{"id":9519,"date":"2020-03-17T09:00:56","date_gmt":"2020-03-17T03:30:56","guid":{"rendered":"https:\/\/swaritadvisors.com\/learning\/?p=9519"},"modified":"2020-12-16T12:38:31","modified_gmt":"2020-12-16T07:08:31","slug":"documents-required-for-iec-code-for-partnership-firm","status":"publish","type":"post","link":"https:\/\/swaritadvisors.com\/learning\/documents-required-for-iec-code-for-partnership-firm\/","title":{"rendered":"Documents Required for IEC Code for Partnership Firm"},"content":{"rendered":"\n<p class=\"has-drop-cap\"> Import Export Code or IEC is a ten digit code which is issued by Directorate General of Foreign Trade (DGFT), Government of India and Department of Commerce. All the Indian Companies that intend to carry Import Export business must obtain the IEC Code. One can avail several benefits with IEC License code under the schemes like SEIS and MEIS. IEC is crucial for those Entrepreneurs who seek to outreach the national boundaries and commence business on a global scale. Though the <strong><a href=\"https:\/\/swaritadvisors.com\/iec-registration\" class=\"text-primary\">IEC Code Registration<\/a><\/strong> process is alike for all types of business structures, yet its documentation differs. This write-up will provide exclusive information about the procedure, benefits and other aspects related to IEC Code for Partnership Firm.<\/p>\n\n\n\n<div class=\"wp-block-button aligncenter\"><a class=\"wp-block-button__link has-background has-vivid-cyan-blue-background-color\" href=\"https:\/\/swaritadvisors.com\/iec-registration\">Get Import and Expert Code Registration Today &#8211; Apply Now<\/a><\/div>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a32eb1942c59\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a32eb1942c59\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/swaritadvisors.com\/learning\/documents-required-for-iec-code-for-partnership-firm\/#What_is_IEC_Code_License\" title=\"What is IEC Code License?\">What is IEC Code License?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/swaritadvisors.com\/learning\/documents-required-for-iec-code-for-partnership-firm\/#Reasons_to_register_under_Import_Export_Code\" title=\"Reasons to register under Import Export Code \n\">Reasons to register under Import Export Code \n<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/swaritadvisors.com\/learning\/documents-required-for-iec-code-for-partnership-firm\/#Documents_required_for_IEC_Code_for_Partnership_Firm\" title=\"Documents required for IEC Code for Partnership\nFirm\">Documents required for IEC Code for Partnership\nFirm<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/swaritadvisors.com\/learning\/documents-required-for-iec-code-for-partnership-firm\/#Conditions_under_which_a_Partnership_Firm_needs_to_get_IEC_Code\" title=\"Conditions under which a Partnership Firm needs\nto get IEC Code \n\">Conditions under which a Partnership Firm needs\nto get IEC Code \n<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/swaritadvisors.com\/learning\/documents-required-for-iec-code-for-partnership-firm\/#When_is_Import_Export_Code_not_required\" title=\"When is Import Export Code not required?\">When is Import Export Code not required?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/swaritadvisors.com\/learning\/documents-required-for-iec-code-for-partnership-firm\/#Attributes_to_consider_before_applying_for_IEC_Number\" title=\"Attributes to consider before applying for IEC\nNumber \n\">Attributes to consider before applying for IEC\nNumber \n<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/swaritadvisors.com\/learning\/documents-required-for-iec-code-for-partnership-firm\/#The_process_to_apply_for_IEC_Code_Registration_in_India\" title=\"The process to apply for IEC Code Registration in\nIndia\">The process to apply for IEC Code Registration in\nIndia<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/swaritadvisors.com\/learning\/documents-required-for-iec-code-for-partnership-firm\/#Conclusion\" title=\"Conclusion \n\">Conclusion \n<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_is_IEC_Code_License\"><\/span>What is IEC Code License?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>IEC refers to a ten-digit\nidentification number that one needs to attain to carry out the\nbusiness of selling of goods &amp; services in the international\nmarket. There are the fundamental features of Import Export Code\nwhich are given below:<\/p>\n\n\n\n<ul><li>IEC is compulsory for every\n\timporter and exporter in India.\n\t<\/li><li>Once a Firm acquires an Import\n\tExport Code, it doesn\u2019t have to be renewed again since the code is\n\tvalid for a lifetime.\n\t<\/li><li> Any proprietor can obtain IEC\n\tCode in his\/her name without even registering the business.\n\t<\/li><li>Export Promotion Council, DGFT\n\tand Custom facilitate additional benefits to the Registered IEC\n\tholders. Moreover, nobody can claim the revenue without IEC Code.\n\t<\/li><li>No return filing is required\n\tfor IEC and import\/export transactions are also not required to be\n\tfiled under DGFT. \n\t\n<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Reasons_to_register_under_Import_Export_Code\"><\/span>Reasons to register under Import Export Code \n<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>A Partnership Firm engaged in\nimport-export business should register under IEC due to the following\nreasons:<\/p>\n\n\n\n<ul><li>IEC reinforces a Company and ensures the organization\u2019s growth by penetrating in international markets. <\/li><li>Business entities with IEC Number leverage many subsidies provided by DGFT, <strong>Custom and Export Promotion Council<\/strong> <a href=\"https:\/\/www.cbic.gov.in\/htdocs-cbec\/info-act\/dg\/dg-exp-promtn\">[1]<\/a> . <\/li><li>IEC Code Registration is easy and time-efficient; therefore, the applicants can get IEC Number within a couple of days. Further, it holds an unlimited validity which is like a bonus that eliminates the need to spend on Code renewal.   <\/li><li>An IEC Code for Partnership Firm provides legal protection which enables to carry import-export activities without much hindrance.  <\/li><li>Unlike other Government Registrations, there are no post-compliances or mandatory filing to DGFT Department in case of IEC Registration.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Documents_required_for_IEC_Code_for_Partnership_Firm\"><\/span>Documents required for IEC Code for Partnership\nFirm<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Documentation plays a substantial role in Registration process of IEC.  In case, an applicant has a <strong><a href=\"https:\/\/swaritadvisors.com\/partnership-firm-registration\" class=\"text-primary\">Partnership Firm<\/a><\/strong> and want to apply for IEC Code; it requires the documents mentioned below:<\/p>\n\n\n\n<ul><li>A passport size photo of the\n\tManaging Partner;\n\t<\/li><li>PAN card copy of the\n\tPartnership Firm;\n\t<\/li><li>ID proof such as Passport,\n\tDriving License, Voter id, PAN or Aadhaar Card of the Managing\n\tPartner who has signed the Application;\n\t<\/li><li>Bank Certificate or a cancelled\n\tcheque with the printed name of Partnership Firm and Bank account\u2019s\n\tnumber.\n\t<\/li><li>Sale Deed if the partners own\n\tthe business premise or Lease\/Rental Agreement, in case the office\n\tis leased\/rented. The Firm must also affix the latest Electricity or\n\tTelephone Bill with the Registration Form.\n<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conditions_under_which_a_Partnership_Firm_needs_to_get_IEC_Code\"><\/span>Conditions under which a Partnership Firm needs\nto get IEC Code \n<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><strong>DGFT mandates Partnership Firms to register their IEC Code number in cases like:  <\/strong><\/p>\n\n\n\n<ul><li>If the Firm is interested in\n\tstarting an import-export business, then IEC Registration is utmost\n\tessential.\n\t<\/li><li>During the clearance of\n\tshipments from Custom Authorities, a Firm requires IEC Code Number.\n\t<\/li><li>A bank demands IEC Number in\n\tcase an importer makes the payment abroad from his bank.\n\t<\/li><li>When an exporter gets the\n\tpayment for his shipment in foreign currency, then also an IEC\n\tNumber is demanded by the exporter\u2019s bank.\n<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"When_is_Import_Export_Code_not_required\"><\/span>When is Import Export Code not required?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>As per the latest circular issued by\nDirectorate General of Foreign Trade, IEC Code is not necessary for\nthe cases prescribed below: \n<\/p>\n\n\n\n<ul><li>IEC Number isn\u2019t mandatory for those traders who are registered under <strong><a href=\"https:\/\/swaritadvisors.com\/gst-registration\" class=\"text-primary\">GST<\/a><\/strong>. In such cases, the PAN Card of the trader shall be considered as new IEC code for import and export activities. <\/li><li>Any Department of Indian Government or Ministries along with Charitable Institutions can conduct import and export without IEC Code Registration. <\/li><li>When the goods are imported or exported for personal purposes, Import Export Code is not required whereas, all the firms have to procure IEC Code as they trade the goods for commercial purpose. <\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Attributes_to_consider_before_applying_for_IEC_Number\"><\/span>Attributes to consider before applying for IEC\nNumber \n<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Several applicants of IEC Code\ncommit some trivial mistakes that can affect their business majorly.\nThus, keep the attributes mentioned below in mind to mitigate such\nsituations:<\/p>\n\n\n\n<ul><li>Do not apply for multiple IEC\n\tCodes with the same PAN card. \n\t\n\t<\/li><li>Always provide authentic and\n\taccurate information\/documents while registering an IEC, since\n\tsevere actions shall be imposed against the entity for false\n\tinformation.  \n\t\n\t<\/li><li>The online IEC Registration is\n\tvery feasible because it enables the applicant to save draft the\n\tApplication and can file the partial-completed Form later on.\n\t<\/li><li>Keep a hold of the ECOM number\n\tand consumer number until you get the final IEC Code.\n\t<\/li><li>Update your profile under DGFT\n\twebsite once IEC Code has been allotted to you.\n<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"The_process_to_apply_for_IEC_Code_Registration_in_India\"><\/span>The process to apply for IEC Code Registration in\nIndia<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Follow the simple steps mentioned\nbelow to attain IEC Code for Partnership Firm:<\/p>\n\n\n\n<ul><li>Visit the official portal of\n\tDGFT to file IEC Number Form.   \n\t\n\t<\/li><li>Now enter your valid PAN\n\tdetails to login and select the option IEC Online Application.\n\t<\/li><li>Fill IEC Application in the\n\tformat of Aayaat Niryaat Form 2A or (ANF 2A) and upload the required\n\tdocuments. \n\t\n\t<\/li><li>Proceed further to pay the\n\tprescribed Registration IEC fee of INR 500.\n\t<\/li><li>Once you are done with all the\n\tprerequisites to get IEC Code, you can check your Application status\n\twith the reference number generated online.\n\t<\/li><li> If the Authorities of DGFT\n\tfeel satiated with all the provided information, then it will issue\n\tIEC License Number within 10 to 15 days. \n\t\n<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion \n<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>IEC\nCode is crucial for every Partnership Firm that is engaged in import\nor export for commercial purposes. Doing international trading of\ngoods and services without an IEC License shall be regarded as\nunauthorized, thus levied with heavy penalties. Moreover, the\nunregistered business entities cannot avail the perks granted by\nGovernment to IEC Registered Firms. \n<\/p>\n\n\n\n<p>Acquire IEC Code to enlarge your business on an international level with the help of <a href=\"https:\/\/medium.com\/swaritadvisors\" class=\"text-primary\"><strong>Swarit Advisors<\/strong><\/a>. We are legal experts in providing solutions for IEC Code Registration.<\/p>\n\n\n\n<p class=\"text-left\"><b>Read, Also<\/b>:<mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/swaritadvisors.com\/learning\/get-iec-registration-number-online-in-india\/\">How to Get Import Export Number Online in India?<\/a><\/mark><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Import Export Code or IEC is a ten digit code which is issued by Directorate General of Foreign Trade (DGFT), Government of India and Department of Commerce. All the Indian Companies that intend to carry Import Export business must obtain the IEC Code. One can avail several benefits with IEC License code under the schemes [&hellip;]<\/p>\n","protected":false},"author":10,"featured_media":9521,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[137],"tags":[1059],"_links":{"self":[{"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/posts\/9519"}],"collection":[{"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/comments?post=9519"}],"version-history":[{"count":9,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/posts\/9519\/revisions"}],"predecessor-version":[{"id":17843,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/posts\/9519\/revisions\/17843"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/media\/9521"}],"wp:attachment":[{"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/media?parent=9519"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/categories?post=9519"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/swaritadvisors.com\/learning\/wp-json\/wp\/v2\/tags?post=9519"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}