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IEC Registration
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IEC is a key business identification number which is mandatory for export and imports.RegisterKaro.in is a leading online service for online IEC registration anywhere in india
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For a limited time period, get your import export code register online for ₹499/-, Just submit your details and our business expert will get on a call with you to explain the process.
*Government Statutory fees would be charged seprately
IEC Registration
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STEP 1: Application Form
IEC Registration Steps
First, you need to prepare an application form in the specified format – Aayaat Niryaat Form ANF-2A format and file it with the respective Regional office of DGFT.
STEP 2: Call From Expert
Once the form is fill our expert will call you and explain and guide you through the whole procedure of registering import export code.Along with these expert support you through email,phone and chat during business hours.
STEP 3: Document
After the expert call you need to prepare the required documents with respect to your identity & legal entity and address proof with your bank details & the certificate in respect of ANF2A.
STEP 4: IEC Code
Finally, once your application is approved then you would receive the IEC Code in a soft copy from the government.
IEC Registration
Overview:
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With the rapid upsurge in globalization, nowadays, the opportunity of having a cross border business is also increased. Moreover, an IEC Registration also assists an individual in unlocking the growth opportunities of the international business. Further, every individual who wants to expand his business on a global platform by dealing with the Import and Export business is mandatorily required to obtain IEC Registration.
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Hence, having an IEC (Import and Export Code) is one of the basic and essential prerequisites for expanding and running a business at the global level. Moreover, an IEC has various advantages annexed to it. One such benefit of an IEC Code is that it not only assists in unlocking the international market but also helps in increasing the business's growth level.
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IEC is a 10-digit code which has a lifetime validity. Predominantly importers merchant cannot import goods without the Import Export Code and similarly, the exporter merchant cannot avail benefits from DGFT for the export scheme, etc. without IEC.
Features Of IEC Registration
The Following Listed are the Features of IEC Registration:
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No business can indulge in the activities concerning Import or Export without obtaining IEC registration.
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IEC works as evidence for the firm involved in the import or export of goods and products
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Once an individual has obtained IEC, then the same remains valid for a lifetime. This means this code does not require any filing or renewal.
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IEC Code is not required for the goods or services imported or exported either for individual or legislative purposes.
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An IEC is obligatory and mandatory for making foreign bank transfers.
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It is considerable for all parts of importers or exporters business.
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When is IEC Registration is Required?
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When an importer wants to clear his shipments from the customs authorities, this code is required by the customs authorities.
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Whenever an importer sends money abroad by way of banks, then the banks need this code.
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If an exporter wants to send his shipments abroad, this code is required by the customs port.
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Whenever an exporter receives money in the form of foreign currency directly into his bank account, then this code is required by the bank.
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For obtaining Food Licensing and APEDA Licensing, having IE Code is a must.
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Whenever an exporter wants to avail of some export subsidy, then this code is required by the export promotion council.
Benefits Of IEC Registration
Procedure for IEC (Import Export Code) Registration
The Following Listed are the Benefits of IEC Registration:
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1.Expansion Of Business:
One of the main benefits of applying for IEC is to expand business opportunities. This can be achieved not only through exports, but also imports into India. Any entrepreneur or company can have seamless experience without any compliance burden.
2.Availing Serval Benefits:
Registering under the IEC system would automatically provide the business with benefits. Any form of compliance related provisions can be adhered by the business. Apart from this, there would be certain schemes which would provide benefits to businesses.
3.No Need to File Return:
No returns are required to be filed under this system. Hence one the code is assigned there is no requirement to prove the certification’s legitimacy by filing of returns.
4.Hassle Free Processing:
The system related to IEC registration is completely online. Hence, processing time would be quick when compared to the offline procedure. Under this system the applicant is provided an OTP number when an initial application for registration is made. Hence through this system, seamless processing times can be achieved.
5.Free For Lifetime:
As per the requirement of the business, this compliance for registration has to be carried out only once. Though a business cannot carry out any activities related to export and import without this license. However, when a business or proprietor takes this license, there is no requirement to renew this license.
6.Authorised by Government:
When carrying out exports from India, products which are shipped would be certified as per the requirements of the DGFT. Hence through this process, increased reputation can be achieved.
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Documents To Be Submitted for IEC Registration
Photos Of Applicant
PAN Card of Entity
Digital Signature
Cancel Cheque of entity
Address Proof
Incorporation Certificate
Cases Where Export Import Code (EIC) is Not Mandatory
According to the latest circular issued by the government, IEC is not mandatory for all traders who are registered under GST. In all such cases, the PAN of the trader shall be construed as new IEC code for the purpose of import and export. Import Export Code (IEC) isn’t required to be taken in case the goods exported or imported is for personal purposes and isn’t used for any commercial purpose. Export/ Import done by the Government of India Departments and Ministries, Notified Charitable institutions need not require getting Import Export Code.
Disclaimer: The materials provided herein are solely for information purposes. No attorney-client relationship is created when you access or use the site or the materials. The information presented on this site does not constitute legal or professional advice. It should not be relied upon for such purposes or used as a substitute for legal advice from an attorney licensed in your state.
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What are the mandatory compliances if my company has no revenue?Secretarial Filings, Statutory Audit and Income Tax Return are mandatory even if you have zero revenues
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Are secretarial compliances and statutory audit mandatory even if I have no turnover?Yes Statutory Audit, Secretarial Compliance’s and Income Tax return are mandatory.
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When do I have to get a GST registration?You have a get a GST registration when you fall in the below criteria- As a service provide your turnover exceeds Rs. 20 Lakhs. As a manufacturer of trader your turnover excees Rs. 40 Lakhs. If you export goods or services then GST registration is mandatory irrespective of your turnover. If you want to sell online through e commerce portal like Amazon and Flipkart then GST registration is mandatory irrespective of your turnover. If you supply goods to another state then GST registration is mandatory irrespective of your turnover.
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What is TDS Returns?When you make a payment towards salary, rent or professional fees then its mandatory to deduct tax and then make the payment. This is called TDS and its mandatory.
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Why are annual compliance's so important?Few annual compalinces are mandatory irrespective of turnover or profit of your business. The Non-compliance of which could result in penalties, prosecution and even disqualification of directors.
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Are Audited Financial Statements mandatory while filing Annual returns of a Private Limited Company?Audited financial statements are necessary for every company from its incorporation. The company must file the audited statements only.
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Is Audit Fee included in the Annual Compliance Package Fee?No. Audit Fee needs to be seperately paid to the Auditor. The RegisterKaro team helps you find and appoint an auditor.
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What are the documents to be filed with the RoC every year?Balance sheet and Annual Returns have to be filed once a year. In addition, companies have to file Form 3 if there is Return of Allotment, Form No INC-22. If there is a change in the Registered Office; Form No DIR-12 for Change of Directors; etc.
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What are the consequences if a company has failed to file the Financial Statements?Pursuant to Section 134 of the Companies Act 2013 and Rules made thereunder, the company shall be punishable with a fine between Rs. 50,000 and Rs. 25,00,000/- and every officer of the company who is in default shall be punishable with imprisonment for a term which may extend to 3 years or with fine of mimimum Rs. 50,000 and maximum Rs. 5,00,000/- or with both.