IEC Registration

If you are an experienced business person in India, then chances are you are very ambitious. You probably want to do everything you can to take your business to the next level. Part of this would mean getting involved in the importing and exporting of different goods outside of India. Of course, in order to do this, you will need to fully understand everything there is to know about obtaining an Import Export Code, also known as an IEC. Just what is an IEC? How difficult is it to obtain one? Our goal is to answer those questions for you.

HIGHLIGHTS

Import Export Code

Import Export Code - Introduction

These are definitely the two major questions everyone has regarding the Import Export Code. Well, first of all, before we can answer these questions you need to realize the implications of this. Simply put, you are expanding your business globally when you obtain this license. If this isn't your cup of tea, then you stop right here and not continue reading. However, if it is, realize that expanding your business globally will require you to follow several laws and procedures, and acquiring this license is one of those necessary steps.

First of all, one of the main benefits of acquiring this IEC Code would be in becoming authorized to have an import/export business within India. If you want a piece of the pie, the first step is to make sure all of your paperwork is in order. Your IEC code will always be identified by the seal you will see from the issuing authority, which will always be the Director-General of Foreign Trade. Moreover, the number will consist of ten digits, and much like an American social security number, it will be valid for the remainder of the life of your business. The best way to sum up your need for the IEC code is that a merchant whose main business is importing will need this code. Likewise, a merchant whose main business is exporting will also need to obtain this code to stay in business as well.

The IEC designation will be a necessary requirement in many situations, including the following:

  • If you are an importer, you will need the IEC code to send your shipments through the customs department.
  • If an importer desires to send money overseas through the use of a bank transfer, that financial institution will need the IEC code number.
  • If an exporter desires to send their shipments through, they cannot do it effectively unless they can produce an IEC code for the customs authority.
  • If an exporter receives money that is in a foreign currency and it goes directly to their financial institution, the bank will need this code in order to approve the transaction.

IEC Registration PROCESS

  • 1

    First of all, an application form will need to be filled out in the required format. This usually means acquiring an Aayaat Niryaat Form in the 2a version. You should file this form with the nearest DGFT office.

  • 2

    The next step is to administer all of the needed documents in order to establish both your identity and your legal entity. You should provide your bank account information and address proof to the proper authorities.

  • 3

    Be sure to complete your Digital Signature Certificate (DSC) and then your assigned IEC code will arrive by government in a soft format.

  • 4

    Make sure you have the correct documentation for your IEC registration.

Required Documents

Documents Required for IEC Registration

Company PAN Card

Either your individual or company PAN card.

Aadhar Documentation

Your voter ID, Aadhar documentation, or a copy of your passport.

Electric Bill Statement

A copy of your rental agreement or a copy of your electric bill statement.

Banking Account

The banking account information of you or your company.

AVAILABLE PACKAGES

Import Export Code(IEC) Registration

2999
Including Govt Fees

Import Export Code (IEC) Registration Including Govt Fees.

Common Questions About IEC Registration

Answer
  • It will be much easier for your business to expand.
    Once you receive your IEC card it will make you more well-respected, and the professionals from this department will go the extra mile to assist you in the global expansion of your business.
  • You can avail yourself of a number of great benefits.
    The companies that have their IEC card will have a number of doors opened for them from such diverse organizations as the Export Promotion Council, DGFT, several customs departments, and many others as well.
  • Filing returns is not necessary.
    It doesn't matter whether the majority of your business is import or the main part of your business structure is export, the IEC does not currently require you to file any returns with the DGFT.
  • Quick processing time.
    You will usually receive your IEC code from between 10 days to two weeks.
  • Renewal is not needed.
    Once you receive your IEC, it is valid for life.
Answer

Absolutely. First of all, one main case would be where a trader is registered under the GST agreement. In this case, acquiring an IEC is not needed.

Another case would be where the goods designated to be imported or exported are simply for personal reasons. Unless they have a business element, one of these IEC codes is not required.

Finally, any exports or imports that are either done for charitable purposes or by the government of India are exempt from getting a code.

Answer

If you are looking to expand your business to a worldwide scale, you should talk to one of our experts today. They will be more than happy to guide you through everything there is to know regarding the process of getting an IEC code!