Import Export Code Registration
Apply IEC Code with the help of our professional assistance hassle and error free. Our expert provides you ICE GATE Verification of your IEC license. Help you export goods and services without paying GST. Avail free consultancy on export import business from our experience business advisors.
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Online Import Export Code Registration. Start Export and Import Business in a day with IEC License.
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ABOUT IMPORT EXPORT CODE
Import Export Code, which is commonly abbreviated as IEC is the first registration required for the business entities who are dealing in Importing or exporting of goods and services from India. IEC is issued by the Directorate General of Foreign Trade (DGFT). It is a passport for import and export business.
KEY POINTS OF IMPORT EXPORT CODE REGISTRATION
When IEC is Required ?:-Import export code required in the business of export or import of goods and services in india.
Issuance Authority:-IEC code issued by the directorate general of foreign trade (dgft), ministry of commerce and industries, government of india.
Annual Renewal Required:- IE Code is no more one-time process. Import Export Code requires annual renewal.
No Returns filling:- IE Code neither requires any kind of returns filling nor any further procedural compliances.
Custom & Banks Requirement:- IE Code requires to quote with customs authorities/banks for importing & exporting goods and making or receiving payment to/from international vendors.
AD Code:- Authorized dealer code required for customs clearance while exporting goods outside India. It can be obtained from the bank.
IEC CODE LICENSE MANDATORY FOR EXPORT SERVICE PROVIDER?
The Import Export Code (IEC) license is a key business identification number which is mandatory for Exports or Imports from India. No business can make any import or export without an IEC Code Number granted by the DGFT.
In case of if you’re doing import or export of services or technology transfer, the IEC Code shall be required only when the service provider or technology provider is seeking benefits under the Foreign Trade Policy or is dealing with specified services or technologies under Section 7 of Foreign Trade (Development & Regulation) Amendment Act, 2010.
IMPORT EXPORT CODE EXEMPTION
The following stakeholders are eligible for Import Export Code Exemption:
1. Central or state Government ministries or departments.
2. Individuals importing or exporting items for personal use that are unrelated to trade, manufacturing, or agriculture.
3. Individuals importing or exporting products from or to Nepal, Myanmar via Indo-Myanmar border areas, or China, providing the CIF value of a single consignment does not exceed Rs.25000. The relevant exemption ceiling for Nathula port is Rs.1 lakh.
REQUIREMENT OF DIGITAL SIGNATURE FOR IMPORT EXPORT CODE
Importers and Exporters can apply for Import Export Code Online. Thus, the need for Digital Signature of business owner / director for Import Export Code arises.
Digital Signatures [DSC] are the most preferred way to apply for the online IEC code application.
The DGFT also has a one-of-a-kind Digital Signature Certificate that it issues to organisations who already have an IEC code for export and import. Using this one-of-a-kind DSC, applicants can save up to 50% on License Fees.
IdeatoStart can help arranging digital signature [DSC] for the applicant
IEC REGISTRATION PROCESS
- Upload the required documents & information to our web portal.
- Choose Package and Pay online with different payments modes available.
- Our professional will prepare the application in prescribed format for IE Code.
- Attach applicant’s digital signature & file online application before DGFT.
- DGFT officials will verify & process the application within a week.
- After successful verification provides Import Export Code certificate over the email.
DOCUMENTS REQUIRED FOR IMPORT EXPORT CODE
- Pan card
- Address proof
- Photo
- Business place rental agreement
- Current account cancelled cheque leaf or bank certificate format will be provided
WHAT IS THE EXPORT PROMOTION CAPITAL GOODS (EPCG) SCHEME?
The Export Promotion Capital Goods (EPCG) Scheme, as the name implies, is a Government scheme to boost exports.
The EPCG Scheme allows import of capital goods including spares for pre production, production and post production at zero custom duty subject to an export obligation of 6 times of duty saved on capital goods imported under EPCG scheme, to be fulfilled in 6 years reckoned from Authorization issue date.
The manufacturers, Exporters and Merchant Exporters are eligible to avail this Scheme.The Scheme also applies to a service provider who has been recognised / accredited as a Common Service Provider (CSP).
You can avail EPCG Scheme having Import Export Code by submitting an application provided in Appendix 10 A of the Handbook, along with the papers required therein, to the Director General of Foreign Trade (DGFT) or to the regional Licensing authorities, along with the relevant information/documents.
The terms and obligations under EPCG Scheme are as follows-
1. The obligation to export must be met by the export of products created or manufactured by the utilization of the capital goods that are imported in the scheme.
2. Exports should be direct exports under the names of the person who is importing. The importer can export via a third party as long as they are registered as the person who is the importer or licence holder is included on the Shipping Bill. If a trader exporter is the importer, the brand name should be included on the Shipping Bill.
3. The proceeds from exports shall be repaid in freely convertible currency.
4. Exports are physical exports. Deemed exports will also be considered in the fulfillment of the export obligation, however, the licensee is not legally entitled to any benefit of deemed exports.
5. The obligation to export is as a supplement to other obligations for export that is undertaken by the importer, and is over and beyond the average value of exports of the identical product by him over the previous three licensing years. If an exporter can achieve an export amount of 75 percent of the total value of production of the particular products exported, then the obligation to export in this scheme is subsumed as part of that export, subject to however that the value of aggravated those exports in the defined time period cannot be less than the total worth of the contract.
6. In the event that the exporter manufacturer has obtained licenses to manufacture the same export item under this scheme as well as the Duty Exemption Scheme, the physical exports made in accordance with the Duty exemption Scheme shall also count towards the fulfillment of the export obligation under this scheme.
7. In the case that computer software is exported The obligation to export computer software will be determined according to the policy, but the requirements that exports should be more than and beyond the average of exports over the previous three licensing years will not apply.
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CERTIFICATE OF ORIGIN FOR IEC CODE LICENSE HOLDER
A Certificate of Origin (CO) is an important international business document. The Certificate of Origin verifies that the products in an export cargo were entirely obtained, produced, manufactured, or processed in a certain country.
In other words, the Certification of Origin declares the product’s “nationality” and also acts as a statement by the exporter to meet customs or trade regulations.
Customs, banks, private parties, and importers all require CoOs for a numerous of reasons. Also, Almost every country in the globe requires CoO for customs clearance operations, thus IEC Code License holders also need to apply for Certificate of Origin if he/she planning to export outside India.
A Certificate of Origin is issued by both the Indian Chamber of Commerce as well as Trade Promotion Council of India. Moreover, Import Export Code License Holders can two types of Certificate of Origin.
- Non-preferential Certificate of Origin specifies that the products being exported/imported do not get preferential tariff treatment and that the applicable charges must be imposed on the items being transported.
- Preferential Certificates of Origin are issued to products that are subject to preferential tariff treatment in the payments of tariffs. Preferential COs help in verifying commodities that are subject to lower taxes or allowances when exported to countries that provide these benefits. These COs are frequently linked to Regional Trade Agreements.
Types of Company Registration
COMPARISON
- Regulate by Act
- Equity Funding
- Taxation
- Number of Shareholders
- Separate Legal Entity
- Limited Liability
- Statutory Audit
- Statutory Compliances
- Foreign Participation / Investment
Recommended for
PRIVATE LIMITED COMPANY
- Companies Act 2013
- Easily Possible
- 26%
- Minimum 2 Maximum 200
- Yes
- Yes
- Mandatory
- Moderate
- Allowed
Startups
ONE PERSON COMPANY
- Companies Act 2013
- Not Possible
- 26%
- Only one
- Yes
- Yes
- Mandatory
- Moderate
- Not Allowed
Sole Proprietor
LIMITED LIABILITY PARTNERSHIP
- Limited Liability Act, 2008
- Possible, but unlikely
- 31.2%
- Minimum 2 Maximum - Unlimited
- Yes
- Yes
- If turnover exceed Rs.40 Lakhs
- Less
- Allowed
Professionals [CA, Architect, Agencies, Consultant, etc]
Plans And Pakeges
Basic
Rs.5499
Plus taxes
- Company Name Approval
- Certificate of Incorporation
- Current Bank Account*
- PAN
- TAN
- 2 DIN
- eMOA
- eAOA
- (2 Indian Directors, 2 Shareholders and Authorised Capital of Rs. 1,00,000)
Standard
Rs. 7499
Plus taxes
- Company Name Approval
- Certificate of Incorporation
- Commencement of Business
- Current Bank Account*
- PAN
- TAN
- 2 DIN
- eMOA
- eAOA
- PF Registration
- ESI Registration
- GST Registration
- GST Invoice software
- Documentation Kit
Premium
Rs. 11499
Plus taxes
- Company Name Approval
- Certificate of Incorporation
- Commencement of Business
- Current Bank Account*
- PAN
- TAN
- 2 DIN
- eMOA
- eAOA
- PF Registration
- ESI Registration
- GST Registration
- GST Invoice software
- Documentation Kit
- Website**
- Online Payment Gateway
- (2 Indian Directors, 2 Shareholders, and Authorised Capital of Rs. 1,00,000)
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Frequently Asked Questions
Q. What is IEC ?
IEC stands for Import-Export Code. It is a 10 Digit unique code issued by directorate general of foreign trade (DGFT) of commerce and industries ministry of government of India
Q. Who requires IEC Registration?
Any person or business type who intends to import or export goods and services from or to India must require an Import Exports Code
Q. How much time it will take to acquire/obtain an Import Export Code?
Import Export Code can be obtained within 1 week from the date of filing application.
Q. What is ICE GATE Verification?
ICEGATE is an online portal of Central Board of Excise and Customs [CBEC] which facilitates import export-related services to the trade and cargo carriers and other users of Customs Department.
ICE GATE Verification ensures that a business entity’s IEC Code registration is duly updated in government custom records.
With ICE GATE verification, Exporter/ Importer never face any kind of hitch doing import and export of goods and services due to non-availability of data in government custom authority records.
Q. What is the validity of IEC Code?
IEC holder has to ensure that details in its IEC is updated electronically every year, during April-June period.
Q. Is DSC required to obtain IEC Registration?
As per recent notification, DSC is not required to apply import exports code.
Q. Do we receive any hard copy from the department?
No, you will receive final soft copy of IEC certificate over the email
Q. Are any monthly returns required to be filed under Import Export Code?
IEC is just a license allowing the import and export of goods. Therefore, no return is required to be filed under IEC code.
Q. Who can apply for IEC Code Online?
Any kind of business can apply for Import-Export Code Registration who are into the export-import business irrespective of any business entity
Q. Do you provide this service in my town?
Yes Incorpadvisor is an online platform serving all over India no matters wherever you are doing business all you need is internet connection on your mobile or desktop and we are ready to get your job done
Q. Do I need to physically present for the process?
No, You don’t need to be physically present for the process, Incorpadvisor is an online catering platform all you need is internet connection in your phone/computer and the required documents with you and we can get the job done no matters even if you are present at remotest location of the India
Q. Is there any penalty on not having an IE code?
There is no penalty for not having an IE code but importing and exporting are not possible without an IE code.
Q. How much time does it take to get an Import Export code?
Generally, it takes 3 to 7 days to get the IE code certificate after the submission of all required documents and information
Q. Can I fill AD Category Bank details in IEC?
Yes, you can fill AD Category Bank details in IEC. There is space to fill only one Bank account details in IEC application and the same will be shown in your IEC Registration Certificate. It is always advisable to put that banker details with whom you deal regularly and have good relations.
AD (Authorised Dealer) Category Bank means the bank who deal with the conversion of currency notes, coins or travelers’ cheques designated in foreign currency into Indian Rupees and vice versa. Their objective is to provide easier foreign exchange facilities for travelers and tourists, including NRIs.
Still have questions?
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