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IEC Registration – An Overview
Import Export Code (IEC) is a unique 10-digit code required for
businesses engaged in import and export activities. It is issued by the
Directorate General of Foreign Trade (DGFT), Ministry of Commerce and
Industries, Government of India. IEC registration is mandatory for
businesses that want to engage in cross-border trade of goods and
Obtaining an IEC code provides several benefits to businesses, such as easy access to international markets, eligibility for various government schemes, and availing of export incentives. It also helps businesses to establish their credibility in the international market and build a strong global presence.
Benefits of IEC License
Obtaining an Import Export Code (IEC) license in India provides several benefits to businesses engaged in import and export activities. Some of the key benefits of having an IEC license are:
International market access: IEC license holders can participate in international trade and expand their business beyond the domestic market.
Avail export incentives: Businesses with IEC licenses are eligible for various export incentives, such as duty drawback, export promotion capital goods scheme, and merchandise export from India scheme.
Easy customs clearance: IEC license helps in easy customs clearance of imported and exported goods and reduces the time and cost involved in the process.
Credibility in the global market: Having an IEC license enhances the credibility of businesses in the international market and improves their chances of attracting foreign buyers and investors.
Access to government schemes: IEC license holders can avail of various government schemes and benefits aimed at promoting exports and supporting the growth of MSMEs.
Lifetime validity: Once obtained, an IEC license is valid for a lifetime and does not require any renewal or maintenance.
In summary, an IEC license is an essential requirement for businesses engaged in import and export activities. It provides several benefits that can help businesses to expand their operations, increase their revenue, and establish their presence in the international market.
Who Is Required to Register with the IEC License?
Any individual or business entity that wants to engage in import or export activities in India is required to obtain an Import Export Code (IEC) license. This includes sole proprietors, partnership firms, companies, LLPs, and any other legal entity engaged in cross-border trade of goods and services.
Even businesses that do not engage in regular import or export transactions but are involved in activities that require customs clearance, such as attending trade fairs or exhibitions, or receiving payments in foreign currency, are also required to obtain an IEC license.
It is important to note that obtaining an IEC license is a one-time requirement, and the license remains valid for a lifetime. However, if there are any changes to the business details, such as name, address, or ownership, then the IEC license holder is required to update the information accordingly.
Types of IEC License in India
In India, there is only one type of Import Export Code (IEC) license, and it is applicable to all businesses engaged in import and export activities. The IEC license is a 10-digit unique code that is issued by the Directorate General of Foreign Trade (DGFT), Ministry of Commerce and Industries, Government of India.
However, there are certain categories of IEC license that can be issued based on the nature of the business or the type of activity. These categories include:
Normal IEC: This is the standard IEC license issued to businesses engaged in import and export activities.
Self-Declared Entity IEC: This category of IEC license is issued to businesses that are involved in importing or exporting goods for personal use, gifts, or samples. This license is also applicable to individuals or businesses that do not have any PAN card or GST registration.
Service Exporter IEC: This category of IEC license is issued to businesses engaged in providing services that are exported outside India. This includes software development, advertising, consultancy, and other similar services.
E-commerce IEC: This category of IEC license is issued to e-commerce companies that are involved in cross-border trade of goods and services. This includes businesses engaged in online retail, export of handicrafts, and other similar activities.
In summary, there is only one type of IEC license in India, but there are different categories of IEC license that can be issued based on the nature of the business or the type of activity.
Documents Required for IEC License
To apply for an Import Export Code (IEC) license in India, the following documents are required:
PAN card of the applicant or the business entity
Bank account details of the business entity
Passport size photograph of the applicant
A canceled cheque or a bank certificate as proof of bank account
Copy of the Aadhar card, voter ID, or passport of the applicant
Proof of the business entity, such as the partnership deed, company registration certificate, or LLP agreement.
For proprietorship firms, a declaration on the letterhead of the firm with signature and stamp of the proprietor is required.
In case the application is filed through a legal representative or an authorized signatory, a Power of Attorney (POA) is required.
In case of an e-commerce entity, a copy of the website’s terms and conditions for the provision of services and the company’s return and refund policy.
It is important to note that the above documents may vary based on the type of business and the nature of the activity. Additionally, any other documents as requested by the DGFT or the concerned authorities may also be required.
Why TAXFIN LEGAL
TAXFIN LEGAL provides an end-to-end service for IEC License. With us you get:
- IEC License within the smallest time frame
- Comprehensive help with IEC online application filling
- Guidance on selecting the right license type
- Support through the entire registration procedure
- Solution to all your questions and concerns.