Being a part of international trade in today's world, when it is one of the fastest-growing industries, is not for everyone. In order to start an import/export business in India, you'll need to follow a number of procedures and guidelines, as well as obtain various types of registration and licences. If somebody intends to start an import/export business from India, an import/export licence is one of the conditions that must be met.In a nutshell, no importer or exporter can do business in India without first obtaining an IEC.
What is Import-Export Code (IEC)?
Every import/export business owner in India needs an import-export code, which is a unique 10-digit code. The IEC is required when a service or technology provider is using the Foreign Trade Policy or dealing with particular services or technologies. The Director-General of Foreign Trade (DGFT) of the Ministry of Commerce issues the code, and no one may import or export without first getting an IEC Number from the DGFT, which does not require filing or renewal.The IEC is a DGFT-wide registration of individuals that is effective until it is terminated or relinquished. Importers need IEC to clear customs and export their goods, as well as to transfer money to overseas banks. Exporters must have an IEC in order to send shipments and receive funds from overseas banks."Proprietorship, Partnership, LLP, Limited Company, Trust, HUF, and Society" are some of the types of businesses that can apply for an IEC. The IEC number is for exports and imports. The Importer-Exporter Code (IEC) is a required corporation identification number the same as the firm's PAN as a result of the GST implementation. DGFT will issue the IEC on its own.The advantages that a businessman can gain by registering with the IEC are numerous. The IEC registration enables traders to enter the global market, as well as register with online e-commerce providers. Second, government schemes such as the Merchandise Export from India Scheme (MEIS) , the Service Export from India Scheme (SEIS), and others from customs and export promotion are available to businesses. Third, there are no post-registration compliance requirements, thus keeping the firm running is pretty simple. Finally, obtaining an IEC is not difficult and can be done with only a few simple documents.
How do we get Import-Export Code?
To receive an IEC Code, you must present valid documentsand follow other procedures that allow the Indian government to validate your identity as a person or a business entity. The document includes a PAN card, Aadhar card, address proof, and a copy of a cancelled chequein the case of a proprietor. In the event of a partnership, the documents comprise the Partnership Firm Pan Card, the Partnership Deed, all partners' Aadhar and Pan Cards, and the Partnership Firm's Cancel Cheque. Company Pan Card, Incorporation Certificate, Aadhar& Pan of all Directors, cancel cheque of the Company, are required in the event of Private Limited or LLP.
Steps to obtain Import-Export Code-
To obtain an import-export code, you must first complete a registration process online registration process comprises the following steps:
The first step is to go to the DGFT website.
Second, you must select the service tab and click on the Online IEC Applicationat this stage.
Third, you must enter your PAN number (a person's or, if applicable, a company's PAN card) at this stage.
Fourth, fill up your personal information.
Fifth, finish the (OTP) verification process by entering a legitimate cell phone number.
Sixth, Fill and update the application Entity details.
The seventh stage is to add branch details.
Eighth, complete and update the Director/Partner information.
In ninth stage, you will upload documents. Scanned copies of important papers are available.
The tenth stage requires you to pay a fee of Rs 500/-.(Debit, Credit Card, Net Banking) and your digital signature.
Eleventh, you may preview and print the application in this step.
Finally, the above-mentioned detail and number will be presented alongside it in this phase. The appropriate DGFT Office will be auto-selected and displayed. Go ahead and click the next button. Following that, a new page will appear with the option to "Submit and Generate IEC Certificate.
If all your documents are correct and complete, the application will be grantedand you will receive your soft copy certificate within 24 to 48 hours,which will include all of the necessary information, such as your username, address, name of the signatory applicant's designation, branch address, IEC number, date of issue, PAN, place and date.
Steps to download & print IEC certificate-
To obtain a soft copy of the IEC certificate, you must first complete the following steps:
Step 1: Go to the online IEC code registration page.
Step 2: Fill in the following information: PAN number, name as it appears on the PAN card, date of incorporation, latest filing number (no slash), and latest file date.
Step 3: Enter the one-time password (OTP) that was sent to your email address and phone number. Submit the verification after clearing the CAPTCHA.
Step 4: A new window will open, prompting you to enter your PAN card number; the Email Id and Contact Number will be auto populated based on the PAN card number. (Email address and phone number must be registered).
Step 5: Submit the received OTP to the registered e-mail address and mobile number.
Step 6: On the right-hand side, you'll notice the option "Print," which you should select to print your IEC certificate. After clicking the print option, a soft copy of the document will be downloaded on your device.
As soon as you download the certificate, you can take advantage of the government's IEC registration privileges and expand your business abroad.
Exemption from getting Import-Export Code-
Importers and exporters who are excluded from getting an IE Code include Central or state government ministries or departments.Importers and exporters of items for personal use not related to trade, manufacturing, or agriculture. Persons importing or exporting goods from or to Nepal, Myanmar through Indo-Myanmar border areas, and China, as long as the CIF value of each consignment does not exceed Rs.25000. The applicable exemption ceiling for Nathula port is Rs.1 lakh. Exports of unique chemicals, organisms, materials, equipment, and technology mentioned in Appendix 3 of Schedule 2 of ITC HS are not exempt from getting an IE code.
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