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...
For ambitious business owners, domestic markets are never limits. It is considered important to expand the limits of the business. But expanding globally is not without a precise strategy to deal with all the obstacles on way. These obstacles may be financial but also take the form of legal regulations. Thus one must be thoroughly aware of several procedures and laws that export-import is subject to and obtain all the required license, IEC (Import Export Code) license being one such mandatory license.
IEC (Import Export Code) is a 10-digit code having lifetime validity, issued by the DGFT (Director General of Foreign Trade).
Only a legal entity with PAN card can apply for the IEC registration.
What are the Features of IEC?
- The application process is from start to end on a digital platform.
- It is an easy procedure and takes not more than 30 days to obtain after the due filing of the application
- IEC does not require any further steps to be taken once the allotment is complete. No returns, maintenance fee or any compliance to be followed.
- It requires no renewal and has a lifetime validity to be used for all export and import transactions.
What is the Requirement for Filing an IEC?
- One time Client browser settings
- A valid PAN
- Valid Mobile Number and Email ID
- Scanned copy of the documents to be uploaded
What are the Steps of Filing the Application?
- The prescribed format of application form is available on the website of DGFT (form no. ANF 2A ). All the required details may be filled.
- Respective Regional Officer of DGFT has to be selected. The DGFT Regional Officer must be chosen carefully and appropriately.
- A prescribed fee has to be paid online through any designated bank or the modes that have been provided.
- The required documents must be attached, which can only be in either GIF or PDF formats as mentioned. The documents must be attached carefully as any discrepancy may cause rejection of the application.
- After reviewing the application for correctness, take a print, sign and submit its scanned copy on the site.
- The status of IEC can be tracked on the official site.
What Documents are Required for Registration?
In the case of fresh e-IEC:
- Digital Photograph of the Signatory Applicant (Proprietor, Managing Partner, Director of the Company, Karta or the Chief Executive of Registered Society, as the case may be)
- Copy of PAN card
- Bank Certificate/ Statement or canceled cheque bearing the applicant entities name
- Proof of registered address
In case of any modifications, some other documents in addition to the above are required like partnership deed, ROC etc as the case may be.