Import Export Code Registration

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(Takes 10 to 15 working days)

Import Export Code Registration - An overview

An Importer Exporter Code (IEC) is a unique 10-digit code, which is usually required for every import/export business owner in India. The IEC code is issued by the Director-General of Foreign Trade (DGFT), Ministry of Commerce and never needs to filing or renewal. Import Export Code Code is necessary by importers to clear customs and shipment, and to transfer money to any foreign banks. Exporters require Import Export Code (IEC) to send shipments and receive money from any foreign banks. In short, no importer/exporter can operate the business in India without getting the IEC.

Why register for Import Export Code (IEC)? Benefits

  • The Import Export Code registration helps traders to open the doors to venture into the global market, including registration in online e-commerce operators, Like – Amazon, Flipkart, etc.
  • Businesses can avail of different government schemes like Service Export from India Scheme (SEIS), Merchandise Export from India Scheme (MEIS), and others from Customs and Export Promotion.
  • No compliance requirements post-registration, like – filing or renewal, and hence maintaining the business is relatively simple.
  • The process of obtaining the Import Export Code is not tedious and can be obtained with minimal and basic documents.

How to register for Import Export Code (IEC)? - A detailed IEC procedure

To get an Import Export license online for your business, you will need to do follow some simple IEC registration procedure.

Step 1: The online Import Export Code (IEC) application form in the format Aayaat Niryaat Form no.2A is filed with the Directorate General of Foreign Trade. Alternatively, it could also be done offline process at the Regional office of Director-General of Foreign Trade (DGFT).

Step 2: All the necessary documents, including DSC and bank details, have to be submitted.

Step 3: Next, the Import Export Code (IEC) will be allotted and the application will be processed further.

Step 4: Once the submitted documents and application are verified by the authorities of the Director-General of Foreign Trade (DGFT), the Import Export license will be issued/granted as a soft copy to the entity.

Documents required for Import Export Code (IEC) registration

The documents required are relatively less for Import Export Code Registration. Only a few documents are required which are listed below for a better understanding.

  • PAN card of the individual, firm or company
  • Copy of the entity’s government ID (Aadhar/PAN/Driving license/Voter ID)
  • Partnership deed/Incorporation certificate
  • Personal or company’s current bank account statement
  • Address proof (Rent agreement/electricity bill/sale deed of the office location)
  • Copy of canceled cheque leaf of the current account

Eligibility criteria to get Import Export License

Any type of business registration, like – Sole Proprietorship Firm, Partnership Firm, Private Limited Company and Charitable Organization dealing with the export and import of goods should register for Import Export Code irrespective of the size. However, the Import Export code is not necessary for Import/export of goods for personal use, which is not connected with any trade, manufacture or agriculture. There is no need for a business/trade set up.

Exemption of Import Export Code (IEC)

  • Persons undertaking import/export of goods for personal purpose and not connected to any trade, agriculture, and manufacture.
  • Export and Import goods by any Individual to or from Nepal and Myanmar via Indo-Myanmar border areas and China (via Namgaya, Shipkila, Gunji, and Nathula ports) with a single consignment does not exceed in Indian more than ₹25,000.
  • The exemption shall not be applicable from obtaining IEC as listed in Appendix – 3, as the export of Special Chemicals, Organisms, Materials, Equipments and Technologies, Schedule-2 of ITC (HS) except within the situation of exports by category (ii) above.
  • Departments/Ministries of Central governments and State governments.

VALIDITY OF Import Export Code

Once successfully registered the IE CODE becomes permanent and valid for a lifetime. Hence, there is absolutely no need for annual renewal or update. The IE CODE is lasting until the business ceases to exist or the registration is surrendered by the registration holder. Also, the business does not have to do any monthly or annual filings or compliances like GST, PF, etc.

RCMC REGISTRATION

RCMC is a ‘Registration-cum-Membership Certificate’ issued by the ‘Export Promotion Council body’ under the Government of India. RCMC is necessary for those business entities that deal with the export of restricted products, and seeking concessions under ‘Foreign Trade Policy’ like duty withdraw.

Why LegalMaps

Our professionals will help you to execute the Import Export code registration process smoothly at best rates. The whole process is online, so you don’t even have to leave your home to get your Import Export license. At Legalmaps, we complete the Import Export Code Registration online within 10 to 15 working days.

FAQs on Import Export Code

IE Code stands for Import Export code which is a 10 unique digit number issued by Director General of Foreign Trade, Department of Commerce, Government of India. It is registration necessary for traders who make importing or exporting goods and services to or from India.

Under the MEIS Scheme, the trader gets numerous rewards and incentives from the government to exporters. Such incentives are usually given to exporters at a prescribed rate which varies from product to product(s).

Any person/firm/company dealing with the international trade of export and import of Goods and Services needs to register for Importer Exporter Code.

Importer Exporter Code is not a tax registration. However, certain customs duties may be levied when the event is occurred and depending on the product.

No. Importer Exporter Code is a mandatory document for recognition by the Government of India as Importer/Exporter of goods and services. However, if the value of goods is too low, the customs authorities may permit first export by imposing nominal charges which are highly unlikely to happen.

Anyone who is registered as a sole proprietor of a business can obtain Importer Exporter Code Registration.

To obtain Importer Exporter Code registration, a copy of PAN Card/Aadhar Card/Driving license/Voter ID, proof of address of business and constitution of the business [Partnership deed, Incorporation Certificate, etc.,] and a canceled cheque of the current account is necessary.

With LegalMaps Importer Exporter Code Registration can be obtained from the Director-General of Foreign Trade (DGFT) in 10-15 working days after submission of all necessary documents and application form.

As trade is not possible without a valid Importer Exporter Code, the penalty usually levied may be the pay duty depending upon the quantum of the goods.

No. Importer Exporter Code is a mandatory document for recognition by the Government of India as an importer/exporter. However, if the value of goods is very low, the concerned authorities or customs officer may permit the first export (only one time) by imposing penal charges.

Yes, Importer Exporter Code number is reflected in all customs documents related to imports and exports.

A single business entity can get only one Importer Exporter License.

Yes. In order to make changes, you need to raise a request with the Director-General of Foreign Trade (DGFT) and produce the required documents to make the changes or modifications. Some Govt. fee may be charged for the same.

Importer Exporter Code can be canceled by initiating a formal request to the Director-General of Foreign Trade (DGFT) online. On receipt of such intimation, the authorities of DGFT will cancel it electronically.

No, there is no need for a company to apply for Importer Exporter Code Certificate.

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