IE Code – Registration of Import Export Code (IEC) is required for cross sale of goods and services in India (outside domestic borders). It is mandatory for all importers / exporters to mention their Import Export Code when importing / exporting goods and services from India. IEC It is a 10 digit code and import-export license certificate issued by the Directorate General of Foreign Trade (DGFT), Ministry of Commerce and Industry, Government of India to Indian companies. The regulation of foreign trade in India is handled by DGFT. A large part of the Ministry of Commerce and Industry, the government body is responsible for issuing trading policies, regulatory framework and licensing. It is a compulsory license for every commercial importer or exporter. Without this code no business can be done in the import or export category.
Benefits provided by the government in this area. In addition, the Reserve Bank of India (RBI) has made it mandatory for all traders to mention their IE codes when sending any payment transfer / money abroad. The customs department also takes the IE code before clearing shipments from abroad. Once issued, the Import Export Code (IEC) can be used by the entity throughout its existence and does not require renewal or filing. The company once reached the IEC. Once acquired the company can meet all their import export requirements without any problems
IE Code for export or import of goods by any person, Code required. All businesses engaged in the import and exports of goods are required to register under Import Export Code. The IE code has lifetime validity. Importers are not allowed to proceed without this code and exporters cannot avail the export of DGFT, Customs, Export Promotion Council, if they do not have this code. The IEC code must be quoted by importers when clearing customs. Also, banks require importers IE code when sending money abroad. For exporters, IE code must be quoted when sending shipment. And while receiving money from abroad, banks have to pay exporters IE Code required.
IEC is known by many names such as Importer Exporter Code, Import Export Code, Import Export License, Import Export Number. We can take the IE code on personal name or company name. IEC issued to the applicant. The number will be valid for all its departments / units / factories / branches. IEC is valid for life and does not require renewal.
Features of IE code registration:
Potential Global Exposure: IE Code registration in Bangalore enables businesses to expand their potential reach by moving from local markets to national markets and from above and international markets.
Benefits by Government: Government of India always helps in promoting exports from the country. To this end, the DGFT, Customs and Export Promotion Council, provide companies with export scheme benefits that enable and encourage exports through IEC code registration in Bangalore
No Problem of Renewal: The IE code issued by DGFT is valid for the entire lifetime of the applicant and therefore there is no need to repeat your import-export license, leaving you with only one time registration cost.
Annual compliance: IEC in protest of tax returns. Number-assisted transactions and shipments do not need to be re-produced anywhere. There is no annual mandatory compliance for transactions made through IEC registration in Bangalore
Anywhere: As mentioned earlier, no business entity is required to register an IE code; anyone can be involved in the import-export of goods.
Documents required for IE code registration:
- The applicant should have a PAN Card.
- Should have a Current or Savings bank account in a bank which deals in Foreign Exchange.
- Applicant Should have sale deed, rental/lease deed, electricity/phone bill for address verification
- If an applicant is Non-Resident Indian (NRI) or there is Non-Resident interest in the firm/company they are required to submit the scanned copy of RBI approval letter.
- Applicant should have an email-id and mobile number.
- Applicant should have a Cancelled cheque with Entity’s or Individual’s name pre-printed on it OR he should have Bankers Certificate in the prescribed format.
Advantages of IE code registration:
IEC for people engaged in import and export business. Registration is the best and ready to open up opportunities for the international market. IEC Registration helps in capturing the international market and raising the standard of the business sector. The advantages are-
Capturing the International Market – Import Export Code registration is required for import and export business; it allows the individual to capture the international market, as a result, raising the standard of the business and taking it further.
Serves as the primary document for initiating international transactions – Import-Export Code Registration serves as the primary document for initiating international transactions
Increases the standard of business – by promoting global reach, IEC Registration in bangalore helps maintain business relationships and enhance the quality of business.
IEC Lifetime Validation of Registration – IEC The validity of registration is long-term and lasts with the owner of the business as long as the business exists. In addition, registration renewal is also not required.
Restricts the Transaction of Illegal Items – An authentic and accurate information is required to obtain IEC registration. IEC registration cannot be issued by the department without providing complete authentic information, consequently, prohibiting illegal transactions of goods.
IEC Registration provides some benefits – Import Export Code provides some benefits to companies that receive Import Export Code for their business from Registration, DGFT Customs, and Export Promotion Council, etc. In addition, companies can also claim a refund of the tax paid. When exporting goods.
Procedure for IEC registration:
IEC The first step of registration is to fill up the application form on the portal of DGFT (Director General of Foreign Trade) and fill up the application in Import-Export Application Form-2A.
Collect a complete list of documents, such as proof of identity, proof of address, etc. along with bank details and a certificate about Rectangular Form-2A.
Using the digital signature certificate, attach the documents and file the form with the Director General of Foreign Trade after completing the application.
Pay the related fee for import export code registration in bengaluru.
Our legal agents are available 24 * 7 to explain the whole process and allay your doubts.
Our team of professionals will provide you with the necessary direction, if any, from the beginning of the application creation process to the issue of the IEC code and after compliance.