IEC Registration
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Understanding Import Export Code (IEC) for International Trade
Import Export Code (IEC) is a unique ten-digit code mandated for individuals/companies engaged in import/export operations. The Director General of Foreign Trade (DGFT) issues IEC, facilitating legal international trade. Unlike other licenses, IEC doesn't require regular renewal but necessitates annual status updates on the DGFT portal.
Benefits of Import Export License:
Overseas Trading: IEC enables business expansion in foreign countries.
Legalize Business Overseas: It grants the license to export/import goods and services, ensuring legal cross-border trade.
Online Service: Obtaining IEC is now simplified, allowing applicants to apply from the comfort of their homes.
Export/Import Subsidies: Enrolment with IEC makes businesses eligible for government benefits like export subsidies and tax concessions.
Necessity at Customs: The IEC Code must be declared to customs, ensuring smooth clearance of goods.
Facilitates Electronic Fund Transfer (EFT): EFT service streamlines the payment process for exporters through online transactions.
IEC Registration Fees:
The total cost for IEC registration is ₹1,499, including government fees of ₹500 and professional fees of ₹999. No additional charges are involved in the registration process.
IEC Registration Procedure:
The process involves five major steps:
Registration on Government Portal: Initial registration on the DGFT portal.
Documentation: Gathering and preparing necessary documents.
Application for IEC: Filling the "ANF2A" form and uploading required documents.
Verification by DGFT: Document verification by DGFT, leading to approval or rejection.
Approval and Issuance: Once approved, the IEC code is issued, and for online applications, an e-IEC is provided.
IEC Validity and Renewal:
As of February 12, 2021, IEC now requires annual renewal. Even if there are no updates, IEC or e-IEC holders must confirm their details online each year.
Is IEC Sufficient for Exporting Goods from India?
While IEC is crucial for initiating export operations, additional mandatory documents and registrations are needed based on the type of product being exported. Specific registrations for commodities, such as Spice Board Registration, Tea Board Registration, and Coffee Board Registration, are required for exporting spices, tea, and coffee, respectively. Other necessary registrations include those with Export Promotion Councils like APEDA, Rubber Board, MPEDA, TEXPROCIL, CAPEXIL, and AD code Registration for foreign transactions and customs clearance at ports.
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Required Document List
- PAN of the business entity
- Address Proof (electricity bill)
- Registration/Certification Number
- Bank account details with Cancelled Cheque
- Identity proof (Aadhaar Card, Voter ID, Passport)
- Passport size photograph
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