IMPORT EXPORT CODE LICENSE

IEC CODE LICENSE REGISTRATION

@2499/-

If your Business is into Import & Export of goods, the having an IEC Code License Number is necessary

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WHAT IS IEC CODE REGISTRATION ?

GET YOUR IMPORT EXPORT CODE LICENSE @RS. 2499/-

Following the liberalization in 1991, the Indian markets embraced international investment, allowing Indian enterprises to engage in import-export operations and invest in foreign nations. The Indian government, Ministry of Commerce, and Director General of Foreign Trade (DGFT) facilitated this by introducing the Import Export Code License registration process, simplifying it for businesses.
Every business entity has the opportunity to avail the benefits provided by the Government of India through obtaining Import Export code registration. By complying with the requirements of the IEC code license, businesses open themselves to a wide range of opportunities. Prior to engaging in international trade, it is essential to acquire the Import Export license certificate. Pursuing this registration offers a multitude of advantages and privileges.
IEC Code Registration refers to the process of obtaining an Import Export Code (IEC) from the Directorate General of Foreign Trade (DGFT) in India. The IEC is a 10-digit unique code that is mandatory for any business or individual engaged in the import or export of goods and services from India.
IEC Code Registration enables businesses to participate in international trade by facilitating the smooth flow of goods and services across borders. It serves as a form of identification for exporters and importers and is required for customs clearance, foreign remittances, and various other transactions related to foreign trade.
To obtain IEC Code Registration, applicants need to submit the required documents, including proof of identity, address, and bank details, along with the prescribed application form. Once registered, the IEC code is valid for the lifetime of the entity and does not require any renewal.
It is important to note that IEC Code Registration is separate from GST Registration and is specific to import-export activities.

REGULATORY BODY FOR IMPORT EXPORT LICENSE CERTIFICATE REGISTRATION

The regulatory body responsible for Import Export License Certificate registration in India is the Directorate General of Foreign Trade (DGFT). The DGFT operates under the Ministry of Commerce and Industry and is entrusted with the task of formulating and implementing policies related to foreign trade. It oversees the registration and regulation of import-export activities, including the issuance of Import Export Code (IEC) and the management of various schemes and policies related to international trade. The DGFT ensures compliance with trade regulations, monitors trade statistics, and facilitates smooth and efficient import-export operations in India.

Vakiltrust- Legal Consultants is available to assist you in the registration process of your Import Export Code (IEC) License. They provide expert guidance and support to streamline the process and ensure compliance, making it easier for you to engage in import and export activities.

BENEFITS OF IEC CODE REGISTRATION

KEY ADVANTAGES OF IMPORT EXPORT CODE LICENSE

Import Export Code registration process in India has many advantages. Some of them are:

BUSINESS DIVERSIFICATION

One of the biggest advantages of IEC code registration is the opportunity to expand the business. This can be accomplished through both exports and imports into India. Any entrepreneur or business may have a hassle-free experience without having to worry about compliance

NO RETURNS TO BE FILED

This method does not necessitate the filing of any returns. As a result, once the Import Export code number is assigned, there is no need to file returns to confirm the legitimacy of the certification.

EFFORTLESS PROCESSING

IEC Code Registration process is 100% online. As a result, processing time is reduced when compared to the offline method. When an initial application for registration is submitted, the applicant is given an OTP number. As a result, this technology allows for seamless processing times.

PERPETUAL LICENSE

IEC Code License registration is a one-time process and there is no need of any renewal. When a business or proprietor obtains this license, it is not necessary to renew it.

BENEFITS FROM GOVERNMENT

The benefits of registering with the IEC system would be automatically available to the company. Any conformance-related regulations can be followed by the company.

GOVERNMENT SANCTIONED

When exporting from India, the products that are transported must be certified according to the DGFT’s standards. As a result, enhanced reputation can be achieved through this procedure.

WHO NEEDS IEC CODE LICENSE ?

IMPORT EXPORT CODE REGISTRATION ONLINE

Proprietorship Firm

An individual who is involved in the import and export procedure must obtain Import Export License Certificate.

Partnership Firm

A partnership firm is required to have an IEC code license number if it is exporting and importing products.

Limited Liability Partnership

In the business of trading outside India, every partnership created under the limited liability partnership act of 2008 would be required to obtain this certification.

Private Limited Company

If a Private Limited company is engaged in transporting items or goods outside the country, it must obtain IEC code license under the Companies Act of 2013 or a previous company statute.

Hindu Undivided Family

This type of certification is also required for carrying out imports and exports by any Hindu Undivided Family where the individuals are made up of a Karta and Sole members.

Society

To carry out import export activity, any society founded under the Co-operative society or society’s registration act will need this IEC license number.

EXEMPTION FROM THE IEC CODE REGISTRATION

A business must have an Import Export Code license number in order to import any type of goods. The following individuals, however, are exempted from getting an IEC Code registration: For personal import or export, IEC registration is not required. Individuals who intend to export or import products to or from Myanmar and Nepal via China and the Indo-Myanmar fringe zones in one transaction with a value of less than INR 25,000 do not need IEC code license registration number. Import Export license registration would not be necessary for specialised chemicals such as SCOMET (Scientific Chemicals, Organisms, Material, Apparatus, and Technologies), as defined in Appendix – 3, Schedule 2 of the ITC (HS).

WHEN TO APPLY FOR IMPORT EXPORT CODE REGISTRATION?

IEC CODE LICENSE REGISTRATION

The following situations necessitate IEC code registration process:

Necessary for APEDA registration.
Exporting shipments to other countries.
This number is essential if the exporter receives any type of subsidy.
IEC code registration is necessary for Food Licensing and FSSAI registration.
For obtaining clearance from Customs’ Department officials for the importer’s shipments.
Import Export Code number is required while sending money abroad through a licensed bank.
Import Export Code license number is required by the bank when the exporter receives inward remittance

Documents required for IEC Code Registration

THIS IS ALL WE NEED FROM YOU

For Individual
1. Address Proof of Applicant
2. Identity Proof of Applicant
3. Passport size Photograph
4. Address proof of premise of the entity
5. Cancelled Cheque
For Partnership Firm/LLP
1. Passport size Photograph of partners
2. Address Proof of Partners
3. Identity Proof of Partners
4. Proof of Place of Business
5. PAN Card of Firm
6. Partnership Deed
7. Certification of Incorporation (In case of LLP)
8. Cancelled Cheque
For Company
1. Passport size Photograph of directors
2. Address Proof of Directors
3. Identity Proof of Directors
4. PAN Card of Company
5. Address Proof of Business Place
6. Certificate of Incorporation
7. MOA/AOA
8. Cancelled Cheque

FREQUENTLY ASKED QUESTIONS

RELATED TO GST REGISTRATION PROCESS

1. Is it mandatory to obtain IEC license for import and export?

Yes, Import Export Code (IEC) is mandatory for all imports from and exports to India. However, certain categories of importers are exempted to obtain IEC.

2. How much time does it take to obtain IEC registration?

It takes around 3-5 days to obtain import export code

3. Whether more than one IEC be issued against one PAN?

No, only one IEC can be issued against one PAN number. In case, more than one IECs are issued to a proprietor, then he must surrender the same to Regional office for cancellation.

ement. After due verification of your application by the GST Department, you will receive a login-id and password.

4. Do I require renewing my IEC registration?

No, IEC is valid for lifetime

5. Can I apply for IEC registration with Savings bank account?

Yes, you can but it is recommended to have a current account. As sometimes, the bank denies the AD code registration on savings account.

6. Do I need to follow any compliance after getting IEC?

No, there is no compliance once IEC issued.

7. Can individuals apply for IEC?

Yes, individuals can apply for IEC if they own a partnership or proprietorship business.

8. Do I need to obtain IEC for export and import of services or technology?

No, you don’t require obtaining IEC for export and import of services unless you wish to avail certain benefits under FTP(Foreign Trade Policy) or you are dealing in areas which are of national security such as nuclear weapons or automatic guns.

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