Scheme (RoDTEP), Export Promotion Capital Goods Scheme (EPCG), Advance Authorization Scheme (AAS), NIRVIK scheme, etc. Agricultural and processed food exporters should also consider APEDA Registration to avail additional export promotion support from the Agricultural and Processed Food Products Export Development Authority. Additionally, exporters looking to benefit from specific Export Promotion Councils must obtain RCMC Registration to access scheme-specific benefits under the Foreign Trade Policy.

3. Tax Benefits

Exporters registered with IEC can claim refunds for Integrated Goods and Service Tax (IGST) paid on exports. To avail these GST benefits, businesses must first complete their Gst Registration Online before initiating export activities.You have to file a Letter of Undertaking (LUT) under GST that allows experts to take exemption from payments for goods or services exported. The IEC code is the most crucial document for any business that works with imports and exports, and it is required for every type of company, including proprietorship firms, partnership firms, limited liability partnerships, limited corporations, trusts, Hindu undivided families (HUF), and societies.

4. Market Expansion

IEC allows businesses to trade internationally, enabling them to access the global market. A new market not only boosts profitability but also helps businesses to establish relationships with international clients and partners.

5. E-commerce Export

IEC is mandatory for businesses exporting goods through online e-commerce platforms like Amazon, Flipkart, or other sites. Businesses involved in the export of food or food-related products must also obtain FSSAI Registration as a mandatory compliance requirement before shipping to international markets. Registration allows small businesses to enter the global market, expand their business, and reach a vast range of customers. Registration helps build trust in the foreign market. It is a necessary condition for companies interested in foreign trade, allowing smooth import and export operations and improving and growing business standards.

Requirements for Online IEC Registration

To get an IEC Code, certain standards need to be fulfilled:

• The PAN card of the business is needed for IEC Registration.
• A current bank account in the name of the business is needed for IEC Registration.
• A digital signature is required in order to submit the form electronically.
• To complete the IEC Registration process, a recent passport-sized photo of the applicant is required.
• Evidence of the business entity's address. Various legal documents can serve as proof of address, including a sale deed, lease deed, electricity bill, memorandum of understanding, partnership deed, or a bill for landline or mobile phone service.

In addition to these records, other documents may be needed based on the type of business. For example, private companies may send an Aadhar Card, Passport, or Voter ID as residence proof, while other business entities may need to show their Certificate of Incorporation, Registration Certificate, or Certificate of Establishment.

It is important to remember that all documents needed for IEC Registration must be given in a scanned PDF format, with the size of each file not exceeding 5MB. Additionally, the DGFT checks all details provided by the candidate in real time through the papers presented, so it is important to ensure that all information is correct and up to date.

Eligibility Criteria for Import Export Code Registration

• Any person or company interested in import-export activities can apply for IEC Registration.
• Businesses operating as a Private Limited Company can opt for our Pvt Registration Service before applying for IEC, ensuring all legal structures are in place.
• The business entity must be registered, must have a current bank account in its own name, and must have a registered office.
• The applicant, i.e., owner and proprietor of the organisation, must be a resident of India, major in age, competent to contract, have an Aadhar Card, PAN, an active Aadhar card number, and an active digital signature.

Requirements for Online IEC Registration

To obtain an Import Export Code (IEC), the following requirements must be fulfilled:

• PAN Card: The PAN card of the business is mandatory for IEC registration.
• Current Bank Account: A valid bank account in the business's name is required.
• Digital Signature: A digital signature is necessary to submit the application electronically.
• Passport-Sized Photograph: A recent passport-sized photograph of the applicant is required.
• Address Proof: Valid proof of the business address such as sale deed, lease deed, electricity bill, MoU, partnership deed, or landline/mobile bill must be provided.
• Additional Documents: Depending on the business type, documents such as Aadhaar Card, Passport, Voter ID, Certificate of Incorporation, Registration Certificate, or Establishment Certificate may be required.
• Document Format: All documents must be submitted in scanned PDF format, with each file size not exceeding 5MB.

Eligibility Criteria for Import Export Code Registration

• Any individual or business entity engaged in import-export activities can apply for IEC registration.
• The business must be registered, have a current bank account in its own name, and maintain a registered office address.
• The applicant must be a resident of India, major in age, legally competent to contract, and possess an Aadhaar Card, PAN, active mobile number linked with Aadhaar, and a valid digital signature.