Benefits of Import Export Code (IEC) 

Here are several benefits to obtaining an Import Export Code (IEC) in India, including:

• Legal compliance: An IEC is mandatory for businesses to engage in foreign trade, and obtaining one ensures compliance with Indian laws and regulations.
• Customs clearance: An IEC is required for customs clearance of imported or exported goods, and allows for a smoother customs process.
• Access to government schemes: Businesses with an IEC may be eligible for various government schemes and incentives that promote foreign trade.
• Financial benefits: Businesses with an IEC may be eligible for certain financial benefits, such as tax exemptions or subsidies.
• Reputation: Obtaining an IEC can enhance the reputation of a business and demonstrate its credibility to potential customers or partners.
• Easier to track: An IEC number is also used as a reference number to track the shipment and monitor the movement of goods, which makes it easy to track the goods.
• Easy to do business: Having an IEC can make it easier for a business to participate in foreign trade, as it serves as proof of the business’s validity and ability to engage in import or export activities.

Validity of Import Export Code

The validity of an IEC is for a lifetime. This means that once an IEC is obtained, it is valid for all import or export transactions of the entity. There is no need to renew or update the IEC after a certain period.

Nature of the Firm Obtaining an IEC

IEC can be obtained by any individual, company, partnership firm, Limited Liability Partnership (LLP), or any other type of entity engaged in import or export activities. Whether you are an exporter or importer, having an IEC is mandatory for all such transactions. Even if a business is not actively engaged in import or export activities, but it plans to do so in the future, it still needs to obtain an IEC beforehand.

Prerequisites for Applying for IEC

To apply for IEC, the following prerequisites are required:

• A valid Permanent Account Number (PAN) card issued by the Income Tax Department of India is mandatory
• The applicant must have a bank account in the name of the firm or individual, as IEC is issued in the name of the applicant
• The business entity should be registered under the Registrar of Companies (ROC)
• The applicant needs to submit the relevant documents such as identity proof, address proof, and details of the business entity to the DGFT office.

How to register for an IEC License Online?

The process for registering an IEC license online in India is relatively simple and can be completed in a few steps. Here’s how to register for an IEC license online in India:

• Visit the Directorate General of Foreign Trade (DGFT) website, which is the official website for IEC registration in India
• If you are a new user, click on the ‘Register’ button and create a new account by providing your basic details such as name, email address, and phone number
• Once you have registered, log in to the DGFT website using your registered email ID and password
• Click on ‘Online IEC Application’ On the homepage of the DGFT website, click on the ‘Online IEC Application’ button, which will redirect you to the IEC application form
• Fill in the online IEC application form with all the required details such as the name and address of the firm or individual, PAN number, bank account details, and contact information and the required documentation
• Pay the IEC application fee online through internet banking, debit card, or credit card
• Once you have filled in the application form, uploaded the necessary documents, and paid the application fee, review the application and click on the ‘Submit’ button
• After submitting the IEC application, you can track the status of your application online. Once the IEC is issued, you will receive an IEC certificate on your registered email ID.

Documents required for Import Export Code Registration.

The documents required for an IEC License registration are listed below.

• PAN card of the company (not applicable in case of the proprietor)
• Applicant’s PAN and Aadhaar card (driving license/Aadhaar/voter ID)
• Incorporation certificate/partnership deed
• Address proof (electricity bill/rent agreement/sale deed of the office location)
• Copy of cancelled cheque leaf/banker certificate of the current account in the name of the company.

Eligibility to Get IEC Code

Any type of business registration: sole proprietorship, partnership, private limited companies, charitable organizations dealing with import and exports in India can register for import export code, irrespective of the size. However, an IEC Number is not required for import/export of goods for personal use, which are not connected with trade, manufacture, or agriculture. There is no need for a business set up.

Startup sampark procedure for IEC Registration

IEC Registration is very detailed procedure, which requires keen knowledge, procedure and team of professionals. Each registration has its tailored requirements. We at Startup Sampark have a full-fledged, dedicated team of professionals. You are required to fill the form and then our experts will reach out to you, to know the exact requirement and gather further information. Then our experts at STARTUP SAMPARK will be at your disposal for assisting you with guidance concerning IEC registration and tax rates. Our professionals will assist you in planning seamlessly at the least cost, confirming the successful conclusion of the process. We shall guide you with Do’s and Don’t’s as well. We will begin working on your request once all the information is provided, and the payment is received.

Why STARTUP SAMPARK?

Startup Sampark is one of the platforms which coordinates to fulfil all your Secretarial, Legal, Licensing and Taxation requirements and connect you to consistent professionals. Our team consist of Chartered Accountants, Company Secretaries, Cost Accountants, Advocates, Patent and Designs Agents, Trademarks & Copyright Attorneys, Paralegals and other legal professionals.

We are a management consultancy and technology platform to simplify legal and business related matters. We are committed to help start-ups, small business owners and non-compliant businesses in solving their legal, secretarial and taxation compliance related to setting up and running the business smoothly and compliantly.

Our clients can also track the assignment progress at all times through a dedicated portal provided to you along with User Id and Password. You can comment and find the resolution and ask questions on the dedicated portal provided to you. If you have any questions about the IEC registration and tax rates, our experienced representatives are just a call away.

• Step 1: Fill the query form.
• Step 2: Our Expert will connect with you
• Step 3: Make payment through hassle free payment portal
• Step 4: Get confirmation on mail and receive User Login and password
• Step 5: Submission of documents with us on our client portal
• Step 6: Executive will process your application
• Step 7: Track progress of your order all the time on our client portal
• Step 8: Greetings, Order completed