Import Export Code In Mumbai

Import Export Code is a necessity for every business engaged in Import and Export of goods and Services

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Easily Obtain Import Export Code registration in Mumbai

The very first and foremost step before setting up an import-export business in Mumbai is obtaining an “Import Export Code”. This registration code is necessary for carrying import-export activity. It is a unique 10-digit code issued by the Directorate General of Foreign Trade (DGFT), Ministry of Commerce and Industries, Government of India.

It is mandatory for companies and individuals to obtain this code for the purpose of carrying out their import-export business. It is impossible to carry out import and export without the Import Export Code. It is an easy process to obtain the IEC License. It requires fulfilment of certain requirements and compliance of the regulations. The DGFT has set up various offices throughout Mumbai and it is possible to obtain IEC from the nearest zonal or regional office.

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Get a certificate of offline or online IE code in Mumbai, with Company Vakil.

To obtain the Import Export Code an application is to be made to the DGFT along with all the necessary documents.

IEC is required in only limited circumstances, when import or export falls under the category of 'specified services' or 'specified technologies', i.e. services or technologies in which international trade is restricted by the Government of India as they pertain to national security, such as dealing in nuclear weapons, automatic guns, etc

 

What is Import Export Code ( IEC)?

The 10-digit unique code is required to carry out the business of import-export within the territory of Mumbai. An individual or a company cannot import or exports goods and services without obtaining this code. Therefore, it is mandatory for a person to obtain the Import Export Code registration in Mumbai by making an application to the DGFT.

The code is issued by the Directorate General of Foreign Trade (DGFT), Ministry of Commerce and Industries, Government of India. A person can undertake import and export transactions after obtaining the code. The Code also helps in availing various subsidies and benefits.

This code is required to be furnished in before the banks while sending money abroad and while carrying overseas transactions.

The Import Export Code is not required in the following conditions:

·       When Import or export of goods is for personal use; which is not connected with trade, manufacturing or agriculture.

·       When Import or Export trade business is carried out by government ministries and departments, and certain notified charitable organizations.

Features of Import Export code registration in Mumbai

·       The Code acts as a primary proof that a firm is an importer or exporter. This helps the firm to gain credibility in the market.

·       It is mandatory to obtain the Import Export Code by the business entity to carry on export and import business.

·       A proprietor can also obtain an IEC, without registering his business. So, it becomes easy for a sole proprietor who has not registered his business to gain the Code.

·       Quoting the Code is compulsory for the process of import and export of goods and services. This helps in the recognition of your firm internationally.

·       IEC is compulsory for making foreign bank transfers pertaining to trade and business.

·       The Code has lifetime validity i.e. it needs no renewal and exists for a lifetime.

·       Customs, DGFT, and Export Promotion Council assures benefits obtained from the import or export. Exporters cannot claim this revenue without this code.

Reasons to register IE Code in Mumbai

·       The foremost reason an Import Export Code registration in Mumbai is that it is mandatory to obtain the Code by the business entity to carry on export and import business.

·       The Code acts as a primary proof that a firm is an importer or exporter. This helps the firm to gain credibility in the market.

·       Obtaining the code does not incur heavy costs. It is quite fruitful to obtain the code. There is a facility of IEC online application in Mumbai instead of submitting various documents and undergoing several procedures at various offices.

·       While sending shipments abroad, exporters require IEC, so it becomes a necessity to obtain the IEC.

·       IEC is compulsory for making foreign bank transfers pertaining to trade and business.

·       Customs, DGFT, and Export Promotion Council assures benefits obtained from the import or export. Exporters cannot claim this revenue without this code.

The process of registering import Export Code in Mumbai

The Directorate General of Foreign Trade (DGFT) provides a facility for filing IEC online application in Mumbai and also permits issuing of codes in a digital format. The regional authority of DGFT processes all such applications online. Offline hand filled applications may be submitted in person to the nearest zonal or regional offices or sent by courier or mail.

·       An application is to be made in the Aayaat Niryaat Form 2A format to the Regional Authority of the DGFT in the region where the registered office of the company is situated.

·       All the important details concerning the business, directors or partners along with bank account details and a certificate provided by the bank have to be included in the form.

·       A bank account and PAN (permanent account number) are mandatory prerequisites for applying for an IEC.

·       Certain documents are required to be furnished along with the application.

·       All completed applications are accepted and processed within 2-3 working days.

·       In case of online mode applicants receive digitally signed Electronic IEC through an e-mail whereas in case of offline mode IEC allotment, letters are sent by post to the applicant’s address as recorded in the application.

Advantages & Benefits of IE Code registration in Mumbai

·       Primary Proof

The Code acts as a primary proof that a firm is an importer or exporter. This helps the firm to gain credibility in the market.

·       Easy to Obtain

A proprietor can also obtain an IEC, without registering his business. So, it becomes easy for a sole proprietor who has not registered his business to gain the Code.

·       Recognition of Business

Quoting the Code is compulsory while importing and exporting of goods and services. This helps in the recognition and growth of your firm internationally.

·       Compliance

It is mandatory to obtain the Code by the business entity to carry on export and import business and for making foreign bank transfers pertaining to trade and business.

·       Validity

The Code has lifetime validity i.e. no renewal is required and the code exists for the lifetime of the business.

·       Government Benefits

DGFT, Customs, and Export Promotion Council guarantee benefits procured from the import or export. Exporters cannot claim this revenue without this code. Also, the holder of the Code is not required to file any returns.

Import Export Code registration in Mumbai-Cost/Fee

The costs involved in obtaining the import-export code are meagre and economic. Company Vakil can help you to get an import-export code registered under in 2-4 working days charging a nominal fee of Rs.1899.

Documents required for IE Code Registration in Mumbai

All the Documents are required only in scanned form. You can attach the document in the form after payment or email it to us on  documents@companyvakil.com.Feel free to get in touch for any query.

The following documents are required for obtaining the Import Export Code:-

·       A certificate issued by the applicant’s banker.

·       Self-attested copies of PAN card of the applicant

·       Passport sized photographs of the applicant.

·       Details of the applicant’s bank account.

·       Application form which must be duly signed by the application on every page.

·       Date of formation of the business.

·       A list of partners/directors as well as details such as address and phone number.

·       Memorandum of Association /Articles of Association or partnership deed.

·       Copies of Company's letterhead.

·       Cancelled cheque

·       Authority from other Directors in case of a Company.

·       Certificate of Incorporation in case of a Company

·       Copy of property papers of the registered office

·       Electricity or Telephone Bill of Place of Business

TIME TAKEN in registration process

3-5 days

Import Export Code

Full Detail

Frequently asked questions (FAQ)

1.    What is an Import Export Code?

A 10 Digit unique Code issued by the Directorate General of Foreign Trade to regulate businesses of Import and Export is known as an Import Export Code.

2.    Is their need for multiple IEC License for Different Branches?

A single IEC License is sufficient for all the Branch Offices.

3.    Can a Single person obtain Multiple IEC License?

A single person can obtain only one IEC License and not more than that.

4.    Who all are required to Obtain Import Export Code?

The owner of the business engaged in the import and export of goods and services is required to obtain an IEC License.

5.    Why is IE Code Needed?

All Exporters are required to mention IE Code to the customs while exporting their goods out of India and All Importers are required to mention IE Code while clearing the customs.

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