Are you looking forward to avail the import-export code for your business? If yes, then we can help you to understand the key highlights of the import-export code. In this article, we will try to cover everything you ever need to know regarding the import and export business and how to apply online for its registration. Let’s, first of all, discuss what import and export code is?
What is import and export code or IEC?
Now, all the businesses that will ever engage with importing and exporting of any kind through the countries will mandatorily require to have an import and export code or IEC code which is just a short abbreviation. This import and export code or IEC code is a unique 10 digit number that you will be using while importing or exporting of any goods or services through overseas.
When you go through the IEC Registration process, the IEC is granted by the director general of foreign trade. It will be under the ministry of the commerce and industry. The importers will not be allowed to proceed without this IEC Code. This 10 digit number will give you a validity that is permanent when issued once. This is one of the registrations that would not require any re-registration after a certain time period.
Some of the key features of IEC registration
- It is valid for a lifetime
Once you issue an IEC code after getting an IEC registration, it will remain valid for lifetime. It has no expiry date or a certain term period after which you had required a re-registration. An IEC code is valid throughout the nation and for all the factories and each branch of the company or respective organization.
- It is required by the Importers
All the importers that wish to import goods in India will need to have a valid import export code. This import export code must be mentioned in all of the relevant or the necessary documents when running your import business. The bankers that you will deal with for any monitory transactions abroad will need you to have a valid IEC registration in order to make any respective transactions.
- It is required by the exporters
All the exporters that wish to export any goods outside of India will need to have a valid import-export code. The mention of this import-export code is mandatory in all of the necessary and relevant customs law documents. The bankers will also require a valid import-export code through an IEC registration when there will requirement of any monitory transactions through them from your respective customers.
- There is no need for any return filing
There is never a need for the renewal or re-registration of the import export code, there is also no need for any periodic filing of any returns with respect to this import-export code.
- The import-export code for a individual
This import export code need not be only for any registered business. It can simply be for any individual also. So there’s no such restriction for sole proprietors.
- It is processed quickly
You don’t exactly require to submit any proofs for the purpose of import or for export. The IEC registration is completely an online process and would not need any IEC physical intervention.
Basic documents required for IEC registration-
- Your passport sized photographs.
- A self-attested copy of pan card number of all of your directors, your partners, and proprietors.
- Residential proof of all the directors, your legal partners, and proprietors.
- A copy of PAN card number of your business or any respective entity, if you have any.
- A cancelled cheque for bank reframes and valid details.
Step for the Procedure of IEC Registration
- Fill in the application form,
- Collect you prescribed list of required documents,
- Verify your documents to be correct,
- Submit the IEC registration application along with the required documents,
- And done! Your IEC registration is complete, you will be allotted your IEC or import export code.
These are the basic steps that you may follow while you are applying for the online IEC Registration. In case you are having doubts then you may call anytime on our helpline number. Swarit Advisors is a leading consulting firm where experts are 24/7 hr are available at your end. Get in touch with us whenever you need.
Source by: http://www.swaritadvisors.gomilio.com/en/blog/avail-the-key-factors-of-import-and-export-code-50
