From Legalpillers
WHAT IS AN IMPORT EXPORT CODE?
IEC refers to Import Export code. In the recent times, one of the most beneficial things to happen to a county’s economy is importing and exporting goods. Not just is it beneficial to the country’s having a lack of something, but also proves to be a boon for country’s having the most of a particular product. Though yet another aspect to be considered is having a fair knowledge of the game. The ins and outs of manufacturing, distribution, storing too are important factors. Also narrowing down to which area of import/ export you are willing to work for the key in the initial stages of your business. So basically, being well-versed in a particular industry is not enough. Apart from all these things, being clear on the legal front is the most important thing to consider. And we’ll show you just how to go about it.
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From Legalpillers IEC refers to Import and Export code. A 10-digit unique identification number given by the DGFT (director general of foreign trade), department of commerce, Government of India for the purposes of an import export business refers to an import export code. Hence, carrying out import or export business without IEC code or without an import export license being issued is next to impossible, or if still carried out may call for legal actions to be taken against the individual or company doing that. Needless to say, just as everything nowadays is available and do-able online, so is applying and acquiring an import/export code. A plethora of websites available online to help startups and beginners apply for an IEC Registration. Hence it is no longer difficult or tricky for beginners in the business world to understand the procedures and the troublesome paperwork involved in the process. Another benefit being, greasing the palm of some greedy middlemen too can be avoided via this process. Once the application is submitted and validated by the authorities, the license is issued to the person in about 5 to 6 working days. After that, the applicant will be informed of the issuance of the IEC code via e-mail or SMS, which will contain a link to the license. The applicant is required to go to the link and get the license printed from there. Needless to say, one needs to abide by the rules and regulations of the government of India, when and after the IEC code certificate is issued.
Advantages of IEC Registration Getting an IEC registration will get to many advantages to run your company. It has been vary benefited for those who are looking to expand their business globally and to avail many benefits on import and exports. IEC registration can be used as a government proof for business and company. IEC is a very quick process and once get it done doesn’t need to return fillings. With the help of IEC code, your business can avail government schemes related to customs such as Service Export from India Scheme (SEIS), Merchandise Export from India Scheme (MEIS), and many more.
The essentials needed to apply for an import/export code are as follows: 1. Name of applicant 2. Email address of applicant 3. Mobile number of applicant 4. Name of company
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From Legalpillers 5. PAN card of company 6. Address of company/firm 7. Aadhaar card of applicant 8. Nature of business 9. Cancel cheque of company/firm One of the most beneficial features of IEC code is that unlike other business start-up licenses, the IEC does not require refilling or renewing the license. The IEC license is valid for lifetime, requires to be filled for only once and can only cease to function if the business is shut down due to some reasons. If for some reason the business holder wishes to give up the license, he required to inform the authorities, and on that basis the authorities are supposed to cancel the license immediately and further intimation should be provided to the DGFT and customs authorities. However, there are some exemptions made on the grounds of import and export in different cases. For example, the transfer or importing/ exporting goods on a personal basis that is from one person to another does not require an IEC. Yet another such cases are importing and exporting on a government front that is exporting or importing products from the civil services front.For example, the state or the central governments. It could be for the purpose of defense forces, which happens under government surveillance and hence does not require an IEC code. Those importing or exporting even certain types of chemicals, technologies or equipment are not exempted from the IEC code License.
FEE REQUIREMENTS FOR IEC CODE The IEC code application requires an entity to pay a sum as fees in India which can be paid via Electronic fund transfer (EFT) which definitely is a feasible amount for anyone willing to get their foot in the door in the import/ export business world. Although, if this process is done through our websites you will get proper support of Chartered Accountants, Company Secretary and advocates. We Legal Pillers lay the role of getting your application submitted to the right place at the right time without any fret or worry. Further if the applicant wishes to check the status of his/her IEC CODE license, they should access it by going to the DGFT website, further going to online application, next to IEC and then finally as the name suggests to know your IEC status.
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From Legalpillers This makes the process way easier and puts the applicant at ease and assurance about their license being finally processed.
MODIFICATION OF IEC CODE CERTIFICATE Modification, as the name change, address change, etc that the entity wishes to make in license regarding the information provided. The process of modification also sums up to almost the same set of procedures as the application of the IEC code license. It might require some additional documents too. Modification is also done when a license is supposed to be renewed. In cases of a modification, it is advisable to go to an expert or a consultant on this front in order to avoid errors or loopholes. Amendments or fresh applications, tracing the license, or modification process are all done collectively on the government website. One can be lead to the process of it via www.legalpillers.com. We are offering online CA services with highly experienced and skilled professionals such as CA/CS/Advocates, to get through the process easily.Only one IEC number is issued against one PAN number.
Below is a list of documents needed for the purpose of modifying an IEC code certificate: 1. Name of applicant 2. Email address of applicant 3. Mobile number of applicant 4. Name of company 5. PAN card of company 6. Address of company/firm 7. Aadhaar card of applicant 8. Nature of business 9. Cancel cheque of company/firm
Steps involve in IEC Code Registration
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From Legalpillers Step-1:- In order to get Import Export Code we must prepare application on the basis of information and documents provided by the applicant. DGFT has provided an online portal through which we can apply for issuance of license. Step-2:- On the basis of application submitted with department, government will conduct due verification, if government think fit may ask further information or documentation. If not the application will get approve and License will be issued immediately. Step-3:- After due verification department will provide option for downloading the certificate. Here your License will be issued in just simple 3 steps.
WHY CHOOSE LEGAL PILLERS ‘Legal Pillers’ have the best experienced and skilled professionals to guide you smoothly through the entire process of Import Export Code (IEC) Registration. The team provides the fast and efficient service at the best price. For more details you may directly connect to our Chartered Accountants/ Company Secretaries/ Advocates at +91 9267941961, +91 9625279785 or you may write us at info@legalpillers.com.
Source- https://blog.legalpillers.com/what-is-an-import-exportcode/
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