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Overview of Import Export Code (IEC) Registration
The Import Export Code (IEC) is a 10-digit number issued by the Directorate General of Foreign Trade (DGFT) under the Ministry of Commerce. It is compulsory for anyone who wants to start the import or export of goods or services from India. Without an IEC, businesses cannot get customs clearance or send and receive money for overseas trade. The code is permanent and valid for the lifetime of the business, though it has to be updated every year to remain active. IEC registration also brings several advantages. It makes customs procedures smoother, allows businesses to claim benefits under government export schemes, and provides tax relief in some cases. It also helps companies build trust in the international market and expand their business globally. The registration process is simple, completely online, and requires basic documents like PAN, Aadhaar, bank account details, and proof of business address.
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:
1. 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 business is following the rules set by the DGFT for international trade. IEC streamlines customs clearance and is relied upon by exporters for sending shipments and receiving payment from overseas clients.
2. 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.
3. 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 take exemption 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 (HUF), and societies.
4. Market Expansion
IEC allows businesses to trade internationally, enabling them to access the global market. A new market not only boosts profitability but also helps businesses to establish relationships with international clients and partners.
5. E-commerce Export
IEC is mandatory for businesses exporting goods through online e-commerce platforms like Amazon, Flipkart, or other sites. Registration allows small businesses to enter the global market, expand their business, and reach a 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 Online IEC Registration
To get an IEC Code, certain standards need to be fulfilled:
- The PAN card of the business is needed for IEC Registration.
- A current bank account in the name of the business is needed for IEC Registration.
- A digital signature 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.
- Evidence of the business entity's address. Various legal documents can serve as proof of address, including a sale deed, lease deed, electricity bill, memorandum of understanding, partnership deed, or a bill for landline or mobile phone service.
In addition to these records, other documents may be needed based on the type of business. For example, private companies may send an Aadhar Card, Passport, or Voter ID as residence proof, 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 exceeding 5MB. Additionally, the DGFT checks all details provided 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 for Import Export Code Registration
- Any person or company interested in import-export activities can apply for IEC Registration.
- The business entity must be registered, must have a current bank account in its own name, and must have a registered office.
- The applicant, i.e., owner and proprietor of the organisation, must be a resident of India, major in age, competent to contract, have an Aadhar Card, PAN, an active Aadhar card number, and an active digital signature.
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 the Registration Certificate and evidence of setup for HUFs, Registered Societies, Trusts, 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 proof of the bank account of the company. Name, account number, and IFSC Code 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 required 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 the owner/director of the organisation or verified through an 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 a mobile number attached to the Aadhaar card.
- Active Firm's Bank Accounts: An active bank account of the firm/organisation is needed to put details in the application and make an online payment.
Process of IEC Registration Online
The process of IEC Registration includes several key steps, 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 the firm's bank account, refused cheque, and other supporting documents as stated by the DGFT.
- Issuance of the IEC Code: After filling out the full application, submitting the documents and filing fee, you will be directed to the DGFT website. Download the receipt, and the IEC Certificate shall be issued and sent to you via email.
By following these steps carefully and submitting the right documents, individuals, groups/organisations 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, such as tax laws, labour laws, and environmental restrictions, etc., pertaining to the specific company are followed. Furthermore, it is important to stay updated on laws and identify if any changes or amendments have been made.
Renewal of IEC Code
The IEC is suitable for a lifetime, but businesses need to update their IEC annually between April and June. Failure to update the IEC may result in closing, and the company 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 services post-registration, which makes it a great choice for businesses that are looking to register their businesses with DGFT. With more than 50,000+ clients, our team of experts help and supports 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.What makes Us Different
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