Overview

The IEC registration is an important document that helps to make the international market trade possible. The online emergence of online retail has made easy trading business around the world in generating high revenues. Importing raw materials or products or services may not be as easy as selling/procuring them from within the country; it needs to follow due legal procedures. This legal procedure is followed by the IEC registration in , if you’re planning from Delhi to boost trade. In this article, we will provide you complete insights on how to get the IEC registration in , and its related documents, process, and time taken.

What is IEC Code Registration?

IEC code Registration is a ten-digit code required to do international trade which is valid for the lifetime. The authorization issued to an individual or business entity who intends to commence the export or import of goods for business activities. Unless particularly exempted, it is mandated under the Foreign Trade (Development and Regulation) Act 1992 to obtain IEC registration and quote IEC code for import-export-related business activities.

Importance of IEC Registration

Here are the importance of IEC Registration in :

• Unlocking international markets: IEC registration is the medium between import and export business. Because of this, IE Code liberates the international market entry for smoother growth and expansion of the Indian industry.
• Availing Several Benefits: LUT filing under GST, the exporters entity can easily make their trade feasible in international business. The IEC registration helps the company without payment of tax. By chance the exporters pay for tax payment, they can claim their IEC registration for the refund of tax limits.
• Reduces transportation of illegal goods: With the use of IEC registration, it reduces the transportation of illegal goods. This registration provides authentic information about the trade related to import export business.
• Online application: This is the big advantage for the applicant that they can conform to IEC registration through online application.

Eligibility Criteria for IEC Registration in

Regardless of the scale of businesses or their sales turnover, any individual or business entity in , including but not limited to a:

• Limited Liability Company
• Partnership firm,or
• LLP, Sole proprietorship
• Charitable institution undertaking any activities related to export or import, is eligible to make an application for IEC registration code.

Documents Required for IEC Code Registration in

1. Self-certified copy of PAN certificate of the individual or any other business entity.
2. Self-certified proof of identification of individual/authorized partner/trustee/director, i.e. Voter ID/Aadhaar card/passport copy.
3. Bank account details of the individual/business entity, along with a canceled cheque.
4. Copy of the proof of ownership of the property where the registered address is located (Sale deed/Rent Agreement/Lease Agreement) or copy of utility bills (not older than three months).
5. A cover letter should be in an envelope addressed for address validation, on which the IEC certificate will be delivered through registered post.
6. GST registration certificate is required for IEC registration in .

How to Apply for IEC Code Registration?

For the application of IEC registration in , you’re required to follow the application of IEC Code:

1. Step 1: Go to the Director General of Foreign Trade (DGFT) portal
   To begin with the process of IEC Registration, go to the dedicated portal of DGFT and sign in by entering basic details such as name, mobile no., address, and user category and create login credentials.
2. Step 2: Log in to the User Account to fill out the form
   Now, with the login credentials enter the portal click Services then IEC profile management, and then select the "IEC registration" option from the drop-down menu. Now, fill in information including Name and category of business, proof of identification, proof of residence of the authorized officer of the business entity, and the official email ID of the company to receive OTP and click "Generate OTP", after which an OTP will be generated in the registered email ID and Mobile number. Furthermore, the branch details of the business entity, including its registered address, can be found by clicking the second alternative for import and export code purposes.
3. Step 3: Fill Authorized Officer Details Now move to the next page to fill in details of the Authorized Officer, i.e. sole proprietor/director/trustee, etc., of the respective business entity with information related to the identification proof and proof of residence.
4. Step 4: Attach documents online Now, the applicant can move to the next page where he can attach supporting documents such as proof of identification, proof of registered Address, canceled cheque of business bank account, etc.
5. Step 5: E-sign and submit the application Upon completion of the form filing with all the necessary details, the applicant shall be required to verify the accuracy of the information. Later, the form could be submitted through either DSC (Class 2 and Class 3) or Aadhaar-based authentication. After which an acknowledgement receipt will be generated to follow-up on application.
6. Step 6: Grant of Registration Once the Verifying authority receives the application, it will authenticate the contents of the application about meeting all the essential requirements, it may approve the application followed by granting of IEC Registration Certificate online in a downloadable format. Such registration certificate shall also include a ten-digit specific code that shall be quoted for all export imported-related purposes.

Validity and Renewal of IEC Code Registration

The validity of IEC registration is valid for a lifetime of business from the date of issuance. However, the applicant needs to renew their IEC registration annually. If the applicant fails to do so, it may hamper the business activities, whereas compliance with the IEC registration may indicate compliance with Foreign Trade Regulations.

Registration Fee for IEC Registration

The government application fee for obtaining an IEC Registration code in is around ₹500. The professional fees for IEC Code Registration Fee is ₹999 which is excluding GST.

Time Taken to Obtain IEC Registration in

The time taken to obtain the IEC registration in generally takes around 1-2 days from the date of application.

Cancellation of IEC Registration in

However, the IEC Registration could be canceled in due to the following grounds:

• Violations of the rules and regulations for Foreign Policy or Customs Act.
• Dealing in the export or import of products/services is expressly prohibited under Trade laws.
• The applicant has misled the customs authority with respect to shipment details.
• Applicant acquired registration for goods but has yet to undertake import or export of goods through shipment.

Why Choose Bizfoc?

At Bizfoc, we have a unique team of experts with years of experience to find solutions for all your queries related to IEC registration under one roof. Our unique features include:

• Expert Team of Professionals to guide and assist you with end–to–end support from registration to completion of legal processes.
• Round-the-clock presence to hear your concerns.
• Efficient Services with reasonable charges.

Conclusion

IE Code registration is an important document in to comply with the legal authorization for export-import related business activities in India. It regulates the IEC registration to ease the shipping processes and custom clearance or receiving transactions through banking channels, making license holders that are eligible for tax exemptions to boost the brand credibility.

Frequently Asked Questions