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...
Nowadays, everybody wishes to expand the business globally and generate as much revenue as possible. Undoubtedly, the business world has become quite competitive and hence, the idea of starting the business is quite impressive. But one must ensure that the person holds the required IEC registration, before actually going global. One can easily get IEC registration online. Without Import Export Code (IEC) license, one won’t be able to conduct the business outside the country. If any person is found conducting such businesses without this specific license, the person will be subject to a hefty penalty.
Therefore, if you’re thinking to expand your business outside the country, then get the Import Export Code (IEC) license as soon as possible. You can contact Swarit Advisors, one of the best consultants in the market known for providing the IEC registration at quite a nominal price.
Let’s begin with the significance of IEC registration and the body responsible for the issuance of the license.
IEC registration online India
IEC (Import Export Code) Registration is a process in which the applicant is provided with ten digit code essential for every importer and exporter merchants for carrying on the business of import and export. IEC is generally issued by the Directorate General of Foreign Trade (DGFT). IEC registration/license has a lifetime validity.
If you wish to apply for IEC registration online, then you can do it with ease. For your comfort, we have discussed the steps of IEC registration online later in this article. But let’s first find out the situations where you require the code mandatorily.
Also, learn about the features of IEC registration.
Mandatory Conditions for obtaining IEC Registration
If you are into any of the below-described situations, or if you deal in import-export activities, then you should acquire the IEC registration mandatorily.
Mandatory situations for IEC registration are as follows:
- Bank will ask for IEC license in case you are an importer and you’re sending money abroad through banks;
- Being an importer, if you are clearing your shipments from the customs, then the customs authorities demand the IEC registration;
- In case you are an exporter and you receive money in the foreign currency that too directly into your bank account, then the bank will ask you for Import Export Code;
- When an exporter is sending his shipments, then the customs port need the license.
Documents required for IEC registration Online
Before you start the registration process, you must keep the following documents ready:
- PAN card of Company or Individual or Firm;
- Passport sized photograph of Director, Partner, etc;
- Copy of Voter ID or Aadhaar Card or Passport;
- Rent agreement or Electricity Bill of the premise;
- NOC (No-objection Certificate) from the landlord in case of rented property;
- In case you’re the property owner, provide property papers;
- In case of Partnership, Authorization letter;
- A cancelled cheque of the current bank account of an individual or company or firm;
- Partnership deed, in case of Partnership;
- Self-declaration or board resolution, in case of a private or public limited company;
- Other documents as requested.
IEC Registration Online process step by step
The IEC registration online process is pretty easy. You just need to follow the steps as described below. However, we recommend you to contact a consultant for the registration process to avoid any error. The steps for online IEC registration process are as follows:
Step1: Go to DGFT website
Go to DGFT (Directorate General of Foreign Trade) website or click on www.dgft.gov.in There’s an option for ‘Quick Links’ at the left side of the page. In this section, you need to click on the option ‘Apply for New Import Export Code (IEC)/ Modify existing IEC.’
Step2: Enter your PAN (Permanent Account Number)
Once you’re done with the above step, you will be directed to the next page. In this page, you will be asked to enter your PAN. Then, click on the ‘Search’ option. In case, you have entered the incorrect PAN, click on ‘Reset’ button.
Step3: Enter details for PAN verification
Again you will be directed to a page where you need to enter the following details:
- Name (as in PAN);
- Date of Birth/Incorporation;
- Captcha Code.
Once you have entered the details correctly, click on Submit. Any wrong detail on the PAN served site will lead to authentication failure.
Step4: Status of PAN verification
If the details are valid, a message will be displayed on the screen saying stating that your PAN has been verified. The next step is to click on ‘Proceed.’
Step5: Login for fresh IEC application
For fresh IEC application, you need to provide your email address and mobile number. On the right-hand side, you have to enter the Captcha code and then click on ‘Generate OTP.’
Step6: Enter the OTP
An OTP will be sent to your email address as well as your mobile number. Enter the OTP and click on Submit. In case, you haven’t received any OTP, click on ‘Regenerate OTP.’
Step7: E-commerce number generated, Update Master Data
Once you click the Submit button after entering OTP, you will find a 20 digit E-commerce number on the screen. On the right side of the screen, you are required to enter the following details:
- Entity Name;
- Entity Address;
- State, District, PIN code,
- Mobile number and email address, as provided earlier;
- Name on PAN card, PAN, Date of Incorporation;
- Nature of Concern such as Proprietorship, LLP, Private Limited, Public Limited, Govt. Undertaking, etc;
- Preferred activity such as Merchant Exporter, Manufacturer Exporter, Service provider, etc;
- Bank account no., Account holder name, etc;
- Applicant details and more.
Once you have filled all the details in the required space, click on ‘Update and Save.’
Step8: Update Branch Details
On clicking Update and Save, you will be directed to a new page. Here, you have to fill the Branch Detail of the Firm. The information to be filled are:
- Branch SI. No;
- Address of the Branch along with the city, state, and district;
- 6 digit PIN.
Then, click on Add Button and you will be directed to another page.
Step9: Update the details of Director/Proprietor/Partner/Karta/Managing Trustee
In this page, you have to provide the details of Directors, partners, etc. The required details are as follows:
- Director SI. No;
- DIN (Director Identification Number);
- Name, PAN, Date of Birth, etc.;
- Mobile Number;
- Aadhaar Card Number and other information as asked.
Again, click on ‘ADD.’
Step10: Upload Documents
Now, you will land on the page where you are supposed to upload documents such as Address proof and Cancelled cheque or Bank certificate. The document to upload should be either in PDF format or in the form of GIF. Then, click on Upload File.
Note: Size of the document must not exceed 5MB.
In address proof, you can use the following documents:
- Sale Deed;
- Rent Agreement;
- Lease Deed;
- Mobile Post-paid bill;
- MOU (Memorandum of Understanding);
- Electricity Bill;
- Telephone Landline bill;
- Partnership Deed.
Other acceptable documents are Passport, Voter ID, and Aadhaar Card but only for Proprietorship.
Also note that, in case, the name of the applicant firm isn’t present in the address proof, then the applicant must submit a NOC (No-Objection Certificate) in favour of the firm along with address proof in a PDF format.
Step11: Fee Payment and Fee Verification
After you have uploaded the document, you need to pay the required Fee. Once you have submitted the fees, verify it.
Step12: Preview and Print Application
Before proceeding to the final submission of the application, you need to preview the entire details you have filled. After you have verified it and found it correct, click on Print Application.
Step13: Final submission of the application
Finally, you would be able to submit the application by clicking on Submit. You can submit the application either using Digital Signature or without Digital Signature.
After submission, you can check the status of the application by entering your PAN.
Benefits of Import Export Code License
There are numerous benefits one can avail through obtaining IEC license. Some of them are as follows:
- Several advantages from the DGFT, Customs Authorities, Export Promotion Council, etc. on obtaining IEC registration;
- The registration process is quite simple, and there’s no need for providing any proof of export for IEC license;
- The license has a lifetime validity. It means once you have obtained the license, you don’t need to renew it again.
- One of the most significant advantages of this license is that there’s no requirement of filing any returns, unlike other registrations. Even if you are doing transactions for export, you don’t need to file any return with the DGFT.
It is quite evident that if anybody intends to run the business globally, then he/she must acquire the Import Export Code from the DGFT. Without IEC registration, one cannot carry on the business of import and export in any circumstance. In fact, people can now obtain IEC registration online. From the above-described steps, we can conclude that obtaining certification for IEC is not that hard. Talking about its benefits, we can say that there’s no headache of filing any returns, the process is pretty easy, no renewal is required, etc. Therefore, if you’re an import or export merchant, you should definitely get the IEC code sooner.
Therefore, we suggest you to contact a professional who has good hands over providing IEC registration. You can contact Swarit Advisors, well-known for providing clients with the fastest service ever.