Export Import Code - A Step forward for your business
In this time of economy of globalisation, everyone wants to take the opportunity to grow their business beyond the limits of the domestic market. But however, doing business globally isn’t just easy for everyone. Before going to expand the business grain, you need to follow several procedures and laws in place and get different registrations and licenses. Import Export (IE) Code India is an unique 10-digit code, a registration of an import and export companies with Indian Custom department that regulates import and export of commodities. It is also known as Importer- Exporter Code. It is issued by the DGFT (Director General of Foreign Trade). The exporter merchant cannot avail benefits from DGFT for the export scheme, etc. without IEC. Once, the application is submitted, DGFT will issue the IE Code for the entity in 2 – 5 working days or less.
Benefits and Advantages of IEC Registration
- IEC enables you to take your services or products to the global market and growing your business.
- Different benefits from the DGFT, Export Promotion Councils, and Customs can be availed on the basis of IEC.
- There are no requirements of filing any return once you get the IE Code. Moreover, it’s a lifetime registration, requires no renewal.
- When an importer has to clear his shipments from the customs then it’s needed by the customs authorities.
- The IEC registration helps traders open the doors to venture into the global market, including registration in online e-commerce operators.
- When an importer sends money abroad through banks then it’s needed by the bank.
- Businesses can avail government schemes like the Merchandise Export from India Scheme (MEIS), the Service Export from India Scheme (SEIS), and others from customs and export promotion.
- IEC code that has lifetime validity, No compliance requirements or post registration and hence maintaining the business is relatively simple
- When an exporter receives money in foreign currency directly into his bank account then it’s required by the bank.
How to apply and Issuance of an IEC
- Exporters/importers shall file an online application in form ANF 2A
- The applicant is required to submit only two documents; one is the address proof, and the other is the pre-printed cheque or bank certificate.
- All the required documents, including bank details and DSC, have to be submitted
- The online IEC application form will be filed with the Directorate General of Foreign Trade (DGFT)
- Once the documents and application are verified by the authorities, the import export code will be granted as a soft copy to the entity.
- Once the online application is submitted along with requisite documents and fees, intimation regarding allotment of IEC will be sent to applicant via sms or email along with a hyperlink from where IEC can be downloaded and printed. Once IEC is allotted, the profile update needs to be done at least once in a year.
Who required an Export Import Code
It is only applicable when goods are imported or exported for business purposes and not when goods are imported for personal use. Any type of business registration like sole proprietorship, partnership, private limited companies, charitable organizations dealing with import and exports of goods can register for import-export code, irrespective of the size.
The following categories of importers or exporters are exempted from obtaining Importer – Exporter Code (IEC) number:
- Importers covered by clause 3 (1) [except sub-clauses (e) and (l)] and exporters covered by clause 3(2) [except sub-clauses (i) and (k)] of the Foreign Trade (Exemption from application of Rules in certain cases) Order, 1993.
- Ministries/Departments of the Central or State Government.
- Persons importing or exporting goods for personal use not connected with trade or manufacture or agriculture.
- Persons importing/exporting goods from/to Nepal provided the CIF value of a single consignment does not exceed Indian Rs.25,000.
- Persons importing/exporting goods from/to Myanmar through Indo-Myanmar border areas provided the CIF value of a single consignment does not exceed Indian Rs.25,000.
However, the exemption from obtaining Importer-Exporter Code (IEC) number shall not be applicable for the export of Special Chemicals, Organisms, Materials, Equipments and Technologies (SCOMET) as listed in Appendix- 3, Schedule 2 of the ITC(HS).
Easy Documentation Process
Documents required for IEC (Import Export Code) Registration in INDIA are as follows
- PAN card of the entity/proprietor/partnership firm
- Individual’s or company’s or firm’s cancel cheque copies of current bank accounts
- Digital Photograph (3x3cms) of the Proprietor/Authorised Partner or Director
- Copy of Passport (first & last page)/Voter’s I-Card/ Driving Licence/UID (Aadhar card) any one of these.
- Address proof (electricity bill/rent agreement/sale deed of the office location)
- Incorporation certificate/partnership deed.
When it comes to provide a service to our clients, TRUSTLINK always believes in providing a complete service and similar is the case for IEC generation process.
- Our professionals will complete the IEC registration process with maximum possible smooth process and also provide immediate post registration process required by every IEC holder without leaving any further headache for you.
- It will take around 2-7 days to complete the process.
- Will keep you informed for any regulatory changes in future to all our IEC holders.
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