IMPORT EXPORT CODE (IEC) REGISTRATION

IMPORT-EXPORT CODE (IEC) REGISTRATION IN INDIA

import export code registration bangalore

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.

WHAT IS THE IMPORT-EXPORT CODE?

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.

VALIDITY OF IMPORT-EXPORT CODE

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.

CIRCUMSTANCES WHEN IMPORT EXPORT CODE REGISTRATION BANGALORE CAN BE DONE WITH MIBOOK

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.

import export code registration bangalore

BENEFITS OF IEC REGISTRATION IN BANGALORE WITH MIBOOK

IEC is valid for the lifetime

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.

Required by Importers

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.

Required by Exporters

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.

Global market reach

An Import-Export code registration in Bangalore unlocks the opportunities for Indian businessmen to reach the Global / International Business Market.

IEC For Individuals

An individual may also apply for Import-Export Code registration. There is no restriction on you to have a business registered.

Quick Processing

You need not submit any proof for imports or exports for applying for IEC Code. IEC Application is an online process.

STEPS FOLLOWED FOR IEC (IMPORT-EXPORT CODE) REGISTRATION IN BANGALORE

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.

import export code registration bangalore

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.

DOCUMENTS REQUIRED BY MIBOOK FOR IMPORT EXPORT CODE REGISTRATION IN BANGALORE

import export code registration bangalore

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.

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import export code registration bangalore

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Frequently Asked Questions

The one looking forward to obtaining IEC has to fulfil the eligibility criteria which starts from registration of the Import-Export code in India. For obtaining IE code the mandatory documents must be present with you and should be submitted along with the application form for IEC. The IE code is issued once the application is approved by the Directorate of General of Foreign Trade (DGFT), Ministry of Commerce and Industries and Government of India. Documents that need to be submitted are:
-Individual’s or Firm’s or Company’s copy of PAN Card.
-Individual’s voter id or Aadhar card or passport copy.
-Individual’s company’s or firm’s 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.

The following procedure needs to be observed for online Import-Export code registration in Bangalore:
-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

Documents that need to be submitted for IEC registration are as follows:
-Individual’s or Firm’s or Company’s copy of PAN Card.
-Individual’s voter id or Aadhar card or passport copy.
-Individual’s company’s or firm’s 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.

IE Code registration in India is a permanent registration that is valid for a lifetime. Hence, there will be no hassles for 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 requirement like annual filing. As IE code registration is one-time and requires no additional compliance, Mibook recommends that all the companies and LLPs must obtain IE code soon after incorporation.

Holding Import-Export code comes up with so many perks which are outlined below:
IEC is valid for the lifetime
An online Import Export Certificate once issued is valid for a lifetime and has no expiry date. However, it requires it to be renewed/updated online every year. IE Code is valid nationwide and across all factories or branches of the organisation.
Required by Importers
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.
Required by Exporters 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.
Global market reach
An Import-Export code registration in Bangalore unlocks the opportunities for Indian businessmen to reach the Global / International Business Market.
IEC For Individuals
An individual may also apply for Import-Export Code registration. There is no restriction on you to have a business registered.
Quick Processing
You need not submit any proof for import or exports for applying for IEC Code. IEC Application is an online process.

No Import-Export code is not only required for goods, it is also required for services. In fact, without IE code you can not receive or send money in foreign currency directly from or into the concerned party bank account.In order to smoothly and legally transfer any type of goods and services across different countries, the IE code is mandatory. It is required by the Customs Port at times when the merchant is exporting goods and services.

Upon successful registration of the Import-Export code a number is allotted to you by the Director-General of Foreign Trade, Ministry of Commerce and Government of India to Indian companies.This is a 10 digit code number mandatory for importing and exporting goods and services to or from India. Any entity carrying out Import-Export operations without this code number will be held legally accountable.

If an Individual owns or is a part of multiple firms then no separate IEC numbers are required for each firm. One person with only one IEC number can run all entities in his/her name. This is due to the fact that a business entity does not have a separate identity from its owner and only one PAN number is allotted to the owner which is used for registration of the multiple firms.If anyone is found to hold more than one IE code then the same has to be surrendered to the Ministry for cancellation. In the case of a Partnership or LLP or a Company, the separate PAN is quoted for every individual, because a separate PAN number is issued by the Government of India.

As per the circulars distributed recently by the government of India, when you have completed the registration under GST then there is no need to register to Import-Export code for foreign business. The PAN of the trader is considered to be a new IE code for carrying the Import-Export business.

Yes, the yearly renewal of the IE code is made mandatory as per Notification No. 58 on 12th Feb 2021. This renewal is more of an update that needs to be done every year from April to June via an online platform.If an individual or entity fails to meet this requirement within the timeline the IEC will be deactivated. Once the IEC is de-activated the same will be activated once the renewal is made successfully as the provision of Foreign trade policy.Even if no change or update has to be made then also the IEC holder is entitled to renew the IEC.