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What is an Import Export Code and who needs it?

This is a mandatory registration for all business entities in India. IEC Code is issued by the Directorate General of Foreign Trade (DGFT) under the Ministry of Commerce and Industries, it is a 10-digit number called the IEC Code that can be issued to a business entity the business. Underlying the importance of the IEC Code Registration Is That it without Neither can import units Any import goods nor exporters can export Their products outside the country. The best thing about the code is that it has the validity and does not require filing of any returns.

Why IEC Registration?

  1. In the absence of the IEC code, exporters and importers can not carry out export-import functions.
  2. In order to send money abroad or receive money from overseas, the entity must have IEC code.
  3. Similarly the code needs to be present on all the documents related to the import of goods.
  4. It has validity validity
  5. Business entities having IEC registration are entitled to certain export scheme benefits sponsored by the government, DGFT and Export Promotion councils.

IEC registration process

  1. The first step is to fill the Aayaat Niryaat Form 2A for issue or change of IEC Code at the regional office of DGFT. The details that are required by the applicant via this form are: -
  1. Name of the applicant
  2. Registered office address
  3. Telephone numbers
  4. Email id and website
  5. Full name and designation of the authorized signatory
  6. Personal details of the owner, partners, directors, kartas and trustees
  7. Nature of the business concern - whether a corporation or a private corporation, or partnership.
  8. Type of Export- to choose from merchant or manufacture exporter, service provider, merchant cum manufacturer or others
  9. Bank account details of the entity or the individual
  10. PAN card details of the entity or the individual
  1. The next step is to collate the required documents that have been filed along with the application form. The copies of the following documents need to be submitted: -
  1. PAN Card of the business unit or the individual
  2. Photo Identity proof of the individual and the applicant, in case of business entity. Copy of Aadhar card, vote id, passport, ration card etc.
  3. Certificate of incorporation or partnership of the firm.
  4. A canceled copy of the name of the applicant and the applicant.
  5. Address proof of the business is required. Ownership document in box of self-owned property and a lease of property and a copy of electricity or water bill along with it.
  1. The last step involves paying the fee .

IEC code can be obtained using the online method too. For IEC online registration , the IEC online application form needs to be filed at the website of DGFT - https://web.archive.org/web/20180130123729/http://dgft.gov.in:80/ . The required documents need to be scanned and attached in gif format. The copy of the PAN, photograph of the applicant and the bank certificate in question. The other forms that need to be uploaded - the Board of Resolution, memorandum of association or article of association, partnership deed etc.

Source url - http://www.enterslice.gomilio.com/en/blog/what-is-an-import-export-code-and-who-needs-it-41

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