Import and Export Certificate ( IEC ) Registration

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Nowadays, with fierce competition everywhere, every company aspires to go beyond the boundaries of the home market. But not everyone is cut out for conducting business internationally. You need to have several registrations and licenses, as well as adhere to a number of rules and procedures, before you may expand internationally. One of the requirements when thinking about importing or exporting from India is an IEC (Import Export Code) authorization. The Importer-Exporter Code is another name for it.

Import Export Codes, or IECs, are required for anyone wishing to begin an import/export firm in the nation. The Director General of Foreign Trade, or DGFT, is in charge of issuing it. The 10-digit IEC code has an indefinite validity period. The Import Export Code (IEC) is generally required for importers to import goods, while exporters cannot use the DGFT for the export scheme, etc., without the IEC.

Advantages of IEC Registration

  • Based on their IEC registration, the DGFT, Export Promotion Council, Customs, and other organizations may offer incentives for the imports and exports of the companies.
  • IEC can assist you in expanding your business and bringing your goods or services to a worldwide market.
  • The enterprises could benefit from a number of import and export-related programs from the DGFT, Export Promotion Council, Customs, and other organizations based on their IEC registration.
  • After filing an application, it takes 10 to 15 days to receive an IEC code from the DGFT, which is really easy. Obtaining an IEC code does not require presenting documentation of any imports or exports.
  • An entity's IEC code is valid for their whole existence and does not need to be renewed. Once obtained, it could be applied to all import and export operations by an entity.

Documents Required for IEC Registration

Along with a proof of address with your bank account details and a certificate for the Ayat Niryat form, you also need to gather the necessary paperwork for your identity and legal entity. To register an IEC code, the following paperwork is needed:

  • Copy of a person's, business', or organization's PAN card.
  • Copy of a person's passport, Aadhar card, or voter ID.
  • Cheque copies of active bank accounts are canceled by individuals, businesses, and partnerships.
  • A duplicate of the property, a copy of the lease, or an electricity bill
  • An envelope with postage paid for the IEC certificate to be delivered by registered mail.

Process for IEC Registration

The businesses could benefit from a number of import and export-related programs from the DGFT, Export Promotion Council, Customs, and other organizations based on their IEC registration. The steps to obtain these advantages are as follows:

  1. To start, you need to produce an application form (Aayaat Niryaat Form ANF-2A format) in the required format and submit it to the relevant DGFT Regional office.
  2. The ANF2A certificate, address verification with your bank information, and the other paperwork proving your identity and legal entity must all be ready second.
  3. Once finished, your application needs to be submitted to DGFT via DSC (Digital Signature Certificate), along with the required payment for IEC Registration.
  4. In conclusion, upon approval of your application, the government will provide you a soft copy of the IEC Code.

Situation Where IEC Is Required

For commercial and business-related import and export, obtaining an IEC registration is essential. For personal consumption, IEC is not required to import or export products. The following is a list of the areas that require IEC:

  • When an importer needs to pass customs clearance for his shipments, the authorities mandate it.
  • The bank demands it when an importer transfers funds overseas via a bank.
  • The customs port demands it when an exporter needs to convey his goods.
  • When an exporter gets money directly into his bank account in foreign currency, the bank requires it.