IEC Registration – Apply for Import Export Code
Consult Value, as a service provider, focuses on dependability, flexibility, and openness to ensure that you receive 100% support in finishing the IEC registration.
What is the Import Export Code?
Every importer and exporter establishment in India is required to receive the 10-digit Import Export Code (IEC). An IEC is a basic business IEC number that is granted by the Ministry of Commerce’s Director-General of Foreign Trade (DGFT).
Is it mandatory to obtain IEC registration or IEC online certificate?
In fact, unless there is a specific exemption, export and import cannot be permitted without acquiring an IEC registration or online IEC certificate. IEC is not required to export services, though, unless the service provider is benefiting from the Foreign Trade Policy.
What is the IEC certificate validity?
After completing IEC registration, an importer and exporter must not acquire it again because it’s permanent.
Thus, once the IEC online is registered, it does not require renewal or update unless an IEC of an establishment is surrendered or the business has terminated. Thus, IEC certificate validity is forever.
Benefits of Import Export Registration
Legal Benefits
An establishment cannot continue to import and export in India without an IEC unless it is specifically exempt, which makes IEC registration crucial.
An importer or exporter will not be permitted to import or export if they do not first get the IEC. However, since IEC does not need to be updated or renewed, obtaining it once is sufficient.
Moreover, it also eliminates illegal import and export because it allows the authority to supervise and appropriately regulate the transactions undertaken as a part of cross-border business.
Provide Wider Market Access
As mentioned, without obtaining an import-export code, importing or exporting will be prohibited in India. Consequently, an IEC allows the establishments to engage in import or export to reach the broader market globally. Therefore, allowing you to reach customers from foreign countries will grow the business by leaps and bounds.
Advantages of Schemes
An IEC registered establishment avails subsidy and other benefits as declared by the Export Promotion Council, Customs, and other authorities. Moreover, after filing the LUT and GST, the exporters can export without paying taxes. On the contrary, if the exporter makes the payment of taxes, he has the authority to claim the refund of the paid amount.
What Should be the Nature of the Firm to Obtain IEC Registration?
- Sole Proprietorship
- Partnership
- Limited Liability Partnership
- Society
- Trust
- Hindu Undivided Family
Exemption From Apply For Import Export Code
A person who imports and exports for personal gain and is not involved in manufacturing, trade, or agriculture.
According to the list in Appendix-3, Schedule 2 of ITC has excused the industries’ export of materials, organisms, special chemicals, equipment, and technologies (SCOMET).
Through Indo-Myanmar border areas and China (by Namgay Shipkila, Gunji, and Nathula ports), an individual engaged in import and export through Nepal and Myanmar with a solitary consignment above the value of Rs 25,000.
Documents Required for IEC Code | Import Export Code Registration Documents
PAN of the applicant and company.
Certificate of incorporation or Partnership deed.
Bank account statement of a company.
Address of the establishment.
Identity proof of applicant issued by the government.
A cancelled cheque.
How to Apply IEC Code
The IEC online registration needs to be done by entering the details such as name, contact number, email address, pin code, state, etc.
After entering the required information, the captcha will be added to obtain the OTP.
Now, credentials will be used to log in. Moreover, to apply for import export code, the online IEC certificate process differs for existing or new user,
- Existing users must link their profile to the user profile (keep digital signature digital token with you before connecting).
- In the case of a new user, apply for IEC.
For a new registration, you are required to affix necessary documents.
The import-export code will be obtained and the application will proceed with processing once the documents and information for the online IEC certificate have been submitted.
At last, the Import-Export license will be issued to you after the verification of documents.
IEC Renewal Process
According to Notification No. 58 of February 12, 2021, an IEC renewal or update must be completed annually between April and June; nevertheless, failure to do so will prevent the concerned individual from carrying on with its operations. Refer to the aforementioned method for a better understanding of the IEC renewal or upgrade process.
Official DGFT website must be visited.
Log using the credentials.
Required details will be provided such as import-export code.
Form will be reviewed thoroughly and will be signed using DSC or Aadhar.
Once, done, the updated and renewed IEC certificate can be downloaded.
Our Role in Online IEC Certificate
Our IEC consultant guarantee to educate you regarding how to apply for the import export code. We will assist you in the process of documentation and registration to avoid inaccuracies that could result in the rejection of your application or any inaccuracy in IEC registration process or Online IEC certificate.
Our IEC consultant will ensure a smooth process while being in direct contact with officials to avoid any issue and complete the startled demand of the officials with ease. Our IEC registration consultants will provide you with the most satisfactory solution to your concerns regarding IEC online process.
Conclusion
Obtaining the IEC certificate is simple because it is required in order to import or export goods. On the other hand, providing inaccurate information on the application or failing to attach the necessary paperwork may result in the application being denied and the registration process being delayed. Therefore, you need an experienced, competent, and qualified consultant to apply for an import export code. They will keep you updated and promise to help and support you during the entire online IEC certificate procedure, including IEC renewal or IEC online.
