Import Export Code (IEC)
IEC is a 10-digit code issued by the Director General of Foreign Trade (DGFT) in India. It is mandatory for businesses who wish to import or export goods and services in India.
Eligibility
Businesses or individuals that are involved in import-export transactions of goods or services.
Must be registered under Companies Act, LLP Act, or Partnership Act.
The business or individual should not have been penalized under the Foreign Trade (Development and Regulation) Act, 1992.
Document Required
PAN Card of all directors.
Address proof of all directors (Aadhar Card/Voter ID/Passport).Â
Passport size photographs of all directors.Â
Rent Agreement (in case of rented premises).
NOC from the owner of the premises (in case of owned premises).
Benefits
easy to set up and require fewer formalities compared to other types of NBFCs.
Low Cost of Funds
eligible for government subsidies and grants
Nidhi companies are owned and managed by their members.
Issues with Import Export Code(IEC)
Registering for the Importer Exporter Code (IEC) in India is a crucial step for businesses engaged in international trade. Here are ten common problems that individuals or businesses may encounter while registering for IEC in India:
1.Complex Documentation: The IEC registration process involves a variety of documents, and businesses may face challenges in gathering and submitting the required paperwork accurately.
2.Understanding Eligibility Criteria: Understanding the eligibility criteria for IEC, including the different categories and classifications, can be complex, leading to difficulties in meeting the criteria.
3.Online Application Issues: While the IEC registration process is primarily online, businesses may encounter technical issues or find it challenging to navigate the online portal.
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FAQ
IEC is a 10-digit code issued by the Director General of Foreign Trade (DGFT) in India. It is mandatory for businesses who wish to import or export goods and services in India.
IEC is required to legally import and export goods and services in India. It acts as an identification number for the business and proves their legitimacy in the international market.
The following documents are required for IEC Registration in India: PAN Card, GST Registration, Bank Account Details, Company Incorporation Certificate, Director’s Identity Proof and Address Proof.
The processing time for IEC Registration in India is usually 1 to 2 working days from the date of submission of the required documents.
Yes, an individual can apply for IEC Registration in India provided they have a valid PAN number and Bank Account Details.
No, IEC Registration is not mandatory for all businesses in India. Only businesses who wish to import or export goods and services are required to obtain IEC Registration.
IEC Registration in India is valid for lifetime and does not need to be renewed.
No, IEC Registration is not required for all types of products and services. Some goods and services may be exempt from IEC Registration.
Yes, IEC Registration can be cancelled in India if the business discontinues their import or export activities or if the DGFT revokes the code due to violation of any regulations.
The fee for IEC Registration in India is Rs. 500 for Indian nationals and Rs. 5000 for foreign nationals.
If a business is caught importing or exporting goods and services without IEC Registration, they may face penalties and fines. They may also face legal consequences if they are caught violating any regulations.
No, IEC Registration cannot be transferred to another person or business. A new IEC code will have to be obtained if the business changes ownership or changes their import or export activities.
The process for applying for IEC Registration in India includes obtaining the necessary documents, filling the IEC Application Form, and submitting it to the DGFT along with the required fee.
The status of IEC Registration in India can be tracked by contacting the DGFT or by visiting their official website.
Yes, changes can be made to IEC Registration in India such as changes in business details or change in import or export activities. The process for making changes includes submitting the necessary documents and a request for change.
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