IMPORT EXPORT CODE LICENSE
IEC CODE LICENSE REGISTRATION
@2000/-
If your Business is into Import & Export of goods, the having an IEC Code License Number is necessary. Get your IEC Code Registration Online with Vakilgiri Legal Consultants…
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WHAT IS IEC CODE REGISTRATION ?
GET YOUR IMPORT EXPORT CODE LICENSE @Rs. 2000/-
After liberalization in 1991, the Indian markets were opened to international investment. Indian enterprises were also permitted to invest in other nations in addition to these prospects and can conduct import and export operations as well. By adopting the Import Export Code License registration in India, the Government of India, Ministry of Commerce, and Director General of Foreign Trade (DGFT) made it easy for businesses.
Any business entity can take advantage of the Government of India’s benefits by getting Import Export code registration. Apart from that, adhering to the IEC code license requirements allows for greater opportunity variety. It is required to obtain Import Export license certificate before going abroad. There are a variety of benefits that come with pursuing this Import Export License registration.
Import Export Code license is abbreviated as IEC. This accreditation is required by any school or business that wishes to expand its opportunities. This accreditation is required for any individual, partnership, or business conducting import and export activities in India.
The Director General of Foreign Trade (DGFT) issues this certification. It is a ten-digit number that proves the company’s ability to import and export goods. The applicant must first apply for an IEC code registration procedure.
Import Export License Certificate has a lifetime validity. Meaning, the applicant will not need to go through the IEC code registration renewal process. IEC code registration procedure would normally take a month to secure. Any business entity that does not meet the import export code registration process requirements will not be permitted to carry out import export operations.
REGULATORY BODY FOR IMPORT EXPORT LICENSE CERTIFICATE REGISTRATION
The Director General of Foreign Trade is the primary regulating authority for IEC code license registration. The IEC is governed by the Government of India, the Ministry of Commerce, and the DGFT. For an IEC code license registration, separate application must be submitted to the DGFT. The official website of DGFT offers an online version of the registration system.
BENEFITS OF IEC CODE REGISTRATION
KEY ADVANTAGES OF IMPORT EXPORT CODE LICENSE
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:
1- For personal import or export, IEC registration is not required.
2- 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.
3- 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
- 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.
IMPORT EXPORT CODE REGISTRATION DOCUMENTS LIST
IEC CODE REQUIRED DOCUMENTS
For different business entities, here are the list IEC code registration documents required for the process:
1. Sole Proprietorship
For Sole Proprietorship Firm, below is the list of documents required for IEC Code registration process:
– (3*3) Applicant’s Digital Photos
– Details about the proprietor’s PAN
– The applicant’s unique identification, voter identification, passport, and driving license
– If the company is privately owned, a sale deed must be presented.
– For a rented property, a copy of lease agreement is required.
2. Partnership Firm
For Partnership Firm, following documents are required for IEC code license registration procedure:
– Applicant’s digital photos (nine).
– Copy of the Partnership Deed
– PAN Card
– The applicant’s unique identification, voter identification, passport, and driver’s license.
– If the company is privately owned, a sale deed must be presented.
– For rented property: A copy of lease agreement is required.
– ANF 2A bank certificate is required.
3. Limited Liability Partnership (LLP) and Private Limited Company
For LLP & Private Limited Company, here is the Import Export Code registration process documents requirement:
– (3*3) Photographs of the Applicant
– Copy of your PAN card.
– The applicant’s unique identification, voter identification, passport, and driver’s license.
– If the company is privately owned, a sale deed must be presented.
– For rented property: A copy of lease agreement is required.
– ANF 2A bank certificate is required.
4. Trust
For Trust, following import export code license registration documents are required.
– The Trust’s Certificate of Registration.
– A copy of Trust Deed.
– (3*3) Applicant’s Digital Photos (Managing Trustee).
– Copy of your PAN card.
– The applicant’s unique identification, voter identification, passport, and driver’s license.
– If the company is privately owned, a sale deed must be presented.
– A Copy of Lease agreement is required if the property is rented.
– ANF 2A bank certificate is required.
5. Hindu Undivided Family (HUF)
– (3*3) Digital Photographs of the Applicant, i.e. the HUF Karta.
– The Karta’s PAN Card.
– The applicant’s unique identification, voter identification, passport, and driving license (Karta).
– If the company is privately owned, a sale deed must be presented.
– A Copy of Lease agreement is required if the property is rented.
– ANF 2A bank certificate is required.
Bank Proof
As a Bank Proof, a cancelled cheque without a pre-printed name of the account holder will not be accepted, as per Trade Notice No. 39/2018-19 issued on December 12, 2018. The pre-printed cheque can be for a savings account or a current account.
For carrying out successful IEC Code registration process, it must be noted that the above-mentioned papers needs to be uploaded online in digital format (GIF, JPEG) with a maximum file size of 5MB.
Hence, any application for Import Export Code Certification would be required to present the above papers.
IMPORT EXPORT CODE REGISTRATION PROCESS
IEC CODE REGISTRATION PROCEDURE ONLINE
The applicant must consider the following steps for completing Import Export License Registration Process:
Step- 1: Import Export Code Registration documents & application
The Import Export Code Registration process is completed online through the DGFT website. To start the IEC code application procedure, the applicant must go to the official website and fill out the necessary forms. The applicant must go to the DGFT website’s services tab (https://www.dgft.gov.in/CP/) and select IEC profile management. The applicant would receive a distinct ID and password through this system, which could be used for correspondence. At this point, you’ll need to submit your login credentials. After entering personal information, an OTP (One Time Password) will be produced. All personal details for identification must be provided when providing information. If the application is registering a business, the applicant must give information about the business. The registered email id must also be provided in addition to the aforementioned.
Step- 2: IEC Code Registration Application Processing
After completing the online application, the applicant must review it to ensure that all of the information meets the standards. In addition, the applicant will have to accept a certification that the information he submitted was genuine and correct. Following that, the candidate must submit the application online. This can be done in one of two ways: using the Aadhaar OTP or using a Digital Signature Certificate. There are two types of tokens for entities in the digital signature certificate method: Class 2 and Class 3. The applicant must guarantee that the DSC’s driver is in good working order.
Step- 3: Import Export Code Registration Fees Payment
Import Export Code Fee Payment must be paid through the site after the aforesaid process for Import export code registration has been completed. The IEC code registration process requires a payment of Rs. 500/-. The applicant will be directed to another page called BharatKosh once the payment has been made.
Step- 4: Issuing Import Export Code Number
IEC code license number will be generated automatically after the online application is submitted, together with the required fees and documentation. An applicant will receive notification of Import Export Code Registration License allotment through SMS and email, along with a link to download and print the e-IEC. The IEC Code certificate will only be available in digital format, which can be obtained from the specified website after which the holder is required to update his/her profile immediately.
Despite the fact that the import export code number is created automatically, the Regional Authority will conduct post-verification of the online IEC in accordance with the standards. If any incorrect or incomplete information is provided, the applicant will be subject to penal/criminal action, and his or her IEC code registration process will be suspended or cancelled.
GST AS DEFINED BY IEC CODE REGISTRATION
IS GST REQUIRED FOR IEC?
In the year 2017, the Goods and Services Tax Act imposed indirect taxes on products imported into the country. This will also apply to interstate commerce routes.
When products are imported into the country, the GSTIN number is required to be quoted. For each transaction, this procedure must be used on a regular basis.
Apart from that, the IEC code license number is assigned using the Permanent Account Number (PAN).
The GSTIN would be referenced on transactions that represent imports. This will be used to figure out how much interstate trade there is. The GSTIN number should also be supplied for any other type of return or rebate that may be appropriate.
A Government institution that performs import and export operations and procedures is not required to get the Import Export Code License.
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