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Overview of Import Export Code Registration
Kanakkupillai is your one-stop solution for IEC Registration services. Streamline your import-export business with our expert assistance.
The new era of technology has opened doors for new business opportunities across the globe. Before you plan to do business globally, you need to obtain an IEC license. Import Export Code Registration, popularly known as IEC, is a unique ten-digit code issued by the Directorate General of Foreign Trade (DGFT), a department under the Ministry of Commerce and Industry, Government of India, for the organizations that are engaged in the business of import and export of goods. Without the IEC code, customs clearance and international transactions are not allowed. While IEC is a mandatory requirement for some businesses, it offers numerous benefits like access to various export incentive schemes and exemption from paying taxes on exported goods or services (in some conditions). The code does not have any expiry date, and it can be used for the lifetime of the business. IEC registration process is simple and just by filling a simple online application along with personal and business details and necessary documents, you can get license.
What is IEC?
The Import Export Code is a 10-digit unique identification number issued by the Directorate General of Foreign Trade (DGFT). It is a mandatory requirement for any business or individual engaged in importing or exporting goods and services in and out of India.
IEC is required for the following organizations engaged in the business of import or export:
- Sole Proprietorship
- Partnership Firms
- Limited Liability Partnerships (LLPs)
- Private Limited Companies
- Public Limited Companies
- Trusts and Societies
- Hindu Undivided Family
- Individuals Exporting Services
- E-commerce Sellers
- Government or Semi-Government Entities
Benefits of IEC Registration
The Import Export Code is mandatory for businesses engaged in import or export. Registration has several benefits, including:
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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 businesses is following the rules set by the DGFT for international trade. IEC streamlines customs clearance and is relied by exporters for sending shipment and receiving payment from overseas clients.
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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.
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Tax Benefits
Exporters registered with IEC can claim refunds for Integrated Goods and Service Tax (IGST) paid on exports. You have to file a Letter of Undertaking (LUT) under GST that allows experts to be exempted 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, and societies.
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Market Expansion
IEC allows businesses to trade internationally that enable them access to the global market. New market not only boosts profitability but it also helps businesses to establish relationships with international clients and partners.
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E-commerce Export
IEC is mandatory for the businesses exporting goods through online e-commerce platforms like Amazon, Flipkart, or other sites. Registration allows small businesses to enter global market and expand their business and reach 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 IEC Code Registration
To get an IEC Code, certain standards need to be fulfilled:
- PAN Card: The PAN card of the business company is needed for IEC Registration.
- Current Bank Account: A current bank account in the name of the business company is needed for IEC Registration.
- An IEC application is a digital signature, which 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.
- IEC Registration is evidence of the business entity's address. There are various legal documents that can serve as address evidence, such as a sale deed, lease deed, electricity bill, memorandum of understanding, partnership deed, or bill for landline or mobile phone service.
In addition to these records, other documents may be needed based on the type of the business company. For example, private companies may send an Aadhar Card, Passport, or Voter ID as proof of residence, 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 hitting 5MB. Additionally, the DGFT checks all details given 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 of Import Export Code Registration in India
Any person or company group interested in import-export activities can apply for IEC Registration. The business entity must be registered, must have current bank account in its own name, must have registered office. The applicant i..e, owner and proprietor of the organization must a resident of India, major in age, competent to contract, have Aadhar Card, PAN, active Aadhar card number, and active digital signature.
Service Exports from India Scheme, Rebate of Duties & Taxes on Exported Products scheme, Export Promotion Capital Goods Scheme, Rebate on State & Central Taxes and Levies scheme
Documents Required for IEC Registration in India
Certain documents are needed to apply for IEC Registration. These papers change based on the type of business company asking for the code. Here are the papers needed for different types of business entities:
1. Proof of Incorporation/Registration: You need to show the proof of incorporation/registration of your business. It includes Registration Certificate, and evidence of setup for HUFs, Registered Societies, Trust, and others.
2. PAN Card: A PAN card is needed for all types of business companies, including proprietorship firms, partnership firms, limited liability partnerships, societies and trusts, HUF etc.
3. Aadhaar Card: An Aadhaar card is of the proprietor of the business
4. Address Proof: Address proof of the business is required; it can include any one of the following:
- Sale Deed
- Rent agreement
- Lease deed
- Electricity bill
- Telephone landline bill
- Mobile, post-paid bill
- MoU
- Partnership deed
5. Rejected Cheque: A rejected cheque is a proof of the bank account of the company. name, account number, and IFSC Coe of the company should be clearly visible on the cheque.
6. Passport-sized image: The latest passport-sized image of the applicants is required for IEC Registration.
7. Memorandum of Association (MOA) and Articles of Association (AOA): Companies are needed to show their MOA and AOA as proof of the business activities carried out
8. Digital Signature Certificate: A digital signature certificate of the Director of the company.
It is pertinent to note that if the address proof is not in the name of applicant firm/organization, then a no objection certificate (NOC) has to be obtained from the owner of the premises in favor of the firm/organization and Bank account of the firm/organization, cancelled cheque along with active aadhar card of the firm/organization needs to be submitted as a single PDF document.
DGFT carefully verifies all details given by the candidate. Therefore, it is important that each document is carefully double checked to avoid any unnecessary errors.
Checklist for IEC Registration
Here is the checklist drafted so you don’t miss out on any crucial information
- Identity Verification: Make sure that the owner/proprietor/director provides a copy of their PAN card.
- Documentation of Residence: Any of the following may serve as documentation of residence: Utility Bills like electricity bills, landline phone bills, mobile postpaid bills, MoUs, lease agreements, partnership deeds, and sale deeds. Bank certificate and a cancelled cheque of the current account of the firm/organization.
- Digital Signature Certificate: The application form needs to be digitally signed by owner/director of the organization or verified through Aadhaar Card.
- Proof of Registration: Make sure to attach proof of registration of business/organization
- Active DSC or Aadhaar of the Firm's Member: The user must have an active Digital Signature Certificate (DSC) and mobile number attached to the Aadhar card.
- Active Firm's Bank Accounts: An active bank account of the firm/organization is needed to put details in the application and make online payment.
Process of IEC Registration Online
The process of IEC Registration includes several key steps that are as follows:
- Register for IEC:
- If you don’t have an account at DGFT, the first step is to visit the DGFT website. Then click on Apply for IEC at https://www.dgft.gov.in/CP/.
- Click on the ‘Start Fresh Application’
- Enter the required information and captcha, then click on ‘Send OTP’
- Payment of the Requisite Fee: Pay the required fee. A fee shall be paid online during the application process.
- Verification of Documents: Ensure all necessary documents are given, including proof of name, proof of address, proof of firm's bank account, refused cheque, and other supporting documents as stated by the DGFT.
- Issuance of the IEC Code:After filling the full application and submitting the documents, and filing fee, you will be directed to the DGFT website. Download the receipt and IEC Certificate shall be issued and send to you via email.
By following these steps carefully and submitting right documents, individuals, groups/organizations can successfully finish the IEC Registration process and receive the necessary Import Export Code.
Compliance with IEC Regulations
Compliance with IEC guidelines is vital for firms/organizations to prevent legal complications and maintain smooth operations in overseas business activities. Once the IEC code is provided, enterprises must comply with numerous guidelines, such as maintaining detailed documentation of all imports and exports, complying with the Foreign Trade Policy, and following the standards defined by the DGFT. Non-compliance with the requirements can result in penalties, fines, or even cancellation of the IEC code.
Businesses have to make sure that all the rules and regulations like as tax laws, labor laws, and environmental restrictions etc. pertaining to the specific company is followed. Furthermore, it is important to stay updated on laws and identify if any there is any change or amendment has been made.
Renewal of IEC Code
The IEC is good for a lifetime, but businesses are needed to update their IEC annually between April and June. Failure to update the IEC may result in closing, and the business may be made to restart it upon successful updating. The IEC is known as e-IEC and is used as an identification number by customs officials and other government agencies to track and record import and export activities.
Why Choose Kanakkupillai for Online IEC Code Registration?
Kanakkupillai is a top provider of IEC registration services in India, providing a range of service post registration which makes it a great choice for businesses who are looking to register their businesses with DGFT. With over more than 50,000+ clients, our team of experts help and support you throughout the filing process to ensure that you don’t miss out on anything.
Kanakkupillai provides tailored solutions designed to meet the needs of each client to ensure that the IEC Registration process fits perfectly with the unique requirements of the business and clients. We care about you and your budget and, therefore, provide our services at a very affordable rate. Our 24/7 support is designed to help you with the registration process and your doubts. We offer a quick response to make sure that our client doesn’t have to face inconvenience and make the registration process smooth and efficient for you.
Frequently Asked Questions
What is the end time of an IEC Code?
The IEC Code is valid for a lifetime and does not require renewalCan a person apply for IEC Registration?
Yes, a person can apply for IEC Registration. The necessary reasons for online IEC filing include being a resident of India.Is it important to have an IEC Code for import-export activities?
Yes, it is needed to have an IEC Code for import-export activities. It is a key record for approval by the Government of India as an Exporter/Importer.How long does it take to receive an IEC Code?
The handling time for IEC Code registration is generally within 1-2 working days after filing of the full application and required papers.Can the IEC Code be changed or updated?
Yes, certain changes or updates to the IEC Code information can be made after registering. Changes such as the name, address, bank account details, or other particulars can be changed by making the necessary application with the DGFT.What are the effects of not having an IEC Code?
Without an IEC Code, import and export activities cannot be carried out. Importers are not allowed to continue without this code, and importers cannot take advantage of exports from DGFT, customs, Export Promotion Council, if they don’t have this code.Is there a difference between IEC Code and Import Export License?
No, there is no difference between IEC Code and Import Export License. IEC number is a 10-digit number given by the Directorate General of Foreign Trade (DGFT), Government of India, to any person or company who wants to buy or sell goods or services from India.Can IEC Registration be done offline?
No, the application for IEC Code registration can be made online through the DGFT website.Are there any post-registration formalities?
No, there are no post-registration conditions. However, it is important to know that the IEC Code is good for a lifetime and does not require renewal.What are the perks of having an IEC Code for my business?
On the basis of IEC, companies can earn different benefits on their exports/imports from DGFT, Customs, and Export Promotion Council etc.We Provide Best Quality
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