In this age of fierce competition, everyone wants to expand their business from domestic market to international market. Enterprises can enter in global market either with existing product or new product.
” However before going global, you need to follow several procedures and laws place and get different registration and license. IEC (Import Export Code) license is one of such prerequisite when you’re thinking of importing or exporting from India.
Who Have to obtain IEC Code?
Required by a person exporting or importing goods.
About Importer Exporter code
All businesses engaged in importing and exporting goods must have an Importer Exporter Code (IEC).
- It is a 10 digit code which is issued by the Directorate General of Foreign Trade (DGFT)
- Validity: Lifetime hence no renewal fee required to pay
Circumstatnces in which you need IEC?
- Needed by the customs authorities when importer has to clear his shipments from the customs
- When an importer sends money abroad through banks then it’s needed by the bank.
- When an exporter has to send his shipments then its needed by the customs port.
- When exporters received the money in foregin currency directly into the bank then its needed by the banks
Benefits of IEC Registration:
- Taking your services or products to the international market will enlarge your businesses
- Subsidies can be availed from different government agencies like DGFT, Customs and Export Promotion council on export
- Validity of certificate is as long as business will in existance.
- IE Code does not require filing of any return
Documenation: Pre-requisites for IEC Reistration
In Respect Of Individual / Proprietor / Partner / Director
- Copy of PAN Card
- Passport size photograph
- Copy of Aadhaar Card/ Voter identity card
- Authorization letter (In case of Partnership)
- Authority from other Directors on letter head (In case of company)
- Copy of Partnership deed (In case of Partnership)
- Board Resolution/self declaration (In case of Company)
- Telephone Bill in the name of the Individual (In case of individual)
- Cancelled cheque of individual
Documents In Respect Of Entity
• Copy of PAN Card firm/company
• Copy of Property papers (If owned property)
• Copy of Rent agreement (If rented property)
• Landlord NOC (Format will be provided by us)
• Cancelled cheque of firm
• Electricity/ water bill (Business Place)
• Telephone Bill in the name of the business
• Copy of Service Tax returns (In case of Proprietorship)
• Certificate of incorporation (In case of company)
• Bank statement of firm/company
• AOA and MOA (In case of company)
• Letter head of company (In case of company)
Steps Involved in IEC Registration:
Application for IEC can be prepared in both online or offline manner.
• Initial Requirement: Filling the requisites of Aayaat Niryaat Form 2A.
Note: In case of offline application, trained ac installation professional application is required to file with the DGFT in that region where the registered office of the company is established
• All the required documents are required to annexed with form no. 2A
• of Business
• of Proprietor/Partners/Directors
• Bank account details and a bank certificate
• Digital signature is required on the Aayaat Niryaat Form 2A.
IEC fee payment:
After completion of form, it should be filed with DGFT and an application fee need to be paid to the government.
IE Code Issuance:
After verification of application, the Directorate General of Foreign Trade will allot an IE Code for your business.
IE code comes in both soft copy(via email) and hard copy.
n this age of fierce competition, everyone wants to expand their business from domestic market to international market. Enterprises can enter in global market either with existing product or new product. ” However before going global, you need to follow several procedures and laws place and get different registration and license. IEC (Import Export Code) license is one of such prerequisite when you’re thinking of importing or exporting from India.
In a developing country like India, MSME industries are the backbone of the economy. The MSME sector contributes to 45% of India’s Total Industrial Employment, 50% of India’s Total Exports and 95% of all industrial units of the country and more than 6000 types of products are manufactured in these industries