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NEWS & UPDATE
IMPORT/EXPORT LICENSE (IEC CERTIFICATE)
INTRODUCTION
Everyone wants to grow their firm outside of the home market in the current era of fierce competition. However, not everyone is cut out for conducting business on a worldwide scale. Before expanding internationally, you must adhere to a number of rules and regulations and get several registrations and permits. An IEC (Import Export Code) licence is one of the requirements when thinking about importing or exporting from India. The Importer-Exporter Code is another name for it. An IEC is required for anyone wishing to launch an import/export company in the nation (Import Export Code). Its DGFT is responsible for issuing it (Director General of Foreign Trade). The 10-digit IEC code is a permanent identification number. In general, without the Import Export Code, importers cannot import goods, and exporters cannot use the DGFT for the export scheme, etc., without the IEC.
BENEFITS OF IEC REGISTRATION
Based on the companies' IEC registration, the DGFT, Export Promotion Council, Customs, and others may offer incentives for their imports and exports. The following list includes a few extra benefits.
IEC can assist you in expanding your business by bringing your services or Product to a global market.
The DGFT, Export Promotion Council, Customs, and other agencies could offer the companies a number of advantages for their imports and exports based on their IEC registration.
After submitting an application, getting an IEC code from the DGFT within 10 to 15 days is rather straightforward. To receive an IEC code, there is no necessity to produce evidence of any import or export.
IEC code is perpetual and does not require renewal for the duration of an entity. An entity could use it after getting it for all export and import transactions.
CIRCUMSTANCES WHERE IEC IS NECESSARY
For business and commercial import and export purposes, obtaining an IEC registration is essential. IEC is not required to import or export products for its own use. The following list includes the applications for IEC.
When an importer has to clear his shipments via customs, the customs officials demand it.
The bank needs it when an importer sends money abroad through them.
The customs port demands it when an exporter has to transmit his shipments.
When an exporter receives foreign currency payments directly into his bank account, the bank requires it.
CIRCUMSTANCES WHERE IEC IS NOT NEEDED
The most recent government directive states that IEC is not necessary for all GST-registered traders. For import and export reasons, the trader's PAN will always be considered as a new IEC code under such circumstances. When products are imported or exported solely for personal use and not for business purposes, an Import Export Code (IEC) is not necessary. Departments and Ministries of the Government of India, as well as Notified Charitable Institutions, may import and export without a code.
REGISTRATION PROCESS
An application form in the required format—the Aayaat Niryaat Form ANF-2A format—must first be prepared and submitted to the relevant DGFT Regional office.
ANF2A certificate, address proof with your bank information, and the required paperwork for your identity and legal entity must also be ready.
Once your application is finished, you must pay the IEC Registration fee and submit it to DGFT via DSC (Digital Signature Certificate).
Finally, the government will send you a floppy copy of the IEC Code after approving your application.
REQUIREMENTS FOR DOCUMENTS
An address proof with your bank account information, a certificate for the Ayat niryat form, and the relevant papers for your identification and legal entity must all be prepared. IEC Code Registration requires the following documents:
a copy of a person's, business's, or organization's PAN card.
a copy of the voter ID, Aadhar card, or passport of the applicant.
People, businesses, and partnerships cancel copies of cheques drawn on open bank accounts.
a copy of the property, a copy of the lease, or an electricity bill
a self-addressed envelope for the IEC certificate's distribution by registered mail.
WHY EVTL INDIA IS A GOOD CHOICE
One of the top consulting businesses in the globe and a respected service provider, EVTL INDIA specialises in BIS, WPC, ISI Certification Services, and FMCS Consultancy.
Foreign trade demands a thorough working knowledge of the most recent laws and regulations that are occasionally in force.
When it comes to licencing and policy procedures, EVTL INDIA will serve as your liaison partners, assisting you with the Director-General Foreign Trade throughout the whole licencing process. We are knowledgeable about the most recent export-import laws and requirements that apply to your sector of work. Our service and follow-up make sure that our clients meet their goals as quickly as feasible.
We are a team of experts who have comprehensive knowledge of the most recent industrial laws and regulations. The Directorate General of Foreign Trade reports that our experts will help you complete all licence requirements (DGFT). The Ministry of Commerce and Industry is associated with the DGFT organisation. This system has aggressively promoted and regulated international trade. While keeping the interests of the nation in mind, it also favours export promotion, globalisation, and liberalisation.
We are situated in Delhi NCR, India, and offer DGFT Liaisoning Services with the help of our knowledgeable and competent DGFT Consultants. In relation to import licences and other connected activities, we serve as a liaison. Additionally, our staff offers the best support to business owners and traders in the field. We help with various permissions as well as customs licences.
Our offerings are both professionally excellent in the field and legally sound. They include topics like advance & EPCG licence applications, industrial & IEM licence approval, and EOP Extension Matter. They also cover import and export code numbers (IEC).
