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What AN IEC CODE?
About Import Export Code in India
In India, an IEC code refers to the Import Export Code, which is a 10-digit number issued by the Director-General of Foreign Trade (DGFT) under the Ministry of Commerce and Industry. This code is a unique identification number assigned to Indian companies or individuals who engage in the import or export of goods and services from India to other countries.
The IEC code is mandatory for any person or entity that wishes to engage in import or export activities in India. It is also required for availing various benefits and concessions provided by the Government of India for import-export transactions, such as duty drawback and export incentives.
To obtain an IEC code, an application needs to be made to the DGFT along with the required documents, such as the PAN card, bank certificate, and passport-size photograph of the applicant, among others. Once the application is processed and verified, the DGFT will issue the 10-digit IEC code to the applicant.
It is important to note that the IEC code is valid for the lifetime of the entity or individual and does not require any renewal or periodic review. However, any changes in the information provided at the time of registration, such as change of address or name, need to be updated with the DGFT.
IS REGISTERING IEC CODE IMPORTANT?
Importance of obtaining an IEC Code in India
Registering an Import Export Code (IEC) is important for individuals and companies involved in import and export activities in India. Some of the key reasons why registering an IEC code is important are:
Legal requirement: The IEC code is mandatory for anyone who wants to import or export goods or services from India. Without a valid IEC code, it is not possible to conduct any import or export transactions in India.
Global Recognition: The IEC code is globally recognized and provides a unique identification number to Indian businesses and individuals engaged in international trade. This helps in creating trust among foreign buyers and suppliers and can also facilitate trade negotiations and transactions.
Availing Benefits and Concessions: Various benefits and concessions are available to exporters and importers in India, such as duty drawback, export incentives, and exemption from certain taxes. However, these benefits can only be availed if the IEC code is registered with the relevant authorities.
Facilitation of Transactions: The IEC code helps in facilitating smooth and hassle-free import and export transactions. It is a unique identifier that helps in tracking transactions and simplifies the documentation process.
Expansion of Business: Registering an IEC code can help businesses to expand their operations and explore new markets. It provides access to a global network of buyers and suppliers and opens up new opportunities for growth and profitability.
In summary, registering an IEC code is an essential requirement for any business or individual involved in import or export activities in India. It not only helps in complying with legal requirements but also provides access to various benefits and facilitates smooth and hassle-free transactions.
Documents required to register a sole proprietorship company
List of Documents Required
To register for an Import Export Code (IEC) in India, the following documents are required:
PAN Card: A copy of the Permanent Account Number (PAN) card of the applicant or the entity applying for the IEC code.
Passport-size photograph: One recent passport-size photograph of the applicant or the authorized signatory.
Bank Certificate: A bank certificate or a canceled cheque to verify the bank account details of the applicant or the entity.
Aadhaar Card: A copy of the Aadhaar Card of the applicant or the authorized signatory.
Rent Agreement or Property Deed: If the applicant or the entity does not own the property, a rent agreement or a no-objection certificate from the landlord.
Partnership Deed or Incorporation Certificate: In case of a partnership firm or a company, a copy of the partnership deed or the incorporation certificate.
Digital Signature Certificate (DSC): A digital signature certificate is required for online submission of the IEC application. This can be obtained from any authorized agency.
It is important to note that the exact list of documents required may vary depending on the type of entity applying for the IEC code. For instance, in case of a sole proprietorship, the proprietor’s PAN card and identity proof may be required, while in the case of a company, the Memorandum of Association and Articles of Association may be required.
Additionally, the applicant may be required to submit any other relevant documents as per the discretion of the authorities. It is advisable to check the latest requirements before submitting the application to avoid any delays or rejections.
We Follow a Simple 4 Steps Company Registration Process!
In order to get your company registration process started, we would request you to either fill the contact form below or call us directly on +91.8920769787.
Once done, a designated account manager from our team will connect with you to understand the requirements and expectation you are having with your future company. You will be allowed to choose the desired medium to be contacted and updated about the ongiong process in regard to your company registration.
We prefer to connect with you over WhatsApp, Telegram, Email, Live Chat or our CRM directly.
Once the registration process is clear and understandable to you, you will be able to proceed with the payment in favor of DV.ASSOCIATES.
Once you are in touch with your account manager, you will be provided with a payment link to complete your payment online.
In case you want to transfer directly to our bank account of pay by DD/Cheques or Cash, you can schedule an office visit to complete the payment process.
Once your case is confirmed, you will be asked to upload the necessary documents in a secure environment.
You can either send your documents via E-Mail or WhatsApp or your designated account manager will send you a link to directly upload your documents to our self hosted and secure CRM.
The privacy of our clients is our top most priority. We do not share your information with anyone for any purpose.
For further information about documents, file formats and the process of uploading, please get in touch with your account manager.
The time taken in the registration of sole proprietorship company is between 4-10 days.
In some (exceptional) cases, some clarifications are demanded from the department of GST which may increase the time to obtain the company registration certificate.
The Final Delivery of the document is done over Email and the same can also being sent via registered post (on request).
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