#import export code number

Any person, Proprietorship, Partnership, LLP, Society or HUF importing or exporting services or goods from India requires Import Export Code, commonly referred to as IEC is a unique 10 digit code, issued under Ministry of Commerce and Industries by Directorate General of Foreign Trade, Government of India by an application made to DGFT along with required documents. This was issued on July 27th,2006 as on Any Import or Export of goods and services by a person, proprietorship, Partnership, LLP, Society, or HUF without an existence IEC shall not be legal and allowed.

Since IE Code registration is permanent registration which is valid for a lifetime or till the business is revoked or surrendered and therefore no hassles for updating, filing, and renewal of IE Code registration. Further, different from tax registrations like PF registration, the importer or exporter doesn’t require to file any filings or follow other compliance requirements like annual filing.

IEC is required in the following situations

1.   Clear shipments from customs, custom authorities need this IEC from importers.

2.   It’s needed by the bank when money is sent to an abroad bank by the importer.

3.   It is required by customs port when the consignment is sent by the exporter.

4.   It is required by the bank when an exporter receives the money directly into his bank account in a foreign currency.

Benefits

Benefits of IEC:

1.   International Market Reach: It helps in expanding the business to the international level and with expansion, there will be an increase in both revenue and growth of the person or organization.

2.   Life Time Validity: There no follow-up procedure of Updating, Filing, and renewal as the validity of this document is lifetime, making it a permanent document and hence no annual maintenance or renewal fee for any financial year.

3.   Reduces the Risk of Illegal Transportation: Since it’s a centralized registration, the officials are able to supervise and manage the transactions of import and export, taking across the border in an easier and more effective manner which reduces the risk of illegal transportation.

4.   No Return Filing: Once the registration is sorted, there is no need to file returns annually of the company.

5.   Benefits of Schemes: Any business registered with IEC will be eligible to avail benefits declared by Export Promotion Council, Customs, and other authorities. If LUT is filed under GST, then the business is exempted from paying taxes, and already paid tax is refunded.

Documents

Documents required for Import Export Code Registration:

1.   Pan Card of Firm, Organization, or Individual.

2.   Aadhar Card Copy of Passport Copy of Firm, Organization, or Individual.

3.   Canceled cheque copy of current bank account of Firm, Organization, or Individual.

4.   Electricity bill copy and copy of the rent agreement of the premises.

5.   DSC

Registration Process

Process of obtaining IEC Registration:

1.   Along with Aayaat Niryaat Form No. 2A, an application is needed to be prepared and filed at the regional office of DGFT.

2.   With respect to ANF2A a certificate, required documents regarding the identity of an individual, legal entity, address proof along with bank details are to be prepared for submission.

3.   Pay registration fee for IEC registration after the application is completed and filed with DGFT via Digital Signature Certificate.

4.   The soft copy will be sent by the government once the application is approved and processed.

Any Other Information

Here is the list of importers or exporters who are exempted from obtaining Importer – Exporter Code (IEC) number:

1.   Importers covered under clause 3 (1) [except sub-clauses (e) and (l)] and Exporters covered under clause 3(2) [except sub-clauses (i) and (k)] of Foreign Trade (Exemption from application of Rules in certain cases) Order, 1993.

2.   Any Ministries or any Departments under Central or State Government.

3.   Any Person is importing or exporting goods for private use not connected with trade or manufacture or agriculture.

4.   Any person importing or exporting goods from or to Nepal provided the CIF value of one consignment that doesn’t exceed Indian Rs.25,000.

5.   Any person importing or exporting goods from or to Myanmar through Indo-Myanmar border areas provided the CIF value of one consignment doesn’t exceed Indian Rs.25,000.

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Importer exporter directory is a very beneficial platform for both, new and old traders involved in exporting and importing of goods and services. These directories allow them to do trade overseas.

Importer exporter directory is a place where all the overseas traders are registered. Now-a-days, to get better recognition on an international level, it is very necessary for the companies to register themselves on some well-known portal. By registering your company on any leading b2b (business to business) portal, you will get a huge number of buyers sending inquiries to you. These directories provide lots of benefits to the importers as well as exporters. With the help of these directories, you will be able to access the different importers as well as exporters of any country.

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So, if you are new to the business of import and export and want to get recognition throughout the world, then register yourself now to any leading importer exporter directory.