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NEWS & UPDATE
IMPORT/EXPORT LICENCE (IEC CERTIFICATE)
INTRODUCTION
In this day and age of cutthroat competition, everyone wants to expand their business beyond the confines of the domestic market. However, doing business on a global scale is not for everyone. Before going global, you must follow several procedures and laws in place, as well as obtain various registration and licenses. When considering importing or exporting from India, one of the prerequisites is an IEC (Import Export Code) license. It is also referred to as the Importer-Exporter Code.
Anyone looking to start an import/export business in the country must obtain an IEC (Import Export Code). The DGFT is in charge of issuing it (Director General of Foreign Trade). IEC is a 10-digit code that is valid for a lifetime. Generally, importers cannot import goods without the Import Export Code, and exporters cannot benefit from the DGFT for the export scheme, etc. without the IEC.
Advantage of IEC Registration
The DGFT, Export Promotion Council, Customs, and others could provide incentives for the companies' imports and exports based on their IEC registration. There are a few additional advantages listed below.
IEC can help you take your services or products to a global market and grow your business.
On the basis of their IEC registration, the companies could receive several benefits for their imports/exports from the DGFT, Export Promotion Council, Customs, and so on.
It is relatively simple to obtain an IEC code from the DGFT within 10 to 15 days of submitting an application. There is no requirement to provide proof of any export or import in order to obtain an IEC code.
IEC code is valid for the life of an entity and does not need to be renewed. After obtaining it, an entity could apply it to all export and import transactions.
SITUATIONS WHERE IEC IS REQUIRED
Getting an IEC registration for import and export business and commercial purposes is critical. IEC does not need to import or export goods for personal consumption. The areas where IEC is necessary are listed below.
The customs authorities require it when an importer has to clear his shipments through customs.
When an importer sends money abroad through a bank, the bank requires it.
When an exporter needs to send his shipments, the customs port requires it.
The bank requires it when an exporter receives money in foreign currency directly into his bank account.
SITUATIONS WHERE IEC IS NOT REQUIRED
According to the most recent government circular, IEC is not required for all GST-registered traders. In all such cases, the trader's PAN will be interpreted as a new IEC code for the purposes of import and export. Import Export Code (IEC) is not required if the goods exported or imported are for personal use only and are not used for commercial purposes. Import/Export done by Government of India Departments and Ministries, as well as Notified Charitable Institutions, do not require an Import Export Code.
On the basis of their IEC registration, the companies could receive several benefits for their imports/exports from the DGFT, Export Promotion Council, Customs, and others. Here is the process to get these benefits.
To begin, you must prepare an application form in the specified format – Aayaat Niryaat Form ANF-2A format – and file it with the appropriate DGFT Regional office.
Second, you must prepare the necessary documents pertaining to your identity and legal entity, as well as address proof with your bank details and the ANF2A certificate.
Once your application is complete, you must file it with DGFT via DSC (Digital Signature Certificate) and pay the IEC Registration fee.
Finally, once your application is approved, you will receive a soft copy of the IEC Code from the government.
DOCUMENT REQUIREMENTS
You must prepare the appropriate documentation for your identification and legal entity, as well as an address proof with your bank account information and a certificate for the Ayat niryat form. The following documents are required for IEC Code Registration:
PAN Card copy of an individual, firm, or company.
Copy of an individual's voter id, Aadhar card, or passport.
Individuals, corporations, and partnerships cancel cheque copies of current bank accounts.
Copy of the premise or a copy of the rental agreement or an electric bill
A self-addressed envelope for registered mail delivery of the IEC certificate.
WHAT EVTL INDIA HAS TO OFFER
'EVTL INDIA' is a reputable service provider and one of the world's leading consulting firms, specializing in ECO-MARK, ISI Certification Services, and FMCS Consultancy.
Foreign trade necessitates an in-depth working knowledge of the most recent rules and provisions in effect from time to time.
EVTL INDIA will act as your liaison partners in the areas of licensing and policy procedures, guiding you through the entire licensing process with the Director-General Foreign Trade. We are up to date on the most recent export-import policies and procedural formalities pertaining to your line of business. Our service and follow-up ensure that our clients achieve their objectives in the shortest amount of time possible.
We are a group of professionals with in-depth knowledge of the most recent industrial rules and provisions. According to the Directorate General of Foreign Trade, our professionals will assist you in completing all licensing formalities (DGFT). The DGFT organization is affiliated with the Ministry of Commerce and Industry. This system has been actively involved in foreign trade promotion and regulation. It also supports liberalisation, globalisation, and export promotion while keeping the country's interests in mind.
With our expert and dependable DGFT Consultants, we are based in Delhi NCR, India, and provide DGFT Liaisoning Services. We work as a Liaison in Import License and other related activities. In addition, our team provides the best assistance to merchants and traders in the industry. We assist with customs licences and other permissions.
Our services are both legally sound and highly professional in the field. They cover import and export code number (IEC), advance & EPCG licence application, Industrial & IEM License Approval, and EOP Extension Matter, among other things.
