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The Directorate General of Foreign Trade (DGFT), Ministry of Commerce & Industries, issues IEC registration. It is necessary for Indian companies to have IEC registration if companies want to expand their business via Import and Export. Import Export Code is a ten digit code which is issued by DGFT, the purpose of Import Export License Certificate is to regulate and monitor the foreign trade activities in India.
For carrying out Import Export activities in India obtaining IEC registration is compulsory, without having IEC license no business can involve in import export activity. Plus, if any business wants to entertain the benefits provided by the government then getting IEC registration is must. Reserve Bank of India has made it compulsory for all the traders to provide their Import Export Code during any payment transfer.
In the present era of ever-growing competition, businesses, in order to survive their substitutes available in the domestic market, are stepping out of their local presence. With back to back innovations and the generation of new ideas in business, the emergence of e-commerce, business operating in local limits finds it important to operate globally by stepping abroad.
There are several methods to go beyond the domestic level, such as amalgamation for foreign brands, opening franchisee abroad, starting subsidiary or branch office abroad, or through import-export business. Doing business at the global level is not that easy as it sounds.
Import Export Code (IEC) once gave can be utilized by the entity all through its existence and it doesn’t necessarily need any renewal. When the organization has gotten IEC, at that point the organization can involve in import export necessities with no issues.
Till now it is clear that Import Export Code is a ten digit code which is essential for every business to obtain who wants to indulge in import export activities. In India DGFT issues IEC. IEC Registration is the first thing that businesses need to import or export any item from India to some other nation. IEC registration paves the way for many new opportunities for business personnel.
Here Are The Few Benefits Of IEC Registration:
With the help of IEC business can expand its reach in the global market. IEC provide the opportunity to business to export its goods and products outside the nation’s territory and create a name for oneself in the international market.
On the basis of IEC registration businesses can enjoy several benefits given by Export Promotion Council, DGFT, and Customs.
IEC doesn't include in the filing of return. Once IEC is allocated, there isn't any necessity to follow any kind of procedures for supporting its legitimacy. In any event, of export transaction, DGFT doesn't order for filing any return.
Acquiring IEC from DGFT is genuinely simple and same can be gotten within a time of 10-15 days in the wake of presenting the application. No evidence of export or import is required subsequent to getting IEC Registration.
Once you have obtained IEC you can enjoy its validity till eternity since it is free for lifetime plus there is no need of any renewal.
Import Export Code is a government identity which is issued by the DGFT. At the time of clearance of shipment one can show this identity number.
The documents needed for IEC registration are as follows:-
| Type Of Applicant | Required Class Of DSC | Requirements |
|---|---|---|
| HUF & Individual | Individual bases token for Class 2 & 3 | Name should match with that of individual and organization |
| Other Type | Organization based tokens for Class 2 and 3 | Name should match with that of Director/ Partner/ Managing partner/ Managing Director as in IEC application |
So, are you ready to head with IEC Registration and take a step ahead for running your business in other countries? If you got stuck somewhere in the process of documentation or if it seems confusing, then there is no need to worry, Ornate will be actively there to help you, just consult our team and get it done with effortlessly.
One can apply for IEC on its website WWW.DGFT.GOV.IN as DGFT is an only authority to issue IEC. At present, DGFT with effect from 1st July 2020 has introduced an updated procedure & a new way to apply IEC online in which DSC would be obligatory to upload. DSC requirement has been announced by DGFT to reinforce IEC issuance procedure and to stop fraud.
IEC or Import export code is issued by DGFT (Director General of Foreign Trade), Department of Commerce, Government of India, which is a ten digit identification number. It possesses lifetime validity. It is also known as “Importer and exporter code” which helps a person import and export goods officially. Importer cannot import goods having no valid IEC. Also, the exporter cannot avail the export scheme benefit accessible from DGFT deprived of having proper IEC Registration.
Step 1: Click On https://dgft.gov.in/CP . After that, click on the “Apply For IEC” button.
Step 2: You need to enter the Registration Details which are stated below:-
Click on the “Send OTP” button after inserting the details. Put the OTP received on mobile no. and mail id. You shall receive a notification comprising the temporary password on your mail id upon Successful validation of the OTP, which you need to change upon your first login. Now, click on “Apply IEC” button &apm; click on start fresh application option once the user registers and log - in to the “Customer Portal” using the identifications entered in step 2.
Step 3: Now, you start filing the details in the IEC registration form which are as follows:-
Select “Save and Next” option after filling the above details successfully.
Select “Save and Next” button after filling the above details successfully.
Click on the “Save and Next” button after filling the above details successfully.
After that, click on “Save and Next” button to proceed further
Step 4: Concluding Submission:-
Click on “Sign” button at the lowermost part of the page - after step 3.
Explanation For The Users: - The user will receive the IEC Certificate in the email (used at the time of applying for IEC). However, if required, after login the DGFT Website and using “Print Certificate” feature in “Manage IEC” - the User can also download the IEC Certificate. After that, the IEC shall be communicated to CBIC. Moreover, the transmission status can be seen by directing to navigate “My IEC” and checking the ‘IEC Status bar’ with “CBIC Transmission Status”.
Reminder: The applicant must update the PAN of the Signatory under “My Dashboard” tab as well as select “View register digital signature Token” In order SIGN the IEC form.
After the execution of Goods and Services Tax in GST system, GSTIN would be utilized for credit stream of IGST paid on import of products. In any case, the PAN is identifier at the substance level of the limit though GSTIN would be utilized as identifier at the exchange level for each import and export. The UIN or PAN would be acknowledged as IEC. All importers required to cite GSTIN in their solicitations notwithstanding IEC.
It is obvious that in the event that anyone expects to maintain the business comprehensively, at that point he/she should obtain the Import Export Code from the DGFT. Without IEC License, one can't carry on the matter of import and export in any condition. From the above-portrayed facts, we can presume that acquiring certification for IEC is not that typical. Discussing its advantages, we can say that there's no cerebral pain of filing any return, the procedure is quite simple, no renewal is required, and so forth.
You can contact expert like Ornate if you want to make your IEC registration more hassle-free.
For Import Export Code (IEC) Registration, please contact us: Ornate Quality Services, Phone: +91-11-41400596, Mobile: +919266333338, Email:Chetan@ornatequality.com Contact us
Steps for IEC Registration Process:
What is IEC code registration? Import Export Code or IEC is a 10-digit code that a business or a person needs to import/export goods/services. This code is issued by DGFT (Director General of Foreign trade), Ministry of Commerce and Industries, Government of India.
For IEC Code Registration, the following documents are required:
IEC code number registration fee is worth Rs. 250.00 and can be pay via EFT (Electronic Fund Transfer), and submit IEC Online Application form. For an instant, the physical application containing required documents should reach DGFT RLA concerned within 15 days of its online submission.
As per the Foreign Trade Policy (FTP) in India, every importer and exporter is required to get IEC code to start Import export from India. Without IEC code, no importer and exporter are authorised to do import export business.
1. PAN Based IE code is generated by DGFT offices located all over the country and is aggregated at DGFT headquarters. To check whether your IE code has reached DGFT head quarters and the correctness of your IE code details, Click IE Code @ DGFT button.
The facility to check status of Import Export Code(IEC) application can be accessed from DGFT website using Online Application → IEC → Know your IEC Status. PAN Number and first three letters of Firm Name can be entered to check the status.
You can apply for an IEC Code, by applying to the DGFT, either online or offline. The IEC code is valid for all the branches of an organization. Only one IEC code is issued against one PAN number. Step 2: Click on the 'Online Application' tab on the left side of the screen and from the drop down menu select 'IEC'.
An individual or a company who wants to do international business can get an IEC. Individuals can use either the name of their company or their name directly to apply for IEC.
You will need a Class 3 DSC if you wish to obtain an Import or Export License in India. Additionally, if you wish to register the business or license in the name of a single representative, you will need a class 3 DSC as well.
You don't need to be a registered company to buy alibaba products. A person who has GSTIN number and IEC code can buy products in Alibaba.
IEC can be surrender by intimating the intention to the authority who earlier issued the license. Upon the receipt of an application for license surrender, issuing authority shall cancel the same after noting the reason thereof. Thereafter, DGFT is notified about the same who in return transmit it to custom, RBI or any such other authorities intimating about IEC becomes inoperative.
Following is the exception for IEC registration:
Import-Export code is not a tax registration; however, depending upon the product, the certain custom duty can be imposed.
No, any individual, company or sole proprietor engaged in the business of import-export needs to obtain an IEC license. It is the necessary recognition provided by the Government to exporters and importer of goods or services. However, if the value of the good transacted is too low, the authority may permit first export after imposing nominal charges.
You can modify your application numerous times before it is submitted to the next department.
With the help of IEC Registration, you can obtain various benefits from the DGFT, Customs, export promotion council, etc.
Yes, it is mandatory to provide PAN Card. You need to furnish the self-attested copy of your PAN Card along with the application.
You would need to provide proof of address copy of ownership title, registered copy of lease deed, copy of telephone bill, electricity bill, registered copy of rent deed, etc. need to be provided to prove the genuineness of your firm.
You need to provide a copy of both sides of your PAN Card to identify the issuing authority’s address.
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