Import Export Code In Mumbai

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.

Mumbai: whenever one hears this word, the first monument that comes in your mind is the Gateway of India. It is a monument built in the 20th century during the reign of Britishers. This monument was constructed as a welcoming symbol for King George V in 1911. It is also considered as the “Taj Mahal of Mumbai”. It faces the Arabian Sea and is situated in South Mumbai. Talking about its architectural design, it is a combination of many styles like Roman, Gujarati, Mughal, and Saracenic style. It is a major spot of tourist attraction in Mumbai.

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) Registration in Mumbai?

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 meager 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.