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KNOW ALL ABOUT IMPORT EXPORT CODE
What is IE CODE?
IEC registration is required by a person for exporting or importing goods. It is a 10 digit code which is issued by the Directorate General of Foreign Trade (DGFT). All businesses which are engaged in Import and Export of goods require registering Import Export Code. IE code has lifetime validity. Importers are not allowed to proceed without this code and exporters can’t take benefit of exports from DGFT, customs, Export Promotion Council, if they don’t have this code.
The IE Code must be quoted by importers while clearing customs. Also, banks require the importers IE Code while sending money abroad. For exporters, IE Code must be quoted while sending shipments. And banks require the exporters IE Code while receiving money from abroad. IEC Registration can be done through LegalRaasta in Delhi NCR, Mumbai, Bengaluru, Chennai & all other Indian cities.
IEC DOCUMENTS IN RESPECT OF INDIVIDUAL/ PROPRIETOR/ PARTNER/ DIRECTOR
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 Partnership)
Board Resolution/self declaration (In case of Company)
Telephone Bill in the name of the Individual (In case of individual)
IEC DOCUMENTS IN RESPECT OF ENTITY
Copy of PAN Card firm/company
Copy of Property papers (If owned property)
Copy of Rent agreement (If rented property)
Landlord NOC (Format will be provided by us)
Cancelled cheque of firm
Electricity/ water bill (Business Place)
Telephone Bill in the name of the business
Copy of Service Tax returns (In case of Proprietorship)
Certificate of incorporation (In case of company)
Bank statement of firm/company
FEATURES OF IMPORT EXPORT CODE
Step1: Application Preparation
An application must be made in the Aayaat Niryaat Form 2A format to the DGFT in that region where the registered office of the company is established. Government has also arranged online filing facility for obtaining IEC.
Step 2: Application Processing
Details of the business and its proprietors, directors or partners, bank account details and a bank certificate are the basic requirements of ANF 2A. All the required documents for IEC need to be submitted with ANF 2A. Digital signature is required on the ANF2A form.
Step 3: IEC fee payment
Once the application if complete, it should be filed with DGFT and an application fee need to be paid to the government. IEC department may send back your application for correction / change. You need to reply back to the DGFT in 15 days.
Step 4: IE Code Issuance
Once the application is completely verified by the department, the Directorate General of Foreign Trade will allot an IE Code for your business. This IE code comes in both soft copy and hard copy. You receive the softcopy via email and can start the import export transaction with this.
STEPS TO APPLY IMPORT EXPORT CODE
- Business growth: Taking your services or products to the international market will enlarge your businesses. IEC enable you to sell products outside India
- Export Subsidies: On the basis of IEC, companies or firms can benefits and subsidies their exports/ imports from DGFT, Customs and export promotion council.
- Lifetime validity: IE Code is issued for the lifetime of the entity and requires no renewal. So once an IE Code is obtained, it can be used by that entity for all its import or export transactions without any further hassles.
- No Return Filing: IE Code does not require filing of any return. Once, an IE Code is issued there are no further procedures required to maintain validity of the IE Code. Even if import or export transactions occur, there are no filings required to DGFT.
- Individuals can have IE Code: Even individuals who are proprietors of a business can obtain IE Code in their name. It is not necessary to incorporate a business entity for obtaining IE Code.
FREQUENTLY ASKED QUESTIONS
- Person exporting or importing goods for personal use and not for activities related to business.
- Persons exporting or importing goods to/from Nepal or Myanmar through Indo-Myanmar border areas, a value of which does not exceed Rs.25,000/- in a single assignment.
- Ministries or departments of central government do not require obtaining IEC