IEC registration is handled by the Ministry of Commerce and Industries' Directorate General of Foreign Trade (DGFT). If Indian enterprises seek to expand their business through import and export, they must first obtain IEC registration.The aim of the Import Export License Certificate, which is a ten-digit code given by the DGFT, is to govern and monitor the international trade activities in India.
Obtaining an IEC license is required for carrying out import export activities in India; without an IEC license, no business can engage in import export activity.Furthermore, if a company wishes to take advantage of government incentives, IEC registration is required. During any payment transfer, the Reserve Bank of India has made it mandatory for all traders to furnish their Import Export Code.
BENEFITS OF IEC REGISTERATION
Until now, it has been established that an Import Export Code is a ten-digit code that must be obtained by any business that want to engage in import-export activity. IECs are issued by the DGFT in India. When a company wants to import or export something from India to another country, the first step is to get an IEC registration. The IEC registration opens up a slew of new prospects for businesspeople.
- Business Expansion-Business can increase its reach in the worldwide market with the support of IEC. IEC allows businesses to export their goods and services outside of their own country and establish a name for themselves in the worldwide market.
- Taking Advantage of a Variety of Advantages-Businesses can take advantage of many benefits provided by the Export Promotion Council, the DGFT, and Customs as a result of IEC registration.
- There Is No Need to Return the filing of the IEC is not included in the filing of the return. Once an IEC has been assigned, there is no need to follow any steps to prove its legality. In any case, the DGFT does not require the filing of any return in the case of an export transaction.
- Effortless Processing-Obtaining IEC from DGFT is really simple, and it may be done in as little as 10-15 days after submitting an application. After obtaining IEC Registration, no proof of export or import is necessary.
- Totally Free Forever-Once you have gotten an IEC, you can enjoy its validity for the rest of your life because it is free and does not require renewal.
DOCUMENTS REQUIRED FOR IEC REGISTERATION
The documents needed for IEC registration are as follows: -
- Scanned copy of proof of incorporation/establishment/ registration for the specified entity. This supporting document is mandatory for Registered Society, HUF, Partnership, Trust, Others.
- Scanned copy of Photograph (Passport Size)
- Pan of company/individual/ partnership firm/ LLP
- ID proof of individual - Aadhar card, passport, voter id, Mobile no. and email-id
- You must have a Current or Savings bank account in a bank which contracts and transacts in Foreign Exchange.
- You should have scanned copy of rental/lease deed, sale deed, electricity/phone bill for address verification
- You are needed to submit the scanned copy of RBI approval letter if an applicant is Non-Resident Indian (NRI) or there is Non-Resident interest in the Company/firm.
- You should have ‘Bankers Certificate’ in the prescribed format OR he should have a scanned copy of ‘Cancelled Cheque’ with Entity’s or Individual’s name pre-printed on it.
- You should have a ‘Debit/Credit card or Net Banking account’ for Online payment of Government Fees of Rs. 500/- only.
- In case of company as applicable, you must have the details of Proprietor and all partners in case of firm or Director
- User should have an active Aadhaar or DSC of the firm’s member for submission