Have you ever heard people talking about import export business? I heard few talking about their import export business the other day, they were discussing few insights, I never knew. It stuck to my mind, there would be so many people like me, who must be unaware of the details of this kind of business and I decided to write this blog to educate you regarding the same business.

Further, we will discuss the detailed procedure of getting the import export license.

Online registration process of getting import export license

 There is an online application available that needs to be filed with the Directorate General of Foreign Trade (DGFT). It takes around 15 to 20 days to issue the import export code by DGFT.

Let’s a take a look at the steps need to be followed to get the import export code in India.

• STEP1: Filling an application form

The first step is to fill an application form in the specifies format (Aayat Niryaat form no. 2A) and file it with the Regional office of DGTF

• STEP2- Attaching the documents

The second step is to provide the documents such as address proof, identity proof, bank details along with a certificate in respect of ANF2A.

• STEP3- Signing of application and submitting the fees

When you are done with filling the application of import export code, you need to digitally sign the application and finally submit it to the DGFT along with the prescribed import export license fees.

• STEP4- Certificate of IEC

After the approval of your application of IEC code, you will receive a soft copy of IEC code from the government.

Let’s talk about the list of documents required for filing the application of IEC.

List of documents required for the IEC Code Online

Below the list of documents for getting the IEC code online-

• You need to submit the copy of PAN card
• You have to provide the copy of Aadhar card, or passport or voter ID
• A cancel cheque copy of the current bank account
• A copy of rent agreement or electricity bill of the business premise

If you are looking to get IEC registration for your import export business, do contact Enterslice. We have a team of professionals who has helped a number of clients in the past.

Source url - http://www.enterslice.gomilio.com/en/blog/detailed-procedure-of-getting-the-import-export-license-39

The business world has become quite competitive and to start one isn’t a cup piece of cake for everybody. Various registrations and licenses are required to operate a single business depending on several criteria. One of such license or registration required for import and export business is IEC code registration or license. 

In this blog, we will discuss various aspects related to IEC code registration. They are as follows:

• What is IEC code Registration?
• In what situations, is an IEC required?
• Advantages of IEC code registration
• Checklist for IEC code registration

What is IEC code registration?

IEC stands for Import Export Code and IEC code registration is the process of registering a business with IEC dealing in import and export of goods.

In case, the import or export is related to services or latest technologies then it's mandatory to obtain IEC registration. Import Export Code is, basically, a unique 10-digit number issued to any individual or company by the Director General of Foreign Trade (DGFT), part of the Ministry of Commerce and Industry so that the person can carry his/her import and export business in India evenly.

Moreover, an IEC code is valid for lifetime.

In what situations, is an IEC required?

Given below are the following situations where an IEC is required:

• When an importer of goods has to clear his shipments from the customs, then the customs authorities need the IEC code.
• Banks need it when an importer sends money abroad through banks.
• It is needed by the customs pots when the exporter has to send his shipments.
• When the exporter receives money in foreign currency directly into his/her bank account, then the bank asks for IEC code or license.

Advantages of IEC code registration

There are various advantages of obtaining an IEC code registration which will definitely give you reasons to get your import and export business to register with the same. Some of the advantages are as follows:

Business Expansion

With IEC code registration, it's easy to take your products or services to the global market and expand your business.

Avail several benefits of import and export

Companies with IE code can avail several benefits of import or export from the DGFT, Customs, Export Promotion Council, etc.

No need of filing returns

It is one of the greatest advantages of IEC registration. It doesn't require the filing of returns. Once IE code is allotted, there's no requirement of following any processes for sustaining its validity. Even for export transactions, you don't require to file any returns with DGFT.

Processing is easy and simple

It's quite simple to obtain IEC code from the DGFT within a period of 10 to 15 days after submitting the application. There's no requirement for the proof of any export or import to acquire IEC code.

Renewal not needed

Since IEC code is effective for the lifetime of an entity, therefore, there's no need for renewal. Once obtained, the applicant can use it against all export and import transactions.

Checklist for IEC code registration

• PAN card of individual in case of proprietorship and PAN card of the company in case of the entity;
• DSC i.e., Digital Signature Certificate of every director, CA, CS, shareholder, and subscriber;
• Scanned passport size photograph;
• A cancelled cheque of a current bank account for bank account details;
• MSME registration, if any
• Address proof of the registered office;
• Incorporation documents such as MoA and AoA;
• Certificate of Incorporation

It’s clear from the above discussion that IEC code registration is quintessential for those dealing in import and export businesses. If you have any query regarding the same, you can contact the team of Enterslice where you will get the best solutions to your problem.

Source url - http://www.enterslice.gomilio.com/en/blog/checklist-for-iec-code-registration-26

It is a 10-digit unique code obtained from Directorate General of Foreign Trade (DGFT) under Ministry of Commerce and Industry, Government of India with a permanent validity for importing and exporting goods and services and thereby taking your business at a global level.

Who is required Import Export Code 

In case of import:

• When the importer has to clear his shipment from the customs, the custom authorities require IE code
• When the importer deals with the bank for the payment of money, Banks require IE code

In case of export:

• When an exporter sends the shipment. It is required by the custom port
• When an exporter receives money in foreign currency in his bank account, it is required by the Banks

Who is Exempted from Obtaining IEC Registration 

• There are some categories defined by DGFT, which are exempted from taking this code.
• When the import/ export is done for the personal use and not for the commercial purpose.
• When the import/ export is done by the government department and notified charitable organizations.

Note: In case of import or export of services or technology IEC Registration is necessary only when the service or technology provider is taking some benefit granted under the foreign trade policy to them or is dealing with specified services or specified technologies.

Who Can Apply for IEC Registration

• Individuals
• Proprietorship firm
• Partnership firm
• LLP
• Company
• HUF
• Government undertaking
• Registered trust and society
• Other entity
• Validity of Import Export Code
• IE code once allotted is valid for ever and no requirement to renew.
• Surrender of IEC
• IEC holder has not an option when he is not interested in operating it, he can surrender the same by informing the authority.
• On receipt of such intimation, the authority shall immediately cancel it.
• Requirement for Obtaining IEC
• PAN issued by Income Tax Authorities.
• passport Size photograph of the applicant
• Class 2 or class 3 Digital signature of the authorized person
• Cancelled cheque/Bank certificate required.
• If the applicant is NRI, RBI approval letter needs to be mandatorily attached.
• PROCESS FOR OBATINING IE CODE
• Visit the website of DGFT and login by entering the PAN. After completion of the process of entering OTP sent to mobile and e-mail, fill up the application and upload the documents.
• After successfully filling of application attach DSC of the applicant and submit the same along with the fees prescribed by the government.
• Generally, IEC Certificate is issued within 2-3 business, if no discrepancy is found in the application.
• CAN MODIFICATION OF IEC BE DONE?
• Yes. An IE code allotted can be modified by making an application to the issuing authority
• CHANGES IN IEC WITH THE INTRODUCTION OF GST
• With the Implementation of GST, Government of India through DGFT, in its effort for ease of doing business in India and keeping the identity of person uniform, vide its notification dated 12^th June 2017, notified that any person having GSTIN can import or export, into or from India, by declaring the GSTIN at the time of import or export.
• Additionally, for the entities who are not registered under GST registration because of its threshold limit, may use their PAN as their IEC for which application should be made to DGFT for authorizing PAN of Applicant as IEC.
• Further, for the existing IEC holders, necessary changes in the system are being carried out by DGFT so that their PAN becomes their IEC. So, IEC holders are supposed to quote their PAN for all the documentation done w.e.f. , 12^th June 2017.

Source url - http://www.enterslice.gomilio.com/en/blog/what-is-import-export-code-and-its-registration-15

Importer Exporter Code (IEC) is basically import export license granted by the Directorate General of Foreign Trade (DGFT). Any person or body corporate who is willing to expand their business and explore the international market, are required to acquire IEC.

Anyone can make an application to the DGFT directly along with the necessary documents or one can apply for IEC code online and digitally attached all the required documents there.

It is a very basic registration and government fee charged for IEC is also very minimal. As one is only required to pay 500 rupees for the same.

Who can apply for IEC

Anyone engaged in any business, agriculture, manufacturing etc. can apply for Importer Exporter Code. Such person can be any of the following:

• Individual / Proprietor
• Partnership Firm
• LLP
• Private/ Public Limited Company, or any other entity.

Features of IEC

• It is mandatory to apply for IEC before initiating import/Export. There is no concept of provisional registration for Importer Expo
• IEC has lifetime validity, it does not have an expiry date unless surrendered.
• IEC will be valid for all the divisions / units/ factories/ branches which are mentioned at the time of application. There is no need to acquire different IEC for different units or branches.

Is IEC mandatory for import/export

No, it is not a mandatory requirement to apply for IEC, there are certain exemptions to the same. Following are a few scenarios when it is not mandatory to get IEC registration:

Scenario 1: When we say that before importing and exporting you are required to apply for Import Export Code, it does not mean that all kinds of import / export attract this requirement. If the import or export is of personal nature and is not associated to any business, agriculture, manufacturing activity etc. then in such cases there is no liability to apply for IEC beforehand.

Scenario 2: If any import or export is affected by any government departments, ministries or any other notified charitable organizations, then they are not required to apply for IEC registration.

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