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IEC Code Registration

Are you looking to scale up your business outside India? Manage your import-export needs effortlessly through IEC Code Registration with Canjain!

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IEC Code Registration – An Overview

If you are an entrepreneur or a business looking to expand your venture beyond Indian territory, we can help! An IEC number is mandatory to engage in the import and export business, and we can assist you with the IEC code registration process, saving your time and money.

The gateway to exploring business beyond borders was made available after India brought economic reforms and adopted the liberalization policy in 1991. Since then, Indian citizens and companies have made profitable investments outside the country. The Directorate General of Foreign Trade (DGFT) is responsible for Import Export Code (IEC) registration to simplify import-export procedures.

Are you facing roadblocks in securing IEC Code Registration to scale up your business? Apply import export license with our seasoned consultants.

What is Import Export Code (IEC)?

An Import Export Code (IEC) is a unique 10-digit number assigned by the Directorate General of Foreign Trade (DGFT) under India’s Ministry of Commerce and Industry. IEC code registration is mandatory for all individuals and entities importing and exporting goods and services in India.

An IEC code is pivotal in tracking and maintaining import and export records. It is also important in maintaining compliance and facilitating hassle-free customer clearance. DGFT is the government agency liable for executing policies related to foreign trade, allocating licenses such as the Import Export Code (IEC) and managing rules to encourage exports and imports.

Indian citizens and businesses can obtain their 10-digit IEC code by applying and submitting the mandatory documents. The IEC code facilitates smooth customs clearance, bank transactions for international trade and leveraging benefits to promote exports. Once issued, the IEC code is valid for a lifetime.

  • Benefits of Import Export Code Registration
  • Businesses that have obtained import export code registration can access global markets and engage in export-import activities hassle-free. Export import code registration facilitates streamlined access to international markets, efficiently manages customs clearance, encourages exports and strengthens goodwill for smooth business operations.
  • Lifetime Validity
  • One of the most important benefits of IEC code registration is its validity. Any individual or business that obtains the import export code registration successfully does not need to apply for its renewal. The IEC code is valid for the company’s lifetime and requires no renewal.
  • Global Market Access
  • The IEC code registration facilitates Indian businesses in expanding their operations across borders and penetrating international markets with ease. Export import code registration helps export products legally.
  • Zero Annual Maintenance
  • Import export code registration is a simple process that does not demand adherence to complex regulations. Once an individual or company has obtained the IEC code, they do not need to file any returns to ensure the validity of their IEC Code.
  • Easy Processing
  • Obtaining export import code registration is a straightforward process requiring you to follow the procedure for submitting the application and necessary documents. The 10-digit code is issued by the Director General of Foreign Trade (DGFT) between 10 to 15 days.
  • Reduces Risk of Illegal Trade
  • The IEC code registration requires businesses and individuals to furnish the latest and updated information. This facilitates limiting the trading of illegal goods by paving the way for the legal trade of goods and services in international markets.
  • Government Benefits
  • IEC code registration helps businesses to benefit from various government organizations, including DGFT, customs and the export promotion council.
  • Tax Refunds
  • Businesses that have obtained a valid 10-digit IEC code are eligible to claim refunds on taxes paid during the export procedure. Tax refunds help bring down operational expenses, improve cash flows, and make global trade more financially efficient.
  • Simplified Bank Transactions
  • Import export code registration allows businesses to engage in foreign exchange transactions easily. The IEC code facilitates seamless transactions for international payments according to the bank’s requirements.
Eligibility Criteria for IEC Code Registration

The eligibility criteria to obtain IEC code registration for individuals and entities include the following:

Checklist for Individuals for Export Import Code Registration
  • Any individual involved personally or for business in import and export can apply import export license.
  • A valid PAN card in mandatory to apply for IEC code registration.
  • A valid savings or current bank account in the person’s name.
  • A business registration number is not required to apply for IEC code registration by an individual.
  • An individual applying for export import code registration must furnish a valid Aadhaar card for identity verification.
Checklist for Businesses for IEC Code Registration
  • Any registered entity – sole proprietorship, partnership firm, LLP, company, or Hindu Undivided Family (HUF) engaged in import-export is eligible.
  • Business must have a valid PAN card registered under its name.
  • Business must have opened a current bank account in its name.
  • An entity must provide proof of its registered business address.
  • An authorized signatory must manage partnerships and companies’ IEC code registration applications.
Documents Needed for Import Export Code Registration

Anyone filing an application for import export code registration is required to submit various documents, including the following:

  • Passport Photos- Recently clicked photographs
  • Identity Proof- A valid PAN card, Voter ID, Aadhaar card, Driving license or Passport
  • Bank Details – Cancelled cheque of valid bank account
  • Address Proof- Proof of address for the business like sale deed, rent agreement, lease deed, or latest utility bills
  • Proof of Establishment – Proof of establishment, incorporation, or business registration
  • Digital Signature – A valid digital signature
  • Digital Photographs – Latest digital photographs (3×3 cm) of the applicants
  • Self-Addressed Envelope – A self-addressed envelope for delivery of the IEC certificate via registered post
  • Other Documents – Valid mobile number and email ID
How to Apply Import Export License?

The step-by-step guide to apply import export license is showcased below-

  • Step 1 – Complete Necessary Paperwork
  • The first step towards IEC code registration requires you to ensure that your paperwork is complete. You need to collect all your important documents, including your PAN card, identity proof, address proof and bank certificates, to avoid last-minute confusion.
  • Step 2 – DGFT Portal
  • The next step in export import code registration requires you to visit the official website of the Directorate General of Foreign Trade (DGFT) and create an account to proceed with the registration. You must enter your updated details, including a valid mobile number and email ID.
  • Step 3 – Complete the Application Form
  • Once you have created your account on the DGFT website, you must log in to complete the IEC application form (ANF-2A). To proceed with the application process, you must fill in the correct details, such as a valid bank account number and registered business address.
  • Step 4 – Upload Documents and Pay Fees
  • Once the above three steps are complete, you must upload the required documents in the specified format. Then, you need to pay the fee online through the DGFT portal payment gateway.
  • Step 5: Submit and Track Application
  • Once the payment is made, you need to submit your application. You can then track the latest status of your application through the portal. However, once your application is approved, you will receive an email confirmation.
Importance of Export Import Code Registration

Export import code registration is important not just for businesses involved in importing and exporting goods but also for consumers with access to global products and services.

Importance of IEC Code Registration for Organizations

  • IEC code registration is the gateway, facilitating companies to expand their trade into global markets.
  • Business partners and clients worldwide trust businesses with import export code registration number.
  • Export import code registration enables businesses to conduct hassle-free international payments.
  • IEC code registration allows businesses to access various government schemes and initiatives for export promotion, reducing costs.
  • IEC code registration helps businesses to comply with trade laws, simplifying custom clearance processes.
Importance of IEC Registration for Consumers
  • IEC code allows consumers to access a wide range of international products delivered by genuine exporters.
  • The IEC registration enables consumers to leverage high-quality imported goods.
  • Sellers with IEC code registration dealing in similar product line dwell on competition, benefitting the consumers with better pricing.
  • IEC code allows consumers to access specialized products that may not be available in domestic markets.
  • Import export code registration allows consumers to buy from authentic sellers, safeguarding product reliability and genuineness.

 

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