Import Export Code(IEC) Registration
I EC registration is required by a person for exporting or importing goods. It is a 10 digit code which is issued by the Directorate General of Foreign Trade (DGFT). All businesses which are engaged in Import and Export of goods require registering Import Export Code(IEC). IE code has lifetime validity. Importers are not allowed to proceed without this code and exporters can’t take benefit of exports from DGFT, Customs, Export Promotion Council, if they don’t have this code.
The IE Code must be quoted by importers while clearing customs. Banks also require the importers IE Code while sending money abroad. For exporters, IE Code must be quoted while sending shipments. And banks require the exporters IE Code while receiving money from abroad.
IEC Registration is very important for the Organisation which wish to Export or import of goods or items and therefore various provisions applicable on it so such Registration should be as per provisions of the act otherwise such Non Compliance of these provisions lead to hefty fine, Penalty on the Management of organisation.
We, Compliance Hands, a team of more than 50 qualified professionals like CA, CS, Advocates etc, having experience of more than 5 years of handling tasks like this and have completed more than 2000 projects. We ensure all the compliance on time and you can carry on your business without any hiccups.
REGISTRATION under Import Export Code(IEC) Registration is compulsory:
– All businesses which are engaged in Import and Export of goods require registering Import Export Code. All businesses which are engaged in Import and Export of goods require registering Import Export Code.
Business expansion: Registering for Import Export Code will help you in expanding your business and reaching out to a larger market on a global scale, thereby helping your business to grow by leaps and bounds.
No return filing: Registering for Import Export Code will mean that you need not file any returns. Once the code has been allotted to you, you will not be required to follow some kind of process to ensure that its validity is sustained. Even with regard to export transactions, you will not be required to file your returns with the Director General of Foreign Trade.
No requirement for renewal: The validity of an Import Export Code lasts until the entity exists. As such, those who hold this code will not have to ever worry about renewing it.
Simple processing: Obtaining an Import Export Code from the Director General of Foreign Trade is fairly simple. Applications are usually processed within 10 to 15 days once submitted.
Other benefits: Companies that register for Import Export Code could make the most of several other benefits offered by customs, the Export Promotion Council, and the Director General of Foreign Trade.
(a) Bank Certificate / Pre-printed Cancelled
(b) Address Proof of the firm – Any of the Following Documents: Sale deed | Rent agreement | Lease Deed | Electricity bill | Telephone Land line bill | Mobile Postpaid bill | MOU | Partnership Deed
Other acceptable documents(for Proprietorship only): Aadhar Card | Passport | Voter Id
In case the address proof is not in the name of the applicant firm, a No Objection Certificate(NOC) by the firm premises owner in favour of the firm along with the address proof is to be submitted as a single PDF document
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