After liberalization in 1991, the Indian markets were opened to international investment. Indian enterprises were also permitted to invest in other nations in addition to these prospects and can conduct import and export operations as well. By adopting the Import Export Code License registration in India, the Government of India, Ministry of Commerce, and Director General of Foreign Trade (DGFT) made it easy for businesses.
Any business entity can take advantage of the Government of India’s benefits by getting Import Export code registration. Apart from that, adhering to the IEC code license requirements allows for greater opportunity variety. It is required to obtain Import Export license certificate before going abroad. There are a variety of benefits that come with pursuing this Import Export License registration.
Import Export Code license is abbreviated as IEC. This accreditation is required by any school or business that wishes to expand its opportunities. This accreditation is required for any individual, partnership, or business conducting import and export activities in India.
The Director General of Foreign Trade (DGFT) issues this certification. It is a ten-digit number that proves the company’s ability to import and export goods. The applicant must first apply for an IEC code registration procedure.
Import Export License Certificate has a lifetime validity. Meaning, the applicant will not need to go through the IEC code registration renewal process. IEC code registration procedure would normally take a month to secure. Any business entity that does not meet the import export code registration process requirements will not be permitted to carry out import export operations.
The Director General of Foreign Trade is the primary regulating authority for IEC code license registration. The IEC is governed by the Government of India, the Ministry of Commerce, and the DGFT. For an IEC code license registration, separate application must be submitted to the DGFT. The official website of DGFT offers an online version of the registration system.
GOLDEN EXPORT IMPORT CONSULTANCY is here to help you with your Import Export Code License Registration.
Import Export Code registration process in India has many advantages. Some of them are:
One of the biggest advantages of IEC code registration is the opportunity to expand the business. This can be accomplished through both exports and imports into India. Any entrepreneur or business may have a hassle-free experience without having to worry about compliance.
This method does not necessitate the filing of any returns. As a result, once the Import Export code number is assigned, there is no need to file returns to confirm the legitimacy of the certification.
IEC Code Registration process is 100% online. As a result, processing time is reduced when compared to the offline method. When an initial application for registration is submitted, the applicant is given an OTP number. As a result, this technology allows for seamless processing times.
IEC Code License registration is a one-time process and there is no need of any renewal. When a business or proprietor obtains this license, it is not necessary to renew it.
The benefits of registering with the IEC system would be automatically available to the company. Any conformance-related regulations can be followed by the company.
When exporting from India, the products that are transported must be certified according to the DGFT’s standards. As a result, enhanced reputation can be achieved through this procedure.
For different business entities, here are the list IEC code registration documents required for the process:
For Sole Proprietorship Firm, below is the list of documents required for IEC Code registration process:
– (3*3) Applicant’s Digital Photos
– Details about the proprietor’s PAN
– The applicant’s unique identification, voter identification, passport, and driving license
– If the company is privately owned, a sale deed must be presented.
– For a rented property, a copy of lease agreement is required.
For Partnership Firm, following documents are required for IEC code license registration procedure:
– Applicant’s digital photos (nine).
– Copy of the Partnership Deed
– PAN Card
– The applicant’s unique identification, voter identification, passport, and driver’s license.
– If the company is privately owned, a sale deed must be presented.
– For rented property: A copy of lease agreement is required.
– ANF 2A bank certificate is required.
For LLP & Private Limited Company, here is the Import Export Code registration process documents requirement:
– (3*3) Photographs of the Applicant
– Copy of your PAN card.
– The applicant’s unique identification, voter identification, passport, and driver’s license.
– If the company is privately owned, a sale deed must be presented.
– For rented property: A copy of lease agreement is required.
– ANF 2A bank certificate is required.
For Trust, following import export code license registration documents are required.
– The Trust’s Certificate of Registration.
– A copy of Trust Deed.
– (3*3) Applicant’s Digital Photos (Managing Trustee).
– Copy of your PAN card.
– The applicant’s unique identification, voter identification, passport, and driver’s license.
– If the company is privately owned, a sale deed must be presented.
– A Copy of Lease agreement is required if the property is rented.
– ANF 2A bank certificate is required.
– (3*3) Digital Photographs of the Applicant, i.e. the HUF Karta.
– The Karta’s PAN Card.
– The applicant’s unique identification, voter identification, passport, and driving license (Karta).
– If the company is privately owned, a sale deed must be presented.
– A Copy of Lease agreement is required if the property is rented.
– ANF 2A bank certificate is required.
As a Bank Proof, a cancelled cheque without a pre-printed name of the account holder will not be accepted, as per Trade Notice No. 39/2018-19 issued on December 12, 2018. The pre-printed cheque can be for a savings account or a current account.
For carrying out successful IEC Code registration process, it must be noted that the above-mentioned papers needs to be uploaded online in digital format (GIF, JPEG) with a maximum file size of 5MB.
Hence, any application for Import Export Code Certification would be required to present the above papers.
