How Can I Obtain The IEC Code
It takes a lot of work to plan to grow a business domestically or worldwide. To get started, you will require the Import Export Code (IEC). To expand your business globally with your goods and services, you must adhere to several rules and obtain various registrations. For those who desire to do import-export commerce on Indian soil, there is the IEC Code. You will not be permitted to export a handloom from India to Australia without an IEC. IEC is necessary to take advantage of growth potential offered by import or export. Furthermore, obtaining an IE Code does not require demonstrating any import or export activity.
Make sure that when you incorporate your business, you indicate in the Memorandum of Association (MOA) that you intend to operate an import-export company. Let's also learn everything there is to know about IEC standards and protocols.
What exactly is the Import Export Code (IEC)?
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IEC is a 10-digit identification code provided by the Director-General of Foreign Trade (DGFT), Department of Commerce, of the Government of India to do international business. Additionally, Importer Exporter Code is another name for IE Code. Similarly, it is impossible to do export or import business without IEC.
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IE Code is not required everywhere.
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For business owners who are GST registered
A GST IE Code is not required for all traders, according to the government's most recent notifications. Furthermore, the trader's PAN card will serve as the export and import code for products and services.
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Supplies for Individual Use
IEC does not apply to items imported or exported for non-business purposes.
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Government Departments
The Indian Government Departments and Ministries are responsible for export and import.
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Philanthropic organizations
Institutions engaged in charitable work do not need an Import Export Code (IEC).
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When is the IEC (Import Export Code) necessary?
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When an importer needs to clear his cargo from customs, IEC will be required by the customs officials.
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When an importer sends money overseas, banks require IEC.
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An exporter must show up with IEC at the customs port in order to send his shipments.
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The bank will request IEC when an exporter receives money in a foreign currency into his bank account.
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How Does the Import Export Code Help?
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Your company should grow. With the help of IEC, you may expand your business by selling your items on a global scale.
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Subsidies for exports. As part of the Indian government's export policy, an exporter may also be eligible for subsidies, a refund of taxes paid, and other advantages from the customs and export authority.
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Valid forever. Lifetime validity is declared by IE Code. No yearly renewal is necessary. This code only becomes inactive upon the company's dissolution.
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None filed a return. Unlike a PAN card, once granted, an IEC does not need to be renewed on a regular basis.
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Individuals with IE Code Even business owners can register IEC in their names. No need to incorporate a company. People can apply for IEC directly using their name or with the name of their firm.
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International e-commerce sites: Obtain a position in worldwide internet markets like Amazon, Alibaba, etc.
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Internet process: The entire IEC application process is conducted online. No physical travel is necessary. For the IEC online registration process, the Digital Signature Certificate is no longer necessary. The IEC code is now rather simple to acquire.
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Which papers are need for IEC Registration?
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To apply for an IEC, you must submit the following documents:
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The PAN Card of a Person or a Business.
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A voter ID card, an Aadhar number, or a passport is also acceptable forms of personal identification.
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Cheque that has been cancelled on a person's or organization's current bank account.
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A lease agreement, sale deed, lease agreement, telephone bill, or electricity bill are examples of documents that might serve as proof of address.
Note:
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If the evidence is not in the applicant's name, a No Objection Certificate (NOC) should be issued in the firm's name together with the address proof.
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Additionally, confirm that the IEC application's mobile number and email address are always operational.
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What is the turnaround time for online IEC code?
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The IEC registration process is currently available and completed totally online. With suitable documentation, IEC Online Registration can also be completed in a single day. Additionally, the DGFT will share the IE Code in less than a week after receiving and verifying all of the documents.
Internet IEC Application Form: https://dgft.gov.in
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What actions must you take to apply for IEC Online?
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Check out the DGFT webpage (Directorate General of Foreign Trade). Go to the menu bar and select the'services' option. Select "IEC" and then "Online application IEC."
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It will launch a new window. Your PAN number must be entered, then select "Search."
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Please check your phone number and email address against the token number that was sent with it.
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Now begin completing the e-IEC application according to the directions there:
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To fill out the e-IEC form on the DGFT website, applicants must follow following instructions:
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Step 1: Add Entity Information
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Step 2 :Add Firm's Details in
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Step 3: Add any relevant director or partner information. - Enter the information for the proprietorship
Additionally, for Partnership & LLP, fill out the names of all the partners, and for Ltd Company, fill out the names of all the directors.
Additionally, for Trust - Fill in Trustee Information For Society - Fill in Secretary Information
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Step 4: Upload a bank certificate or pre-printed cancelled check as well as address verification.
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Step 5: Pay Fees
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Step 6: Review and print the application
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Step 7: submit it Step
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Step 8: generate and print the IEC
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Summary
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A copy of the IEC should be printed or downloaded after the request has been filed and created. If you don't want to apply yourself, you can employ a chartered accountant to help you get the import-export code.