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Everyone wants to expand their business beyond the domestic market in this age of fierce competition. Doing business internationally, on the other hand, isn’t for everyone. Before going worldwide, you must adhere to a number of procedures and rules, as well as get several registrations and licences. When importing or exporting from India, an IEC (Import Export Code) licence is one of the requirements. Importer-Exporter Code is another name for it. Consultant for IEC Code Agent (import export code) in Kolkata West Bengal.

 

Anyone who wants to start an import/export firm in the country will need an IEC (Import Export Code). The DGFT is the one who issues it (Director General of Foreign Trade). IEC is a 10-digit code that is valid for a lifetime. Generally, importers merchants cannot import products without an Import Export Code, and exporters merchants cannot take use of DGFT incentives such as the export plan, etc., without an IEC.

 

Situations in which IEC is necessary?

In the following situations, the IEC must be produced:

• The customs officials require it when an importer has to clear his shipments via customs.
• When an importer sends money abroad through a bank, the bank requires it.
• The customs port requires it when an exporter needs to send his shipments.
• The bank requires it when an exporter receives money in foreign currency immediately into his bank account.

 

IEC (Import/Export Code) Registration Procedures

 

Step 1: Fill out the application form

To begin, create an application form in the required format – Aayaat Niryaat Form ANF-2A – and submit it to the appropriate DGFT Regional office.

 

Step 2: Gathering Documents

Second, you must prepare the appropriate documentation for your identification and legal entity, as well as an address proof with your bank account information and an ANF2A certificate.

 

Step 3: Submitting Your Application

After you’ve finished your application, you’ll need to submit it to DGFT via DSC (Digital Signature Certificate) and pay the IEC Registration charge.

 

Step 4: International Electrotechnical Commission (IEC) Code

Finally, if your application is granted, the government will send you a soft copy of the IEC Code.

 

Documents needed to register for an IEC (Import Export Code).

The following documents are required for IEC Code Registration:

• a copy of a person’s PAN card, a firm’s PAN card, or a company’s PAN card
• Voter id, Aadhar card, or passport copy of an individual.
• Cancel cheque copies of current bank accounts by individuals, companies, or firms.
• Copy of the premise or a copy of the rent agreement or a copy of the electric bill
• A self-addressed envelope for registered mail delivery of the IEC certificate. Consultant for IEC Code Agent (import export code) in Kolkata West Bengal.

 

Benefits of IEC Registration

• IEC Registration Benefits Business Expansion IEC can help you take your services or products to a global market and expand your business.
• On the basis of their IEC registration, the companies could receive many incentives for their imports/exports from the DGFT, Export Promotion Council, Customs, and others.
• There will be no filing of returns.
• The IEC does not need any returns to be filed. There is no necessity to follow any form of processes to maintain its validity once it has been assigned. There is no requirement to file any returns with the DGFT for export transactions.
• Processing is simple.
• It’s relatively simple to get an IEC code from the DGFT within 10 to 15 days of submitting an application. It is not necessary to submit proof of any export or import in order to obtain an IEC code.
• There is no requirement for renewal.
• IEC codes are valid for the life of an entity and do not need to be renewed. After obtaining it, an entity might apply it to all export and import transactions.

 

When an Import Export Code (IEC) isn’t required

According to the government’s most recent circular, IEC is not required for all GST-registered traders. In all of these circumstances, the trader’s PAN will be interpreted as a new IEC code for import and export purposes. If the products being exported or imported are for personal use and not for commercial purposes, an Import Export Code (IEC) is not required. Notified Charitable Institutions do not require an Import Export Code for export/import done by Government of India Departments and Ministries. Consultant for IEC Code Agent (import export code) in Kolkata West Bengal.