Import Export Code Registration
Get your Import Export Code Registration in India with Aavana in just blink of eyes. Import Export Code Registration in India has grown by leaps and bound in recent times despite the negative impact of demonetization. Indian export business touched $274.65 billion during the year 2016-2017. The Indian IEC market is surging ahead globally mainly due to business innovations and flexible government reforms.
The government has come up with several steps to make the policies easily related to the exports in order to minimize corruption. Hence every entrepreneur and start-ups must be aware of the legal policies such that they can sow their seeds to start the export business in India. You cannot even imagine about starting a business without IEC registration. So, let’s explore more about how to get your Import Export Code Registration in India.
The first and the foremost thing you should be aware of starting an Import Export Code business in India is obtaining the Import Export Code (IEC) License. This registration is mandatory for running your business in a legal way.
IEC is a unique 10 digit number issued to any individual/ company by the Director General of Foreign Trade (DGFT), part of Ministry of Industry and Commerce so that they can undertake the IEC business smoothly without any hindrances. The IEC issued is with lifetime validity. Aavana Corporate Solutions having its headquarters in Bangalore with PAN India presence will answer all your queries with regard to IEC. Our experts will speak to you and make you understand what IEC registration is all about in order to run the show in a most successful manner.
Documents required to register Import export code
Copy of PAN Card
Passport size photograph
Copy of Aadhaar Card / Voter Identity Card
Authorization Letter(In case of Partnership)
Authority from other Directors on Letter head(In case of Company)
Copy of Partnership deed(In case of Parnership)
Board Resolution / self declartion(In case of Company)
Telephone Bill in the name of the individual(In case of individual)
cancelled cheque of individual
How to Export From India?
To know if your venture is ready to enter the import/export market? Here are some things you need to have in order.
- # Set Up the Business Entity: The first thing is to open a business Entity, whether it is Proprietorship, LLP, Partnership or Company Set Up the Business with an attractive name and logo.
- # Pan Card of Business: If open a Partnership, LLP or Company, then having a Pan Card issued by Income Tax department Get Pan Card for Business Mandatory.
- # Current Account with Bank: Once Registered and got the Pan card duly issued by IT Department, you need to open a Current Open Current Account with any commercial bank.
- # Get the IEC Code Issued: This is one of the most important requirements to get your import and export business started.IEC Get Import Export Code is required in all cases except in case of restricted or prohibited.
- # Getting RCMC issued: For Importing goods having IEC is enough, but for doing exports and claiming export benefits you need to obtain Get RCMC from an RCMC, granted by the concerned Export Promotion Councils.
Advantages of IEC registration
Importers Require IEC Code
All the Importers who are involved in the business of importing goods into India need IEC Code. The import export code is mandatory to mention when customer clearance occurs. Importers also need IE code if they want to send money to abroad.
Exporters Require IEC Code
All the exporters who are exporting goods or services from India to abroad must need IEC Code. The IEC code must be mentioned or shown during the shipment of goods. Exporters mandatorily require IE Code to receive money from aboard.
Lifetime Validity- No Renewal
The best thing about Import Export code (IEC) is that it has lifetime validity for the entity. Therefore is an IE code is issued to any business there is no need for renewal. They can use IEC code for doing import and export transaction without any difficult.
No Return Filing
IEC code needs no filing of any return for any business; after you are allotted an IEC code to your business then it has lifetime validity. In any types of import export transaction happen there will be no return filing needed to DGFT.
Proprietors can have IEC Code
In case you are an individual and you have a proprietorship then you can also apply for Import Export code. It is not necessary to register business to get IE Code.
Once you submit IEC registration application form with required documents to DGFT. DGFT department will verify your documents and allot an IE code to your business within 3to 7 working days.
Duplicate IEC Code Certificate
If you have applied online in new process e-IEC (Electronic IEC) then will be able to download your IEC registration certificate by login with password at any time. But if you have IEC in physical format, then you should re-apply for IEC application along with required supporting documents to the DGFT and they will issue your certificate in new e-IEC.
Modification In IEC Code
If any organization to edit any details in their IEC, they can do it online only. The process of modification in IEC required the submission the needed documents again with modification mentioned. The process of modification is tedious than a fresh IEC Code application process.