How to Apply For IEC Code | IEC Code Registration
India accounted for 34.06 billion USD of imports and 52.01 billion USD exports, which have grown by 31.75% and 27.38%, respectively, the dependence of India on exports and imports clearly reflects that trade has been a major part of our economy. Moreover, budget 2022, have includes some of the potential areas of work like reduction in tariff duty on the healthcare sector, lowering customs duties for food products, raw materials, and inputs or intermediate goods, including inputs of manufacturing of the electric vehicle, and more.
If these actions were to be taken, this would rigorously affect the import and export of goods, be it steel, textile products, medical equipment, and other things. However, among the imposition or upliftment of restrictions - the role of the IEC remains the same. Let’s have a look at, how an IEC code makes import and export seamless.
IEC, an acronym for Import Export Code is nothing but a 10-digit code that an importer or exporter needs to obtain to import or export to India. It serves as a fundamental business identification code - issued by the Director-General Foreign Trade (DGFT), Ministry of Commerce. Though, the importance of IEC lies in the fact that it is mandatory to obtain an IEC code, however, the problems persist in - how to apply for IEC code (import export code)?
Moreover, it is to be noted that, even after being an obligatory requirement to obtain an IEC code, it is not compulsory for export services, excluding those services that are benefiting from Foreign Trade Policy.
Rather than obtaining an IEC code mandatory requirement, it also offers various legal benefits, wider market access, government scheme benefits, and more. For a better understanding of the IEC code benefits, let's have a look at it in detail.
What Are The Benefits of IEC Registration | Benefits of Import Export Code
1. Legal Benefit
As mentioned above, IEC registration is an obligatory requirement in India, unless exempted by the authorities. However, if an importer/ exporter fails to get IEC registration, first, they won’t be able to operate in India, second, a penalty could be imposed on them.
2. Wider Market Access
Without obtaining an IEC code, it is not possible to access the Indian market, on the contrary, possessing an IEC (IEC online) opens doors to the Indian market as it shows credibility and trustworthiness at a global level.
3. Government Scheme Benefits
An establishment that is registered under IEC avails subsidies or other government benefits as per the government scheme as declared by the Export Promotion Council, Customs, and other authorities.
The benefits obtained due to IEC (IEC online) increase when once an establishment files for LUT or GST, you can conduct export activities without the payment of taxes. Moreover, if an exporter has paid the taxes, he has the right to claim the amount back from the concerned authorities.
With the benefits of the IEC registration, let’s move to who needs to obtain an IEC code.
What Should be the Nature of a Firm Which Needs to Obtain an IEC Code?
Before understanding how to apply for IEC code, it would be helpful if you are aware of the nature of the firm which requires to obtain an IEC code -
- Sole proprietorship
- Partnership firm
- Limited Liability Partnership
- Hindu Undivided Family
Thus, if you are engaged in any of the mentioned nature of the firm, you are required to obtain an IEC code to conduct import and export. Since we are aware of whether you need an IEC code or not, don’t forget to check who is exempted from obtaining an IEC code or online IEC certificate, and to check that click right here.
Like in BIS certification, documentation plays an important role in any other certification too. Considering its importance, let’s move to what are the essential document requirements to obtain an IEC code or import export code.
What Are the Documents Required For IEC Code | Documents For Online IEC Certificate
- PAN card of applicant and company.
- Certificate of incorporation or Partnership deed.
- Company’s bank account statement.
- Information in regards to the location of the establishment.
- An identity proof issued by government authorities.
- A canceled cheque.
These are some of the basic documents required to complete an IEC registration, though, the requirement of documents could differ depending on the nature of the business. Considering the comprehensive process of the IEC registration, it would be great to have a professional approach to meet your certification requirements.
Why not reach out to us right now and get your IEC code (IEC online) with an error-free process with India’s leading compliance service provider - JR Compliance. We have a proven record to complete over 10,000+ projects, which also includes coordinating with customs authorities. hence, making us an appropriate choice to meet the compliance requirements to get the IEC code.
For your better understanding, in the next section, we will discuss, how to get IEC code -
How to Apply For IEC Code | Apply For Import Export Code | Process For Online IEC Certificate
The detailed process of how to get IEC code or Apply for import export code -
Step 1 - A registration form will be filed.
Step 2 - An OTP will be sent to your registered mobile for verification.
Step 3 - Once the verification is done, login credentials will be generated.
Step 4 - Affix the required documents.
Step 5 - Once the application is submitted, an IEC certificate will be generated if your documents meet the requirements.
How to get IEC code - quite comprehensive, isn’t it?
No worries, we - India’s #1 compliance service provider has an integrated approach and a team of experts to clench onto the latest and existing information regarding IEC registration. We believe our success lies in our clients' success, that’s we invest our time and resources in meeting your compliance requirements regarding IEC online.
IEC Renewal | IEC Renewal Process
In accordance with Notification No. 58 dated 12th Feb 2021, IEC renewal or update must be done every year from April to June, however, in case of non-renewal of IEC, a concerned individual will not be able to continue its practices. For a better understanding of the IEC renewal process or update process, refer to mentioned procedure -
- The official DGFT website must be visited.
- Log using the credentials.
- Required details will be provided such as import export code.
- The form will be reviewed thoroughly and will be signed using DSC or aadhar.
- Once, done, the updated and renewed IEC certificate can be downloaded.
NOTE: IEC renewal is mandatory for every importer or exporter. Moreover, IEC renewal/ update includes a completely online process and its approval is instant.
To make the process transparent let’s have a look at our role in IEC registration.
How Do We help in IEC Code Registration?
- Our IEC consultants will educate you in regard to all the information on how to apply for IEC (IEC online).
- Our IEC registration consultant believes in maintaining transparency during the registration process, thus, our experts will constantly coordinate with you to keep you updated.
- Our IEC registration consultant will complete the documentation timely and accurately.
- Our IEC registration consultant guarantees to invest our time and resources in making the IEC registration process seamless.
- Our IEC registration consultant will directly coordinate with officials for follow-ups and take care of any queries that may arise.
- Our IEC consultant will provide 24*7 support to resolve any query you may have with respect to apply for import export code.
Understood, how to apply for IEC code?
Though, being a professional we would like to clarify one thing that it includes a comprehensive process, considering that import and export affect the national safety too, thus, even minor detail matters to authorities.
Keeping the difficulties you might encounter during filing applications, document submission, meeting startled requirements of officials/ authorities, and more could be quite comprehensive for a layman.
That’s why we are a perfect choice to get your import export code within your time constraints. Contact us right now to get reliable and competent services from a compliance service provider with a proven record.