What is an Import and Export Code and who needs it?

Taking your products or services to the worldwide market will grow your organizations. In any case, envisioning an import/send out activity itself can be hard for a uninitiated individual, and her activity is made more difficult by the different business languages and legitimate methods that international trade has. In this article we will manage a smart part of import and export, called Importer Exporter Code.

What is Importer Exporter Code (IEC)?

Import Export (IE) Code is a registration required for people importing or exporting goods and services from India. IE Code is issued by the Directorate General of Foreign Trade (DGFT), Ministry of Commerce and Industries, Government of India. IE Code application must be made to the Directorate General of Foreign Trade alongside the fundamental supporting records. Once, the IEC application form is submitted, DGFT will issue the IE Code for the element in 15 - 20 working days or less.

IEC isn't required under the following conditions:

1. Import/fare of products for individual use, which isn't associated with trade, manufacture or farming.

2. Import/send out by government services and departments, and certain notified charitable associations.

3 According to the latest circular issued by the government, IEC is not mandatory for the all traders who are registered under GST. In all such cases PAN of the all traders shall be used as the IE code.

4 Import Export Code is not necessary in case goods imported or exported for personal purposes not for commercial purposes.

Procedure of obtaining Import and Export Code Registration:

Below we have mentioned documents that are required to register IEC.

Sr. No.	Documents	For Proprietorship	For Partnership	For Private Ltd./ Ltd.
1.	PAN Card	Personal PAN Card	Company’s PAN Card	Company’s PAN Card
2.	List of Partners/ Directors	Residential address, Pin Code, Phone Number, Father’s Name	Residential address, Pin Code, Phone Number on letter head.	List of Directors with, residential address, Pin Code, Phone Number on letter head.
3.	Memorandum and Articles of Association	N.A.	Partnership Deed-duly notarized, copy duly self certified.	MOA
4.	Current Account	Any National / International Bank
5.	Bank Certificate	As per Appendix attached
6.	Photographs (Passport Size)	4 Nos.	Any one of Signing Authority – (4 Nos.)	Any one of Signing Authority - (4 Nos) with mobile number
7.	Company’s Letter heads	Two Nos.	Two Nos.	Two Nos.
8.	Phone and E-mail	Applicable
9.	Type of Exporter	Merchant/Manufacturer/Service/Other/Merchant cum Manufacturer (if manufacturer, SSI(MSME)/IEM/Ind.Licence)
10.	Date of formation of company	As per Pan Card	As per Deed agreement	As per Registrar Of Companies

IEC is required in the accompanying circumstances

1. At the point when an importer needs to clear his shipments from the customs at that point it's required by the custom specialists.

2. At the point when a exporter sends cash to another country through banks at that point it's required by the bank.

3. At the point when an exporter needs to send his shipments then its required by the traditions port.

4. At the point when an exporter gets cash in foreign currency straightforwardly into his ledger then its required by the bank.

Steps Involved in IEC (Import/Export Code) Registration

Stage 1: First, you have to set up an application structure in the specified format – Aayaat Niryaat Form no. 2A configuration and record it with the particular Regional office of DGFT.

Stage 2: Secondly, you have to set up the required documents as for your identify and lawful element and address confirmation with your bank subtleties and the declaration in regard of ANF2A.

Stage 3: One your application is finished, you have to document with DGFT through DSC (Digital Signature Certificate) and pay the required charge for the IEC Registration.

Stage 4: Finally, when your IEC application form is approved then you would get the IEC Code in a soft copy from the government.

Stage 5: Every IEC holder is responsible for updating its profile, immediately. Further, in case of any change in IEC or in any other case, the profile updation needs to be done at least once in a year, as per para 2.15 of the Handbook of Procedure, 2015-202.

Features of IEC Registration:

Business Growth: Taking your business to the international market will grow your business and increase the visibility of your brand. With the help of IEC registration you can sell your products and services worldwide effortlessly.

Export Subsidiaries: On the basis of IEC companies or firms can benefits and subsidiaries their export/imports from DGFT. Customs and export promotion council.

Life Time validity: Once you are done with IEC registration, means submitted all the documents and other details, now you get IEC lifetime and only required to be updated yearly.

No Return filling : IE code doesn’t requires filling of any return. Once IE code is issued there is no further procedures required to maintain the validity of the code.

Individuals can have an IE Code: Even individuals who are proprietor can receive IC code for selling products and services internationally.

Easy Processing: it’s fairly easy to obtain IE Code from the DGFT period within a 10 to 15 days after submitting the application.

In a nutshell, concerning willing to expand market globally is required to have Import and export code. Once you receive this code you can easily import and export your products and services internationally hassle-free. Before filling an IEC application form, please carefully check all the documents or you can take the help of the experts.

To Conclude:

If you are looking to expand your business on an international platforms reach out the experts and avail for Import and export registration. Once you done with IE Code registration, you are free to ship your products and services at any area of this world. At, Unilex consultant our professionals are round the clock available to help you regarding Import and export registration. All you need is to do, just share all beneficiary documents to us through email. As soon as we receive your documents we will IEC application form and the license will be sent by the courier at your doorstep.