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IMPORT EXPORT LICENSE REGISTRATION

Import Export Code (IEC) is a requirement for starting any Import and Export business in India.

While International trade has been in an uproar in the present, individuals face a lot of complications while acquiring the Import Export License. With the help of our professional services, getting the license becomes very easy for you

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What is Import Export Code Registration

To indulge in the Import and Export business on an international level, i.e., from India to the other foreign countries, one must have the Import Export code or more commonly known as the Import Export License. Import Export Code or IEC is a 10-digit number that is been granted to an individual by the Directorate General of Foreign Trade (DGFT) to conduct international business or international trade efficiently.

Overview on Import Export Code Registration

Unlike other licenses or code, Import Export Code requires no renewal or filing in the later stages. It is acquired by having a 10-digit unique code that is necessary for every import and export business owner in India. The code is issued by the Director-General of Foreign Trade (DGFT), Ministry of Commerce. This IEC code is crucial during the stage of custom. The custom authority checks the IEC code on the shipment and then the process is carried on. To some extent, the exporters cannot receive their money from the foreign bank if they do not have a unique IEC code.

This explains that an individual who plans to deal in the Export and Import business would not only miss out on many beneficial schemes by the government but won’t be able to conduct their business without an Import Export Code (IEC). Hence, it is crucial to own an IEC code to run your business smoothly, and acquiring this code can be a hassle if you don’t know how the registration works.

Where do you Require IEC for your Business?

As mentioned above, there are various instances where an individual would require to have an IEC code in the process of trading. Such instances are as follows.

A. While clearing the shipment in customs, the custom authority would ask for the IEC code from the Importer.

B. Dealing with foreign banks in Trading has never been an easy task. However, for an Importer, while sending the money to the opposite person’s bank, the bank would need your IEC code to process the transaction.

C. When an Exporter intends to export his goods or the shipment, then the custom authority would ask for the IEC code.

D. Most transactions that are carried out are in the form of foreign currency. While converting the same into Indian currency, any exporter would require the IEC code for the bank to process the transaction.

Advantages of Acquiring IEC for your Business

IEC helps you to carry on your trade business on an international level with ease, that is a general advantage that is being given to all. Apart from this, the various other benefits of having an Import Export code are mentioned as follows.

1. Expansion of your Trade

It is the expansion of every business that leads the individual to a greater height in the business world. When it comes to trade, having IEC license would help you to open the doors of the global markets and trade globally with your shipment of goods to offer.

 

2. Access to Different Schemes

Traders who deal in the Import and Export business on a global scale are granted various different schemes under which they would be benefitted. Various schemes such as Merchandise Export from India Scheme (MEIS), the Service Export from India Scheme (SEIS), and others from customs and export promotion can be availed through the virtue of DGFT, Export Promotion Council, Customs, etc.

 

3. No Post-Complications

In various licenses, the individuals are required to do the post-processing, to file the returns, to look after the various formalities, and the return filing. However, when it comes to the IEC code, you don’t have any such complications.

 

4. Easy Process

As compared to other licenses such as Trademark or GST, in the IEC license you don’t have tedious follow-ups or processes to go for. It is very simple to apply for an IEC license with the usual documents and the registration process.

 

5. No Renewal

As mentioned earlier, there are no post-complications, after acquiring the IEC license you don’t need to validate it again and again or renew the license. It is a one-time process.

Exemption from IEC License

There are certain individuals, businesses, and some other exceptions that do not require an IEC license while conducting their business operations. All those who are exempted from having an IEC license are as follows.

A. An Individual undertaking import and export of goods for personal reasons and not connected to the field of trade, agriculture and manufacturing does not need any IEC license.

B. Through a few ports of Indo-Myanmar border areas and China, any individual who import/export goods to/from Nepal and Myanmar with single consignment must not exceed the value of ₹25,000.

C. As listed in appendix – 3, schedule 2 of ITC, exemption from obtaining IEC shall not be applicable for export of materials, organisms, special chemicals, equipment & technologies (SCOMET).

D. All the Ministries/departments of central and state governments are exempted as well.

Documents Required for an IEC Registration

Apart from the usual, an individual requires various documents to acquire the IEC license. The required documents are as follows.

 

1. Proprietorship PAN card copy; ID proof (passport / voter id / driving license / Aadhar card); Address proof (sale deed for self-owned; or rental / lease agreement + electricity bill or telephone bill); Bank certificate, or cancelled cheque with printed name of applicant and bank a/c number.

2. Partnership

Photograph of managing partners; PAN card copies of partnership firm; ID proof (passport / voter id / driving license / Aadhar card / PAN of managing partner whose signature is on application); Address proof (sale deed for self-owned; or rental / lease agreement + electricity bill or telephone bill); Bank

certificate, or cancelled cheque with printed name of applicant firm and bank a/c number.

C. LLP and Company

Photograph of partner or director who is signing the IEC application form; PAN card copies of applicant LLP or company; ID proof (passport / voter id / driving license / Aadhar card / PAN of partner or director whose signature is on application); Certificate of incorporation; Address proof (sale deed for self-owned; or rental / lease agreement + electricity bill or telephone bill); Bank certificate or cancelled cheque with printed name of applicant firm and bank a/c number.

Why StartupYo?

Here are a few reasons why you should choose StartupYo for Import Export Code.

A. With the guidance of the professionals we will take care of all the formalities and complications on your behalf.

B. You would be given regular updates on the status of your license.

C. With our professional services, your license would be acquired within 10 days of registration.

D. As compared to the services provided in the market by other brands, we offer the most affordable and competitive price with a good support team.

IE code stands for Import Export code which is a 10-digit unique code acting as a license for traders.

No, you cannot conduct any business without IEC, your shipment would never pass through the customs without IEC.

No, you can be assigned only one IEC for your business or even to an individual.

Yes, making a change is possible in IEC, however, you would have to raise a request and the process would take time.

After initiating a formal request to the DGFT, you can cancel your IEC.

Yes, even an individual can acquire the IEC license if he/she is acting as a sole proprietor of a business.

If done individually, it would take you within 15 days of time to acquire the IE Code.

Yes, it is a mandatory requirement for acquiring IEC.

. Cities like Mumbai, Gurgaon, Hyderabad, Kolkata, Jaipur, Surat, Bangalore, Chandigarh, Pune, and Delhi grant the IEC license.

As you cannot trade without an IEC code, there might not be any penalty itself unless caught by custom officers.

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