Import Export Code Registration - Process, Fees and Documents

 Anyone wishing to begin their import/export firm in the country must get an IEC (Import Export Code). It is issued by DGFT (Director General of Foreign Trade). It is a 10-digit IEC code and valid for a lifetime. Without the Import Export Code, merchants who are primarily importers are unable to import products, while merchants who are primarily exporters are unable to receive benefits from DGFT for the export plan, etc.          

You must follow specific procedures and meet the requirements in order to receive the Import-Export code (IEC code). Additionally, you must follow specific rules. You can obtain the IEC code from the DGFT headquarters once the requirements have been met. It operates numerous regional offices across the country. 

Documents Required for IEC Code Registration Process
 

The following documents are required for the IEC code registration process. Here is a list:

• Pan Card copy of Individual or Company.
• Vote ID, Aadhaar card, or passport copy of an individual.
• Cancel cheques of the existing bank accounts of individuals or companies.  
• Rent Agreement or Copy of Electricity bill of the site.
• A self-addressed envelope for delivery of IEC certificate by registered post.

What is the IEC Code Registration Process?
 

Let’s examine the entire IEC code registration process. The application process for IEC codes consists of 11 steps. Here we will discuss the entire registration process step-by-step. 

Step 1. Visit the official website of DGFT.

Step 2. The ‘Service’ tab will appear on the home page which you have to click on.

Step 3. Choose ‘IEC Profile Management’ from the drop-down menu.

Step 4. There will appear a new page where you have to select the “Apply for IEC” option.

Step 5. Select “Register” from the menu. Click the “Sent OTP” button after entering the necessary information.

Step 6. After entering the OTP, click on the “Register” button. 

Step 7. You will receive a notice having the temporary password after the OTP is successfully confirmed, which you can alter after you have logged into the DGFT website.  

Step 8. Enter your username and password to access the DGFT website after registering there.  

Step 9. Select “Apply for IEC” from the drop-down menu on the DGFT website. 

Step 10. Click the “Submit and Generate IEC Certificate” button when you have completed the application form (in ANF 2A format), uploaded the necessary paperwork, and made the necessary payments. 

Step 11. The DGFT will create the IEC code. Once the IEC code is generated, you can print your certificate. 

What is the Fee for Import Export Code Registration?
 

The government simply charges Rs 500 for import and export registration. By visiting the DGFT website and paying the Rs 500 application fee, you can get an IEC on your own. But still, if you face any complications by doing it on your own and need help from experts legal professionals will help with the IEC code registration process at a reasonable cost. 

Why Do Businesses Need Import Export Code?
 

Businesses have a fantastic opportunity to reach the global market by exporting and importing the goods and services they provide. The IEC code is a crucial need when entering the global market because it helps the firm grow and thrive to some level. Obtaining an import export code has a number of benefits, some of which we have listed below.  

1. Lifetime Validity
 

Import Export code has lifetime validity as long as the company is operating. As a result, updating, filing, and renewing IEC registration are not required. The IE registration is valid as long as the business is active or as long as it is not cancelled or given up.      

2. Unlock the International Market
 

Since the IE Code is a prerequisite for import and export operations, it enables the products to enter the global market. The IE code facilitates an Indian company’s entry into the global market and creates opportunities for growth and expansion.    

3. Online Registration 
 

Finding the IE Code is a hassle-free, entirely online process that requires very little paperwork submission.    

4. Reduces Illegal Goods Transportation
 

You must offer accurate information, which is the simplest criterion for the Import-Export code. It is possible to receive an IE code without the required information. Transportation of illegal products is prohibited by this criterion.   

5. Benefits of the Scheme 
 

IE code offers significant advantages to both importers and exporters. The registered business enterprises will be eligible to receive advantages from Customs, the Export Promotion Council, or other organisations in the form of subsidies. Exporters can make exports without paying taxes by filing LUT under GST. if exports are made after the tax amount, the exporter may request a refund of that amount.      

6. Compliance 
 

The person carrying out import or export, unlike other tax registrations, is not required to satisfy any particular compliance obligation, such as the yearly filing or the return filings.   

Where Import Export Code Is Required?

• The customs officials require it when an importer has to clear his shipments via customs.
• The bank requires the code when an importer sends money abroad through banks.
• The customs port needs it when an exporter has to send his shipments.  
• The bank demands it when an exporter receives foreign currency payments directly into his bank account. 

Conclusion 
 

A primary document required to start import-export operations is the Import Export Code. The IE code must be obtained for any exporting or importing of goods or services. IEC offers numerous advantages for business expansion. You cannot ignore the requirement for IEC code registration because of its necessity in the import-export business. You can apply for an import-export code through Online Legal India and receive it in a few days.