IMPORT EXPORT CODE (IEC) REGISTRATION
WHAT IS IEC AND WHO NEEDS TO OBTAIN IEC REGISTRATION
IEC is Import Export Code which is a 10 digit code issued by the Director General of Foreign Trade (DGFT). Any person who is into import or export of goods or services needs to obtain Import Export Code (IEC).
Now a days 10 digit PAN number is the IEC code but issued in the form of IEC certificate and renewed every year.
BASIC REQUIREMENTS FOR IEC REGISTRATION
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ENTITY
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DOCUMENTS REQUIRED
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PRIVATE LIMITED COMPANY
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- COI & PAN of company
- Self attested Copy of Aadhar/Voter id/Passport/DL/PAN of the signing Director
- Digital Passport size photo of signing Director
- Proof of Nature of possession of premise of regd. address( i.e Rented/owned/Leased) Rent agreement or property paper (Please ensure that the rent agreement having the name of Company for business purpose and must have the same address as in electricity bill
- Clear scan copy (pdf) of Electricity bill/landline bill of the premises not older than two months
- Bank Certificate as per ANF 2/Canceled cheque bearing pre printed company name and account number
- Mobile Number and Email id
- Nature of business along with products and services
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ONE PERSON COMPANY (OPC)
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- COI & PAN of company
- Self attested Copy of Aadhar/Voter id/Passport/DL/PAN of the signing Director
- Digital Passport size photo of signing Director
- Proof of Nature of possession of premise of regd. address( i.e Rented/owned/Leased) Rent agreement or property paper (Please ensure that the rent agreement having the name of Company for business purpose and must have the same address as in electricity bill
- Clear scan copy (pdf) of Electricity bill/landline bill of the premises not older than two months
- Bank Certificate as per ANF 2/Canceled cheque bearing pre printed company name and account number
- Mobile Number and Email id
- Nature of business along with products and service
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LIMITED LIABILITY PARTNERSHIP (LLP)
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- LLP Deed & PAN of LLP
- Self attested Copy of Aadhar/Voter id/Passport/DL/PAN of the signing Managing Partner
- Digital Passport size photo of signing Managing Partner
- Proof of Nature of possession of premise of regd. address( i.e Rented/owned/Leased) Rent agreement or property paper (Please ensure that the rent agreement having the name of LLP for business purpose and must have the same address as in electricity bill
- Clear scan copy (pdf) of Electricity bill/landline bill of the premises not older than two months
- Bank Certificate as per ANF 2/Canceled cheque bearing pre printed LLP name and account number
- Mobile Number and Email id
- Nature of business along with products and service
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BENEFITS OF OBTAINING IEC
- Business expansion:-
Import Export Code may help in expanding your business by bringing your products or services to the world’s market.
- Several benefits can be availed:-
Based on their IEC registration, the companies might receive many incentives for their imports/exports from the DGFT, Export Promotion Council, Customs, and others.
- Returns can't be filed:-
Import export code is not required for filing the returns. Once the import export code is allotted, then there is no need to follow any type of process for sustaining its validity. Also for export transactions, there is no need for filing any Returns under the director general of foreign trade.
- Easy to process:-
After applying, we can easily obtain import export code within a period of 2 to 5 days from the Director General of foreign trade (DGFT). Any type of proof is not required for getting an import export code.
WHO NEEDS TO OBTAIN THE IEC?
Anyone who wants to start an import/export firm in the nation will need an Import Export Code. Generally, importers merchants cannot import products without an IEC, and exporters merchants cannot take advantage of DGFT incentives such as the export plan, without an IEC.
WHAT YOU SHOULD DO POST OBTAINING IMPORT EXPORT CODE?
Step 1:- Firstly, visit the DGFT site on google.
Step 2:- Then on the homepage, click on the services option.
Step 3:- Then from the drop-down list, choose the ‘IEC Profile management’ tab, a new page will open.
Step 4:- On the given page, click on the ‘apply for IEC’ option.
Step 5:- Select 'Register' from the drop-down menu. Fill in the relevant information and click the 'Send OTP' option.
Step 6:- Select the 'Register' option after entering the OTP.
Step 7:- Then, you will get a notification providing the password after successful validation of the OTP, which you may alter after login into the DGFT site.
Step 8:- After completing the registration process on the DGFT website, log in using your password and username.
Step 9:- On the DGFT website, select the 'Apply for IEC' tab.
Step 10:- Fill out the application, upload the necessary documents, pay the costs, and then click the 'Submit and Generate IEC Certificate' tab.
Step 11:- The DGFT will be in charge of generating the IEC code. Once the IEC code has been created, you may print your certificate.
MORE ABOUT IMPORT EXPORT CODE:-
- Conditions where import export code is needed:
- It is needed by the bank when importers want to send money abroad.
- Import export code is needed by the custom port when an exporter wants to send his shipments.
- It is required by the bank when a foreign currency is received by the exporter directly into his bank account.
- it is required by the customs authorities when the import has to clear his shipments.
- Exceptions where IEC is not required:-
- According to the government's most recent circular, IEC is not required for all GST-registered traders. In such cases the PAN card will be considered as the IEC code of the trader for the import and export purpose.
- Import export code is not required when the goods are for personal use.
- Import export code is not required by the charitable institutions, ministries and Government of India departments for import export purpose.