IEC (IMPORT AND EXPORT CODE) CERTIFICATE

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IEC (IMPORT AND EXPORT CODE) CERTIFICATE

INTRODUCTION

An IEC (Import and Export Code) certificate is one of the important and crucial business identification number that is mandatory for all the Indian companies or an individual to practice importing and exporting of goods and services. IEC (Import and Export Code) certificate is issued by the DGFT (Directorate General of Foreign Trade) and Ministry of Commerce and Industry. For the international trade operations in India, it is prerequisite to have a IEC (Import and Export Code) certificate. This guide will give you a walkthrough about the IEC (Import and Export Code) certificate, its importance benefits, etc.
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WHAT IS IEC (IMPORT AND EXPORT CODE) CERTIFICATE

IEC (Import and Export Code) certificate is a unique 10-digit code issued to the Indian companies and individuals by the DGFT (Directorate General of Foreign Trade) and Ministry of Commerce and Industry. To legally import or export the goods and services in India IEC (Import and Export Code) certificate is required. Without the IEC (Import and Export Code) certificate, all the importers cannot clear their shipments and all the exporters cannot claim various export schemes that are provided by the Indian government.

IMPORTANCE OF IEC (IMPORT AND EXPORT CODE) CERTIFICATE

There is a certain importance of the IEC (Import and Export Code) certificate for the importers and exporters and some are explained as under:

LEGAL REQUIREMENT

IEC (Import and Export Code) is a mandatory certificate which is required by the importers and exporters for a legal trading of all the goods and services from India.

BUSINESS EXPANSION

IEC (Import and Export Code) certificate helps the business to expand there reach tom the international market with the help of IEC (Import and Export Code) certificate they can market their goods in the international market without any restriction from the government.

GOVERNMENT BENEFITS

IEC (Import and Export Code) certificate helps various impot-export businesses to have the access to the government policies that can help them to grow

FINANCIAL TRANSACTIONS

For any international financial transactions and remittances IEC (Import and Export Code) certificate is required by the importers and exporters.

WHO NEEDS AN IEC (IMPORT AND EXPORT CODE) CERTIFICATE

Any company or an individual who is involved in any of the following activities must apply for the IEC (Import and Export Code) certificate
        • Importing goods into India.
        • Exporting goods from India.
        • Receiving services from outside India.
        • Providing services to clients outside India.

DOCUMENTS REQUIRED FOR IEC (IMPORT AND EXPORT CODE) CERTIFICATE

To apply for the IEC (Import and Export Code) certificate the import-export businesses must provide the following documents to the DGFT (Directorate General of Foreign Trade) and the documents are defined below:

DIGITAL SIGNATURE

Digital signature is required of the individual or the business entity for the registration for IEC (Import and Export Code) certificate

PAN

Permanent Account Number of the individual or the business entity is essential for registration

AADHAAR CARD

Adhaar card is to be provided with the matching detail as of the PAN card for the IEC (Import and Export Code) certificate

ADDRESS DETAILS

An address detail of the branch office is required (via. Electricity bill) for IEC (Import and Export Code) certificate registration

BANK DETAILS OF THE IEC HOLDER

A cancelled cheque and the bank statement is of the business entity or individual.

APPLICATION PROCESS FOR IEC (IMPORT AND EXPORT CODE) CERTIFICATE

The process to obtain an IEC (Import and Export Code) certificate is very easy and straightforward and involves few steps:

PREPARATION

As discussed before companies must gather all the documents such as PAN card, Bank Details, Address Proof for the submission

REGISTRATION ON WEBSITE.

The next step is to register on the DGFT (Directorate General of Foreign Trade) website and create a user profile for the individual or the entity.

APPLICATION FORM

After successful registration then the next thing to do is fill out the online application form (ANF 2A) on the DGFT (Directorate General of Foreign Trade) portal.

DOCUMENT UPLOAD

As per the format specified at the DGFT (Directorate General of Foreign Trade) portal upload all the required documents for processing

PAYMENT OF FEES

After all the documents are uploaded than pay the required application fees online through the portal.

VERIFICATION AND APPROVAL

After all the process is done the application reaches the DGFT (Directorate General of Foreign Trade) verifies the documents and the application. To make sure that everything is in order and after that DGFT (Directorate General of Foreign Trade) issues the IEC (Import and Export Code) certificate electronically.

BENEFITS OF IEC (IMPORT AND EXPORT CODE) CERTIFICATE

Obtaining an IEC (Import and Export Code) certificate has various benefits and are discussed:

GLOBAL MARKET REACH

IEC (Import and Export Code) certificate helps the business to expand their reach to the international market with the help of IEC (Import and Export Code) certificate they can market their goods in the international market without any restriction from the government.

GOVERNMENT SCHEMES

IEC (Import and Export Code) certificate helps various impot-export businesses to have the access to the government policies that can help them to grow and improve the trade between the domestic and international markets.

NO RENEWAL REQUIRED

IEC (Import and Export Code) certificate provided by the DGFT (Directorate General of Foreign Trade) does not requires a renewal this certificate is provided to the individuals and business entities for a lifetime operation.

SIMPLIFIED COMPLIANCE

IEC (Import and Export Code) certificate helps in smoothing the trade between the domestic and international market it helps in facilitating the smooth regulatory compliance and easier custom clearance so that the business runs smoothly

INCREASED CREDIBILITY

IEC (Import and Export Code) certificate helps the companies and individual entities to enhance their credibility of the business in the eyes of foreign clients and financial institutions so that they can invest in the company.