Import Export Code (IEC) In Chennai

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

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Import Export Code Registration Chennai Cost With Breakdown

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Government Fee for Individuals and startups Rs 500.00*

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TotalBuy Now Rs 1899.00**

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.

Documents Required for IEC Code Online Chennai

There is a certain list of documents that are to be submitted to the DGFT (Directorate General of Foreign Trade) for his consideration, and this also helps in the completion of the application that has been so submitted. These documents include:

  1. Identity & Address Proof of the Applicant –The applicant who has filed for the registration of the IEC has to provide the authorities with the necessary documents like the Aadhar Card, PAN Card, Passport, Election Card for proving his identity, or any bills pertaining to electricity, gas or telephone as an address for correspondence proof.
  2. Bank Account Details – The applicant has to furnish his bank account details, the details of the bank wherein the company has its combined bank account. This helps in knowing the financial status of the business operation that is being registered.
  3. Business Name & Address Proof– the business, for which the IEC is being registered, has to provide the DGFT with documents, like partnership deed, sale deed, MOA, AOA etc. The applicant has to provide any document which indicates the address of correspondence, for the business.

 

Advantages of Import Export Code(IEC) Registration Chennai

There are many advantages of getting an IE Code Registration Chennai are immense, other than the fact that it eases the business operation in the foreign lands, the other advantages of IEC can be enumerated as the following:

  1. Expansion of Business – The IEC helps in registering the business overseas, in the form of reaping benefits through exports and imports, the IEC plays the role of authenticating business transactions overseas.
  2. Speedy Registration – The IEC registration process is a really swift one, since the government speedily scrutinizes the applications that come through, and provides for an IEC number within 15-20 Days, given all documents and required credentials are in place.
  3. Unlimited Validity – The best part about an IEC Registration is, it doesn’t need to go through a comprehensive renewal procedure since the validity period of IEC is unlimited.
  4. Reaping Benefits – The IEC helps the businesses in reaping benefits through imports and exports, which include getting commissions from overseas, customs benefits etc.

TIME TAKEN in registration process

3 to 5 days

Import Export Code

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Frequently Asked Questions (FAQs) of Import Export Code Registration Chennai

 

How many days does it take for the processing of IEC?

An IEC Application can take up to 15-20 days of processing and be receiving an Import Export Code from the concerned authority.

 

What is the validity of the IEC online Application Chennai ?

The IEC has an unlimited validity; hence it’s not subjected to any renewal process of sorts.

 

Who scrutinizes the IEC application?

The DGFT i.e. Directorate General of Foreign Trade scrutinizes the IEC application.

 

Why do Exporters need IEC Code Online Chennai ?

The exporters need an IEC in india for receiving a shipment from abroad or any monetary commission from overseas.

 

Why do Importers need IEC Application Online Chennai ?

The importers require the IEC for clearance of the business transactions taking place abroad.

 

Is having an IEC Online Application Chennai Mandatory?

No, having an IEC is not mandatory; it is only a pre-requisite for businessmen to take over export and import activities.

 

How many digits does an IEC have?

IEC has 10-digits.

 

Does IEC require Return Filing?

No, once the formalities of IEC filing have been completed there is no need for Return Filing.

 

Does IEC attract any tax obligations?

No, IEC doesn’t attract any tax obligations or liabilities.

 

What is the application fee for submitting an application for IEC?

Submissions of the application for the IEC require to be affixed with Rs. 250.

 

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