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Why IEC Code?
Import Export Code registration or IEC registration is mandatory for a company or firm or individual for exporting or importing goods. Without IEC Code Registration, it is not possible to bring in goods from China or send goods to Dubai. IEC is issued by the Directorate General of Foreign Trade (DGFT) and it is a 10 digit code. IE code has a validity of lifetime.
IEC code is also requisite for financial transactions such as remitting money abroad or receiving money from abroad. IEC is not required for export of services such as outsourcing services. IEC Registration in Delhi, NCR, Mumbai and other Indian cities can be done through MaxBusiness.
What is included in our IEC registration package?
- Drafting Documents required by department
- Filing Application online/physical
- Application Processing
- Follow up with Government department
- Completion of IEC registration
Procedure for IEC Code Registration Service
Documents Required For IEC Registration?
- Copy of PAN Card
- Passport size photograph
- I’d Proof like Aadhaar Card/ Voter identity card
- Authorization letter
- Partnership deed/Board Resolution
- Cancelled cheque
Advantages of IEC
Mandatory Requirement
IEC registration is a mandatory requirement and not complying with the same would result in strict action against the company and individuals.
Export Subsidies
Company with IEC registration can benefit from subsidies for their exports/ imports from DGFT, Customs and export promotion council.
Credibility
Big Corporates wary to do business? More credibility with Clients while doing business with company with IEC Registration.
Easy Compliances
There is no compliance of IEC and the validity of IEC registration is life long and it helps in selling business also at later stage.
FAQ’S
Q. Who is not required to obtain IEC?
Following cases are exempted for IEC code registration:
Person exporting or importing goods for personal use and not for activities related to business.
Persons exporting or importing goods to/from Nepal or Myanmar through Indo-Myanmar border areas, a value of which does not exceed Rs.25,000/- in a single assignment.
Ministries or departments of central government do not require obtaining IEC.
Q. What is the process of IEC Registration in Delhi?
IEC Registration in Delhi is a process which requires 15 Working Days and it requires DSC of the Director in case of Private Limited Company Registration or LLP Registration and DSC of owner/s in case of Proprietorship Firm Registration or Partnership Firm. The process of IEC Registration in Delhi and almost all states is Online.
Q. Can an IEC Registration in Gurgaon import item in their office in Delhi?
Yes, with help of IEC Registration in Gurgaon (or in any other state), you can import item for anywhere in country. The only requirement is that you have to give Office Address.
Q. Is it better to take Import Export License in Delhi or Import Export License in Mumbai?
Import Export Code Registration in Delhi or Mumbai is one and the same thing without equal benefits. You have to take Import Export Code Registration in Delhi if your office address is in Delhi.
Q. Are any monthly returns required to be filed under Import Export Registration in Delhi?
IEC registration in Delhi is only a license permitting the import and export of goods. Therefore, no return is required to be filed under IEC code.
Q. How long is the Import Export Registration Code valid for?
Import Export registration Code is valid for life-time of the entity and renewal is also not necessary.
Q. How long does it take to obtain IE Code registration?
IE Code Registration can be obtained from the DGFT in 10-15 working days after submission of all required documents and application.
Q. Do I have to file any returns for IE Code registration?
No. Returns need not be filed for IE Code registration.
Q. What is the penalty for not having IE Code?
IE code registration is not a mandatory registration, only importers and exporters of goods or services must have IE code registration. therefore, there is no penalty for not having IE code; however, import / export will not be possible without an IE code registration.
Q. Can individuals obtain IE Code?
Yes, individuals acting as Proprietors of a business can obtain IE Code Registration.
