What is Import Export Code ?
Import Export Code (IEC) is required by a person who’s want to start import export business in india. IEC Code is issued by the Director general of foreign trade(DGFT). its a 10 digit code with a lifetime validity. Mostly importers merchant can’t import any goods without the IEC Code and exporter merchant can’t avail the benefits from the DGFT Department for the export scheme etc.
- IEC Registration
Import Export Code is required in following situation :
a) When importers have to clear the shipments from the customs then it’s required by the customs.
b) When importers send the money to abroad via banks then it’s required by the banks through SWIFT Code.
c) When exporters have to send the shipments then its required by the customs port.
d) When exporters received the money in foreign currency directly into the bank then its needed by the banks.
Import Export Code Registration Package
CAONLINEINDIA offers a awesome IEC Code Registration Package :
#1 Drafting of the Documents for the IEC Code Registration.
#2 Filings of the Application.
#3 Processing of the application.
#4 10+ Premium Legal Agreement templates for your business.
Documents Required for Import Export Code(IEC) Registration
IEC Code Registration required following things :
#1 Individual Person
#2 Personal or Company or Firm Pan Card Copy.
#3 Personal Aadhaar card or voter id or passport copy.
#4 Personal or company or firm current bank account cancel cheque copy.
#5 Electricity Bill Copy or Rent Agreement or Sale deed of the premise copy.
Features of the Import Export Code(IEC) Registration
International Exposure : IEC Code helps you to grow your business from local market to international market and expand your product or service across the global.
Government Benefits : Govt of India always promote the export activity in india so through IEC Code Registration you can avail all the export scheme benefits from DGFT, Customs and Export Promotion Council.
No Renewals : IEC Code issued by the DGFT for the lifetime validity so you have not required renew every year so its a just one time cost of the registration.
No Annual Compliance : IEC Code have no annual compliance like returns filings etc. Even you have not show anywhere the transactions.
Individual person : IEC Code can be obtain by the individual person also, they have not required to register the legal entity.
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Online procedure for Obtaining Import Export IEC Code
Step 1 : You have to submit a duly filled application form online at the DGFT official Website along with the documents required. These documents should be in pdf format only.
Step 2 : You should have scanned copy of the following in gif format which should not exceed 300 KB:
a) PAN (both sides) ,
b) applicant Photograph ,
c) Bank Certificate
Step 3 : Exporter must have a Net banking account with one of the following banks
a) HDFC BANK
b) ICICI BANK
c) BANK OF INDIA
d) STATE BANK OF INDIA
e) CENTRAL BANK OF INDIA
f) PUNJAB NATIONAL BANK
g) IDBI BANK
h) UTI/AXIS BANK
i) UNION BANK OF INDIA
Step 4 : You have to go to DGFT Website and Click on “IEC Online Application”.
Step 5 : You then have to enter your PAN number. So as to create new IEC application select ‘Create’ from ‘File’ menu.
Step 6 : It will then display new ‘ECOM Reference No.
Step 7 : you then have to fill in your details like name and designation of the applicant, address, pin code, phone no, email address, Date of Establishment, PAN date, PAN Issuing authority, Banker Name, Bank Account Number.
Step 8 : You will have to make a payment of Rs.250 through online fund transfer from the selected banks.
Step 9 : It is mandatory for all applicants to upload the documents based on your entity e.g. company, sole proprietor, partnership etc, PAN card, Photograph and bank certificate.
Select:
a) PANC to upload PAN Copy
b) FOTO to upload Photograph of Applicant
c) BKYC to upload Bank Certificate Copy
d) MOAS to upload the Memorandum of association
e) EBRA to upload Extract of Board Resolution
f) FM32 to upload Form 32 in case of change of Directors
g) FM18 to upload Form 18 in the case of change of registered office-wherever applicable.
h) AOTH to upload any other relevant document, if required.
i) ANFP will remain to disable always.
j) NRID to upload the RBI approval letter. (Applicable in case of NRI)
Step 10 : The documents required are complete and submitted to DGFT you will get your IEC in one or 2 weeks.
Step 11 : If one wants to modify IEC then if an application for modification or amendment is made within 90 days then no fee is payable but if after 90 days then payment of Rs. 1000 has to be made in form of demand draft to concerned regional authority. So above are the Online and Offline Procedure to obtain the Import Export Code. Hope this article helpful for you regarding apply for the Import Export Code. if you need any professional Import Export Code Service then place a request on CAONLINEINDIA and Get done IEC Code at finger Tips.
