Accounting
LLP vs Pvt Ltd – Which Business Structure is Right for You?
Introduction Choosing the right business structure is crucial for long-term success. Two of the most popular structures in India are the Limited Liability Partnership (LLP)
The Import Export Code (IEC) is a 10-digit number issued by the Directorate General of Foreign Trade (DGFT) and is compulsory for all businesses engaged in importing or exporting goods and services from India. The IEC registration process is fully online, and applicants can typically receive their IEC within three days of submission.
With evolving business trends, many companies are expanding from local to international markets. To participate in global trade, businesses must obtain an Import Export Code (IEC). This 10-digit unique code, issued by the Directorate General of Foreign Trade (DGFT), is mandatory for all importers and exporters in India. IEC registration is a one-time process with lifetime validity, and the online application process simplifies submission, requiring only a few essential documents.
No business can legally import or export goods or services internationally without a valid Import Export Code (IEC). Serving as a gateway to global trade, the IEC is essential for expanding business horizons. With this code, companies can smoothly and legally take their products or services to international markets, facilitating seamless global growth.
Applying for an Import Export Code (IEC) is quick and straightforward through the online application system. Usually, the process takes only 3–4 working days. After uploading the required documents and paying the applicable fee, applicants receive a link via email to instantly download their e-IEC.
Businesses involved in importing or exporting can avail themselves of a range of government incentives. The Directorate General of Foreign Trade (DGFT) offers schemes to support international trade activities, and companies may also benefit from subsidies and assistance provided by Customs, Export Promotion Councils, and other relevant government agencies.
After obtaining the Import Export Code (IEC), businesses have no further procedural obligations. Unlike other registrations, IEC holders are not required to file annual returns or maintain ongoing compliance. The code is valid for a lifetime and does not require renewal.
A copy of Aadhar Card of Proprietor/ Partners/ Directors
Sale Deed/ Rent Agreement/ Latest Electricity Bill/ Telephone Bill in name of applicant
A cancelled cheque of current account bearing entity’s pre-printed name or Bank Certificate in form ANF-2A(i)
For a company/partnership, PAN card of the Director/Partner is a must
Entity should provide the registration certificate with MoA- AoA / LLP Agreement, or a Partnership Deed as applicable
The IEC registration is required under the following circumstances:
1) It is a pre-requisite for any entity planning to engage in the business of import and export from India.
2) In case of service or technology, if the provider is taking benefits under the Foreign Trade Policy, then the IE code registration is mandatory for them.
No. Import Export Code registration is not compulsory for the below-mentioned activities:
Any individual involved in the import and export of goods or services for the purpose of conducting business can make IE Code application. They can obtain the IE code by filing an online application accompanied with required documents. In case the person does not have a current account for the business, he/she may provide canceled cheque of the savings account for the purpose of filing IE code application.
The Import Export Code comes with a lifelong validity unless the same is withdrawn or surrendered. Once the applicant receives the IE Code, there is no need to re-register as it is a perpetual registration.
No, there is no requirement to make a separate application for different places of business. This is a PAN based registration. Hence, the single registration will be valid for all the businesses and branch under the same entity.
Only a single IEC can be issued against a single PAN card. If at all more than one IEC is issued then it has to be surrendered to the regional office.
No, there is no penalty however, the import or export is not possible without IE code.
Import Export code is allotted with lifetime validity and therefore it does not require any renewal.
No, there is no compliance to be fulfilled after the import-export license registration is obtained.
Yes, the IEC information can be modified by providing all the necessary documents even after the code is issued.
No, w.e.f. 09.08.2018, DGFT has integrated PAN web service of CBDT with the server; therefore PAN card is not required to be uploaded. However, for the purpose of filing an application, the copy of the PAN card is required to be submitted to the team.
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Register for IEC code and take a giant leap towards International Business