BBNC

IEC Registration


Import Export Code (IEC) registration is required for those businesses who want to do cross-selling of goods and services from India to other countries. It is mandatory to have an Import-Export code for all the entities who are into the business of Import or Export. They have to mention their 10 Digit IEC code while Importing/ exporting goods and/ services from/in India.
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Overview

IEC code is issued by the Directorate General of Foreign Trade (DGFT), Ministry of commerce and industries, the government of India to companies that are registered in India. DGFT is responsible for the formation of trading policies, regulatory framework and Issuance of Licenses.

The Reserve Bank of India (RBI) has made it mandatory for all traders to mention their IE Code, while making any payment transfer/ sending money abroad. Customs Department also seeks IE code before clearing the shipment from overseas.

Import Export Code (IEC) once issued can be used by the entity throughout its existence and do not require any renewal or filing. Once the company obtained IEC then the company can perform all its import-export requirements without any issues.



Benefits of Import Export Code Registration

Opportunity to expand globally

IEC registration allows business to export the products and services globally. That generates opportunities to businesses to expand globally and know the other countries market.

Lifetime Validity

Import Export code once issued it does not get expired or does not require any renewals. it has lifetime validity. Business procured Import Export code can do continue the business throughout companies’ lifetime.

Easy Process

It is quite easy to get IEC registration, the whole can be completed within 2 days without providing proof of any import or export activities.

Government Benefits

Companies having export activities can avail various benefits and subsidies from the Export Promotion Council and Customs. On the basis of IEC registration.

No Compliance

Unlike any other registrations such as GST or PT which has a compliance burden after the registration. IEC does not have any such compliance burden. It is just a one-time registration.

Checklist/Requirements

  1. Digital photograph
  2. Pan card
  3. Passport/voter id/UID/driving license/PAN of the director or partner
  4. Cancelled cheque
  5. Address proof

Process of Obtaining Import Export Code

Step 1: Send required documents and information

Step 2: Drafting of the IEC documents

Step 3: Filing the IEC application

Step 4: Receive IEC Certificate

Key Deliverables

  1. IEC Certificate

  2. Challan copy

  3. Copy of Filed IEC form

IEC Registration

Why Choose Us

  Entrepreneur Friendly

We make the process so easy and fast that you will not even feel the headache of all the paperwork, and our professionals will provide you all the promised deliverable within a given span of time.

  Experienced Professionals

All our professionals are qualified and specialized in that particular work. Making sure no mistakes are done at the time of filings with the authorities so that company won’t have to pay any penalties due to mistakes.

  One Stop for All Your Requirements

We support you throughout the journey of your business, from the incorporation, Accounting and taxation support, Secretarial compliance support, and Legal support.

  Cost-Effective

We believe that cost plays a vital role in any company’s growth stage, that’s why we do not surprise our clients with hidden charges, you pay what you see in the initial proposal.


Frequently Asked Questions


Why is a bank certificate required to get an IEC code?
This is required as per FEMA regulations. IEC make it easy to do foreign remittance. Which require a working current account. This bank certificate prove that you are capable of doing foreign remittance. For exporter the bank account is required to get foreign funds and drawbacks from the government. In both case if you are getting IEC without any bank account. You might receive or send fund not following the FEMA rules. So, bank account is basic step to prevent foreign exchange fraud.
If you are thinking in perspective of regular business and generating revenue through it, yes it is mandatory to get an IEC. If it is just a one time then You can tie up with local international courier agencies which have their own tie up with fedex, dhl etc. They ship on your behalf of you.
Import Export Code (IEC) number allotted to an individual or a company denotes that the holder is registered with Director General of Foreign Trade, functioning under Ministry of Commerce, Govt. Of India to carry on the business of import and export. According to rules, only one IE Code will be issued against one PAN. As every person or company can have only one PAN, it follows that no one can have more than one IE Code. There is no restriction on the number of goods for meant for import or export. Issuing more than one IE code to the same person/company will lead to confusion.
It is not necessary for export of services for freelancers (as these would be general services). It is required for service exporter or importer only if the provider is taking benefits under the foreign trade policy.