Import Export Code (IEC) In Chennai

Import Export Code(IEC) Registration Chennai

CHENNAI :

Chennai is the capital of Tamil Nadu . It is located on the Coromandel Cost of the Bay of Bengal. It is known to be one of the biggest  economical , cultural and educational center of the country . Chennai is having the third largest expatriates population in India. It is also one of the largest municipal economies of the country . It is also selected as one of the city for the smart city out of the 100 cities under the smart city mission. The premier engineering Institute of India INDIAN INSTITUTE OF TECHONOLOGY , MADRAS is also located here.

IE Code Registration Chennai

In the age of globalization, and the growing speed of economy, it wouldn’t be wrong to say that the import-export between the countries have picked up speed, and how one maintains their international trade relations defines ones international relations with the other countries. The Ministry of Commerce and Industries provides for an Import Export Code (herein referred to as IEC), which helps in facilitating import and export between the different countries. The IE Code Registration Chennai is required for clearing custom duties, sending money off abroad, and practically any function that requires any commercial/monetary transaction where a foreign state is involved. Furthermore, IEC is also a great way of expanding one's business overseas, it opens more avenues and reaches a greater customer base. The IEC is a unique 10-digit code, which is varying in nature and digits, this code is a pre-requisite for facilitating business abroad, i.e. sending goods or providing services abroad, and also, for reaping benefits from any export gain abroad. IEC is an instrument which has helped the Indian Businesses flourishes in the foreign lands.

Reasons to get Import Export Code(IEC) Registration Chennai

The IEC Code Online Delhi has followed the trend of globalization and has abided by the minimal tax tariffs on imports and exports now, there are many reasons one should get an IEC registered which can be enumerated as the following:

1. Business Expansion – If a business enterprise aspires to expand its business to a foreign land, they require an IEC, which authenticates all their transactions that take place extra-territorially. This helps in expanding the empire of the owned business and reaching a much wider consumer base.
2. Import Benefits – Once a person gets their IEC registered, they will be able to do business abroad without an IEC no imports will be considered authorized. Hence, it wouldn't be wrong to say that an IEC is an essential pre-requisite to commencing business abroad.
3. Export Benefits – In order to get any benefits from abroad or to even receive money from abroad, it’s important to have an IEC.
4. Unlimited Validity – Once the IEC has been registered, it doesn’t bear any hassle on the business enterprise since it doesn't require to be renewed, and has an unlimited validity.

Process of IE Code Registration Chennai

There has been a due emphasis on the import-export in India, an IEC is a simple yet comprehensive procedure, IEC doesn't need a renewal since it has unlimited validity. CompanyVakil.com specializes in providing Import Export Code, to the growing business and helps them establish a foothold in the foreign companies. Furthermore, IEC has developed to provide a great ground for flourishing business. The process of obtaining an IEC in India can be elucidated as follows:

• Filling Form – The initial step requires the applicant to fill in an application in the Form 2A, and submit it to the regional office of the DGFT which is the Directorate General of Foreign Trade.
• Submission of Documents – There are certain mandatory documents that are required to be affixed with the prescribed form 2A, and these documents include identity proof of the applicant, address proof of the applicant and the business location, among any other required documents.
• DSC and Fee Submission – The completion steps of the prescribed application form requires the ratification of the form using the DSC which is the Digital Signature Certificate along with the aforementioned fee, for obtaining the IEC.
• Receipt of IEC – Finally, the government approves the application on due scrutiny, in another 15-20 days of the filing of application the government provides the applicant with a soft form of the IEC which is a 10 digit code.

Minimum Requirements of IEC Online Application Chennai

There are certain pre-requisites that are required for getting an Import Export Code, which is as follows:

1. Established Business – The business entity, for which the IEC is being sought, should have an established business operation within the domestic territory of India so that the business operation can be further carried out in the foreign territories.
2. Digital Share Certificate – A DSC or a Digital Share Certificate is required so that the application that is being filled to get a DSC can be duly authorized by the business holders. A DSC is a universal application signature of the business holders to authorize any proceedings or business initiatives by their enterprises.
3. Proper Business Documents – The business documents should be readily available for filing of the IEC; these majorly include the MOA & AOA of the business, along with any partnership deed, sale deed, bank details etc. These are mandatorily required to be furnished to the DGFT for his kind perusal and authentication of the application of IEC so submitted before him.