IEC (Import Export Code) Registration

Introduction

Your passport to international trade is the Import Export Code (IEC). In case you have intentions to commence an import-export business in India, the foremost and most important thing that you have to do is to get ourselves registered with the IEC. This is a 10 digit Unique Identification number issued by the Directorate General of foreign trade (DGFT) and compulsory to every business organization and other individuals who conduct international trade in goods and services. If you are a trader, service provider or a manufacturer the IEC registration grants you the power to access international markets, foreign business opportunities, and will make you prepared to adhere to the Indian foreign trade law.

What is IEC (Import Export code)?

IEC is short of Import Export Code- a 10-digit registration number allotted by Directorate General of Foreign Trade (DGFT) of Ministry of Commerce and Industry, Government of India. It is a compulsory license to importing or exporting services and goods in India.

The IEC is lifetime registration and basically serves as a license to conduct cross border trade. No business or individual is allowed to be able to import or export unless he or she acquires IEC.

What is the need of IEC?

• Import and Export: A requirement during customs clearance, shipment and in case of remittance of foreign currency.
• Increases Profits Worldwide: Makes Indian businesses be present on a worldwide level.
• No Monthly Filing or Renewal: After the issuance of IEC, there is no requirement of monthly filling or renewal.
• Claiming Government Benefits: Ownership mandatory to take benefits of export incentives such as MEIS, SEIS, RoDTEP etc.
• Bank Remittances: Banks require them when exporting or importing foreign-currency.

Eligibility Criteria

• Individuals: sole proprietors, freelancers or consultants who wish to trade at international level.
• Partnership Firms/LLPs
• The Private/Public Limited Companies.
• Trusts, HUFs and Societies
• Remark: IEC can also be acquired by people who are not registered as a business entity.

Documents Required

In case of Individuals / Sole Proprietors:

• • • The applicant PAN Card
    • Aadhaar Card, Passport or Voter ID
    • Utility bill, rent agreement, etc.
    • Cancelled cheque or a bank certificate

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For Companies /LLP/ Firms:

• • • The business has PAN Card
    • Partnership Deed/ Certificate of Incorporation / LLP Agreement
    • Show evidence of the business location
    • Directors/partners information
    • Name of the business Cancelled cheque
    • Digital Signature (DSC) of authorized signatory (filing online)

Additional Requirements:

• • • Aadhaar connected Email ID and Mobile Number
    • Operating bank account under the name of the entity

Step-by-Step Process

• • • Step 1: Documentation – Gather all the necessary documents such as digital signature (DSC) or Aadhaar based e-sign.
    • Step 2: Web based Registration at DGFT Portal – Register yourself on the DGFT site (https://www.dgft.gov.in) and get yourself logged in the IEC application module.
    • Step 3: Complete IEC Application (ANF-2A form) – Give business within, bank details, PAN, contact information, and add documents.
    • Step 4: Authentication – Or through OTP Aadhaar or Digital Signature Certificate.
    • Step 5: Fee Payment – Make an IEC online application fee payment that is currently 500rs.
    • Step 6: Certificate and Approval – The certificate of the IEC is issued immediately after successful verification through an email, and available in a form of a downloadable document.

Timeline

• • • Preparation of applications: 1 Day
    • Online Filing / Approval: 1-3 Working Days (normally gives the same day issuance)
    • Estimated Time taken: Usually 1-3 working days as long as the documents are right and valid.

Charges and expenses

• • • Government Fee: The amount provided in DGFT is 500 Rupees (500)
    • Fees of our Profession: Beginning at 999 (incorporation services, document creation, application filling, and document signing/ e-sign solutions, and post-registration services)
    • Discounted deals can also be availed with Combo Packages (IEC + MSME + GST + DSC).

Penalties for Non-Compliance

• • • Although there is no penalty in the IEC registration delay, violation of the foreign trade rules may lead into:
    • Seizure of the goods on the stage of custom clearance
    • Refusal of shipping documents by government or banks
    • Inapplicability to the government export incentives
    • Prosecution under the foreign trade (development and regulation) Act, 1992
    • DGFT licenses blacklisting or suspension of license by DGFT

Why Choose Us?

• • At CERTILIZE, we can take you through the whole process with our end-to-end service to make your IEC registration dead simple. We provide services including:
  • Same Day Filing & Quick Processing
  • Accurate Documents & Form filing
  • Clear, Low Prices – not a cent extra
  • DSC Assistance & Digital Compliance Help
  • Free guidance on establishment of the international trade
  • Real-time status delivery and tracking by a dedicated Account Manager
  • Value-Corporation Combo Services GST, MSME, Exports Subsidy, and others
  • The legalities involved are addressed by us as you work on increasing your worldwide business.