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IEC is abbreviated as import export code registration and is a unique 10 digit number issued by the director-general of foreign trade. Any businesses that want to deal with the import and exports in India should obtain this license.
To obtain this IEC license, a business has to abide by a few conditions and follow a certain process. As a business, you need to adhere to a few regulations for Import Export Code registration India.
Benefits of getting Import Export Code registration
The unique IEC code you get with import export code registration India for the businesses will help it open the doors to venture into global markets.
Business with import-export code will get benefit from government schemes like Merchandise Export from India Scheme (MEIS) and Service Export from India Scheme (SEIS).
Import Export Code registration can be obtained with simple documents. You will get the code within 1 to 2 days of applying through online IEC code registration India.
There is no compliance or to file any returns after obtaining IEC code registration even if you conduct any import/export transaction. It is a maintenance-free document.
Once you obtain an IEC license, its act like a valid ID proof to do business freely.
Eligibility
Any business, be it partnership firm, sole proprietor and corporate who want to conduct international business should go for online IEC code registration India irrespective of the size of the business. However, if you are conducting import/export for personal use or agriculture or manufacture, IEC is not required because no trade is involved here.
When do you need import / export business license?
If your business entity is interested in conducting any import/export activities, you should obtain IEC.
When your business is looking for advantages and subsides from DGFT, Customs, and the Export Promotion Council.
If your business needs to clear shipments from the customs
If the businesses are sending money outside the country, banks need you to submit IEC license to open an account for your business.
If your business is an exporter that receives money from a foreign country as a part of the transaction.
Process of registering with IEC
To obtain IEC for the business, you need to fill the application in the specific format and file it with the regional DGFT office in your area.
You need to submit minimally and required documentation to showcase your identity, legality and address proof along with your bank details. With this regard, you may have accumulate documents like PAN of individual or business entity, identity proof like Adhar, voter ID or passport, business establishment address with proof( rental agreement/ electricity bill) and business registration details and canceled cheque of the current account.
After you are done filling the form and attaching the necessary documents, you need to file it with DGFT followed with the payment of the fee required to obtain online IEC code registration India.
After completion of processing your application, the government of India will issue IEC code in a soft copy.
Exemptions of IEC license
You don’t need to obtain IEC license if you are import/ export goods for personal purpose and does not involve any commercial trade.
No need of IEC license if you import/ export goods through /from Nepal and Myanmar through Indo-Myanmar border areas where consignment value is up to a prescribed limit.
Export/ import is conducted by ministers and central government departments.
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