How to Apply For New Import Export Code Registration

Businesses these days face cut-throat competition and have to survive in critical conditions. Due to this, many corporate cross national boundaries to increase their market and profit-making. However, doing business internationally is not that simple as it sounds and attracts much compliance.

Among other complexities of following several laws and guidelines, there is a certain license that has to be obtained known as IEC (Import-Export Code). All the aspects about IEC are covered here under.

Procedure to get Import Export Code

Following are the 4 necessary steps involved in IEC Code registration:

• Fill the application form online on the official website of DGFT as per the format of Aayaat Niryaat form 2A and file the same with the respective regional office of Directorate General of Foreign Trade (DGFT).
• Prepare the complete list of documents required to be annexed with form 2A.
• Finally, submit the form with attached documents by affixing DSC of an applicant
• After the approval of the application, DGFT^[1] issue the IEC Code in soft copy such as via registered email.

Documents attached with an application

Documents vary as per the category of an applicant:

• For proprietorship: if the applicant is a proprietorship or individual following documents are required:
  • Passport size photograph
  • Copy of self-attested PAN & Aadhar
  • Identity proof such as voter id or driving license
  • Address proof of business premise such as sale deed, registry, electricity bill, etc
• For partnership: if the applicant for IEC Code is a registered partnership firm, documents required are:
  • Passport size photograph of each partner
  • PAN of the firm along with every partner’s PAN
  • Identity proof of every partner
  • Aadhar card of partners
  • Registered deed of partnership firm
  • Bank details such as bank name, account number, IFSC Code, etc
• For corporate registered as private/public/OPC or LLP: if the applicant for IEC Code is an entity registered as a company or LLP following are the documents required:
  • Passport size photograph of partner or director signing the application
  • PAN of the entity
  • Director’s and partner’s PAN and Aadhar
  • Identity proof of every partner/director
  • Aadhar card of partners/director
  • LLP agreement
  • Company: MOA & AOA
  • Bank details such as bank name, account number, IFSC Code, etc

Advantages of getting Import Export Code

• IEC code, once allocated, remains valid for the entire life of business and needs not to be renewed.
• Even before starting the operation, the applicant can apply for IEC Code.
• IEC Code holders get the various benefits of custom, export promotion council, subsidies from the government and other benefits issued by DGFT for promoting exports.
• The existing Business entity receives the opportunity to expand globally that enables them to spread the business in new territorial limits.
• IEC code needs no maintenance cost or renewal cost; therefore, it is just the onetime
• Exports can be made quickly as the IEC code is one of the essential documents for export compliance.
• IEC code can be obtained with ease online being the PAN based registration.

Checklist to keep certain points in mind for IEC Code

• The online application can be saved as a draft and can be later continued from the partial-completed form.
• Keep the consumer number, and ECOM number until final IEC Code is allotted
• Do not apply for more than one IEC code having same PAN Number
• The applicant needs to provide accurate information because wrong furnishing information will lead to penal actions against the entity
• The profile of an entity under the DGFT website must be updated after the allotment of the IEC code.

Modification of existing IEC

Modifications in IEC code would be required in the following situation:

• Statutory Modification: IEC code holders shall apply for IEC modification under normal circumstances at least once in a year as per the import-export laws.
• Voluntary Modification: Other than Statutory modification, IEC Code can be modified voluntarily if there is any correction required or in case DGFT finds any error or change is needed in already registered IEC Code.
• Business Address Change: If the IEC Code holder is a registered company or LLP and later it changes or modifies its registered office address shall apply immediately for modification of IEC online.
• Company Name Change: Entity that changes its name shall use for updating the modification in its IEC code immediately thereafter.
• Change in Composition: If there is any change in the composition of an organization such as the addition or deletion of any partner or directors shall also be intimated to DGFT online for updating the modification in IEC Code.

Wrapping up the Article

Read, Also:How to Get Import Export Number Online in India?