Import-Export of India has become a vital part of our country’s economy. And all thanks to our dedicated businessmen who don’t want to limit their growth to the domestic level but want to grow and spread globally. Anyone ambitious to start an Import-Export business needs to observe and meet many legal procedures and laws. One can acquire the services of Mibook to get Import-Export code registration and licence that have been imposed on them for the smooth running of Import-Export globally.
Import-Export code registration in India is mandatory for those who want to build their identity in the import/export business of the Country.
It is issued by the DGFT (Director General of Foreign Trade). IEC is a 10-digit code that has lifetime validity. Primarily importers merchants cannot import goods without the Import Export Code and similarly, the exporter merchant cannot avail of benefits from DGFT for the export scheme, etc. without IEC.
Import-Export Code Registration in India has to be done by IE companies with the Indian Custom department that import and export the commodities in India. IE Code application must be made to the Directorate General of Foreign Trade along with the necessary supporting documents. Once the application is submitted, DGFT will issue the IE Code for the entity in 15 - 20 working days or less. The whole procedure to register for IEC can be lengthy and complicated so one must take the help of professionals of Mibook.
Import-export code registration Bangalore is a permanent registration that is valid for a lifetime. Hence, there will be no hassles with updating, filing, and renewal of IE Code registration. It is valid until the business exists or the registration is revoked or surrendered.
Unlike tax registrations or GST registration or PF registration, the importer or exporter does not require to file any filings or follow any other compliance requirements like annual filing. As import export code registration in Bangalore is one-time and requires no additional compliance, Mibook recommends that all the companies and LLPs must obtain IE code soon after incorporation.
Required to verify with customs authorities when an importer has to clear his shipments from the customs.
When an exporter receives money in foreign currency directly into his bank account then submission of IEC is required by the bank.
While the importer sends money abroad through banks, it is the IE code licence that needs to be verified with Banks.
Customs port requests for IE code while the exporter has to transit his shipments.
An online Import Export Certificate once issued is valid for a lifetime and has no expiry date. However, it requires to be renewed/updated online every year. IE Code is valid nationwide and across all factories or branches of the organisation.
All importers who wish to import goods in India need to register the IE code. IE Code must be mentioned in all relevant customs documents. Bankers would require you to have valid IEC registration for making payments abroad.
All exporters who export goods out of India need to register for the IE code. It must be quoted in relevant customs documents. Bankers would require you to have an IEC registration while receiving money from abroad from your customers.
An Import-Export code registration in Bangalore unlocks the opportunities for Indian businessmen to reach the Global / International Business Market.
An individual may also apply for Import-Export Code registration. There is no restriction on you to have a business registered.
You need not submit any proof for imports or exports for applying for IEC Code. IEC Application is an online process.
Visit the DGFT website.
Click on the ‘Services’ tab on the homepage.
Select the ‘IEC Profile Management’ option from the drop-down list.
A new page will open. Click on the ‘Apply for IEC’ option on the page.
Click on the ‘Register’ option. Enter the required details and click on the ‘Sent OTP’ button.
Enter the OTP and click on the ‘Register’ button.
Upon successful validation of the OTP, you will receive a notification containing the temporary password which you can change after logging into the DGFT website.
After registering on the DGFT website, log in to the website by entering the username and password.
Click on the ‘Apply for IEC’ option on the DGFT website.
Fill out the application form (ANF 2A format), upload the required documents, pay the required fees and click on the ‘Submit and Generate IEC Certificate’ button.
The IEC code will be generated by the DGFT. You can take a printout of your certificate once the IEC code is generated.
Individual’s or Firm’s or Company’s copy of PAN Card.
Individual’s voter id or Aadhar card or passport copy.
Individual companies or firms cancel cheque copies of current bank accounts.
Copy of Rent Agreement or Electricity Bill Copy of the premise.
A self-addressed envelope for delivery of IEC certificate by registered post.