The Searching Procedure of An IEC Code For A Company Name

An Importer Exporter Code (IEC) is a critical company identifying the number that is required for exporting from or importing into India. Unless expressly exempted, no person shall export or import without first obtaining an IEC. However, IEC is not needed for service exports unless the service provider is receiving incentives under the Foreign Trade Policy. As a result of the implementation of GST, the IEC issued is the same as the Firm's PAN. However, the IEC will continue to be issued independently by DGFT based on an application. This article delves into the process of creating an IE Code application in depth.

Import-Export Code (IEC)
 

The business entity must get an Import & Export Code to import or export from India. The IEC number stands for Import and Export Code. The Directorate General of Foreign Trade issues a ten-digit unique number known as the Import & Export Code (DGFT).

An IEC registration certificate is required for every firm that deals with imports and exports. As a result, before beginning an import of products into India, an importer must confirm that the importing entity has both a GST registration and an IE code, which are both necessary to clear customs.

If an importer does not have both an IE number and a GST registration, the items may be held at the port and may be destroyed, incurring demurrage charges.

Importance of Import-Export Code (IEC)
 

Businesses have a tremendous opportunity to reach the worldwide market through the import & export of their products and services. The IE code is necessary when entering the world market since it helps the firm expand and thrive to some level. Obtaining an Import Export Code has several advantages. We've highlighted a handful of them below:

Unlocking the international market:
 

Because the IE Code is required for the import & export company, the items can access the worldwide market. The IE code facilitates the admission of an international Indian firm and offers avenues for development and expansion.

Online registration is available:
 

The IE Code may be obtained totally online and with minimal document submission.

Documentation requirements are reduced:
 

An IEC does not need the submission of several papers.

Validity for Life:
 

IE Code is a registration valid for the business's life. As a result, there are no problems updating, submitting, or renewing Import Export Code registration. The IE registration is useful as long as the business remains or until it is cancelled or relinquished.

Reduces the movement of illicit goods:
 

The most fundamental aspect of the Import-Export code is that you offer accurate information. IE code cannot be retrieved without providing accurate information. This criterion makes illicit commodities transportation difficult.

Obtaining Several Advantages:
 

Importers and exporters benefit greatly from the IE code. Subsidies from Customs, the Export Promotion Council, and other agencies may be available to registered business organisations. Exporters can make exports without paying taxes if they file LUTs under GST. If the exports are paid for with tax, the exporter is entitled to a return of the tax paid.

Compliances:
 

In contrast to other tax registrations, the individual carrying out imports or exports are not required to meet any specific compliance criteria such as yearly files or return filings.

Documents Required to Registered & Get an IEC Code Online
 

The documents that are required to register & get an IEC Code online are as follows:

• The applicant prepares a cover letter on the letterhead of the firm.
• The applicant's signature must appear on all pages of the application.
• Part 1 and Part 4 must be completed and submitted electronically by the candidates.
• Not sending a physical copy of Part 1 of the paper is critical.
• The applicant must submit their application in the proper format to their local DGFT office.
• Only the required fields in Part 2 of the form must be filled out.
• An application fee of Rs 2.5 lakh must be paid through Demand Draft or EFT. A backup copy of the bank statement must also be supplied.
• Following Appendix 18A, the applicant's banker must give a certificate indicating that they are the firm's bankers.
• Two passport-sized photographs of the Banker
• For rapid post, an envelope stamped with a twenty-five rupees postal stamp with an address to self can be used, or a hundred rupees DD or challan from the bank can be used.

Requirements to Find the IEC Code Online for a Company
 

• A checking account
• Your bank's certificate
• PAN card number of the applicant
• The registration fee of 2.5 lac INR
• The registration application should be delivered to DGFT RL and received within fifteen days.
• Although not required, having an email account allows for easy contact and a speedier procedure.

How to Find IEC Code Online for a Company?
 

To get an IEC online for your company, you must first register with the DGFC or  Directorate General of Foreign Trade. The cost of this is Rupees two hundred and fifty. If you have already done this & are waiting for further action from the government, you may review the status of the application in the following way. First, go to the DGFT's official website, then to the IEC page, where you may check out the status of the application.

• Visit the official website of the Indian government's Directorate of Foreign Trade.
• Navigate to the "services" option at the top of the page. The "IEC" choice will appear in a drop-down menu with other possibilities.
• Select "Online IEC application" from the new submenu that displays.
• The applicant will be sent to a new screen where they will enter their PAN card information. When you hit the "search" button, you will be sent to a complete page with several boxes.
• Enter your information as directed by the instructions. Fill out the Captcha as well.
• Enter your phone number and mailing address, & you will get a one-time password through email and phone.
• You will be prompted to enter both passwords in the OTP box.
• You must now enter the Application Entity's information.
• Add the branch information on the upper side of the same page within 15 minutes of finishing the previous step. If you see any required fields are missing, simply click "ADD." Keep it blank if your company has no branches or branch offices.
• The proprietor, trustee, or partner's information, as well as their PAN, birth certificate, proof of residency, mobile phone number, and email address, must be entered.
• Scan and upload JPEG or PDF versions of critical documents.
• Pay your Rs 500/- fees using a credit card or through internet banking. Don't forget to "verify pay" after a successful payment to complete the payment procedure.
• You can print the application once your payment has been verified. Check that you followed all of the previous stages correctly. In this phase, you can repair any errors you uncover. You can print the application once you are absolutely certain.
• All of the previously given data and the number will be presented in this last stage. The DGFT will be auto-selected as well. Click it to continue. You may now view and download your e-ICE.

Validity of IEC Code
 

As previously stated, IE Code registration is continuous & good for life. As a result, updating, submitting, & renewing the IEC registration will be simple. It is valid if the business continues to operate or the registration is not cancelled or relinquished. Furthermore, unlike tax registrations such as GST or PF registration, the importer or exporter is not required to submit any filings or comply with any other compliance obligations such as yearly filing.

Because IE code registration is one-time and needs no extra compliance, all exporters and importers should receive an IE code following incorporation.

IEC Certificate
 

The IEC Certificate will be emailed to the user (used while applying for IEC). If necessary, the User can get the IEC Certificate by logging into the DGFT and selecting the "Print Certificate" option under "Manage IEC."

The IEC must be communicated to CBIC, & the transmission status may be viewed by going to "My IEC" and comparing the IEC Status bar to the "CBIC Transmission Status."

The Import Export Code is an essential document required to begin an import-export activity. The IEC code must be obtained before exporting or importing any goods or services. IEC provides various advantages for company success. You cannot overlook the requirement of IE code registration because it is necessary.

Conclusion

If you're a company owner who wants to obtain your Import Export Code (IEC) but doesn't know where to start, don't worry. We can assist you at Online Legal India, India's leading online legal community. We have a team of trained Chartered Accountants and legal professionals who will be with you through the entire procedure of obtaining your IEC code online.