IEC Code In Bangalore

MINIMUM REQUIREMENTS FOR IE CODE REGISTRATION BANGALORE

Apart from the above mentioned documents, some other mandatory requirements for IE Code Registration Bengalauru are-

1. The applicant should have a Current or Savings bank account in a bank which deals in Foreign Exchange.
2. The applicant should also have a Cancelled Cheque with Entity’s or Individuals name pre-printed on it.
3. For IEC online application Bengaluru, the applicant is required to make an online payment of Government Fees of Rs. 500/-. So for that, he should have a Net Banking account or Debit/Credit card.
4. In case the applicant is Non-Resident Indian (NRI) or has Non-Resident interest in the firm/company, then he is required to submit a scanned copy of the RBI approval letter.
5.  
6. It is also mandatory to have a Digital Signature for IE Code Registration Bengaluru.

ADVANTAGES OF IEC FOR BUSINESSES IN BENGALURU

Export and import also helps businesses to get access to international markets. For this, the Import Export Registration Bengaluru is the main requirement to enter into international market as it would supports the growth and development of the business. Following are the advantages of IE Code Registration Bengaluru for a business.

1. As discussed, getting Import export code helps businesses to get access to international markets and unlock business opportunities across the globe. It increases the global reach of the business and further also leads to growth and expansion.
2. One can easily obtain IEC as it is a complete online process. The IEC online application Bengaluru simplifies the process and makes it convenient for the applicants.
3. There are not much documents required for registration of IEC as compared to other processes. Also, the registration is not based on the place of business and hence a single business entity requires only one registration.
4. Once a business gets IEC, it remains valid for lifetime. Import Export Registration Bengaluru is permanent registration.. Hence there will be no requirement to update or file for renewal of IEC registration. It is valid till the business exists or the registration is not revoked or surrendered.
5. IEC also helps eradicate the illegal transportation and illegal exports and imports. The centralised registration helps the officials in better supervisation and administration of transactions.
6. The importer or exporter need not require fulfilling any specific compliance requirement such as Annual Filings or returning filings.

PROCESS FOR IEC APPLICATION ONLINE BENGALURU

Import Export Code Registration Bengaluru is a completely online process.

• Firstly, application form for the same is required to be downloaded from the website of DGFT.
• The said application should be made in form no. ANF 2A
• Parts A, B, and D of an IEC application form are required to be filled and submitted for the purpose of acquiring a new code.
• The applicant is required to sign each and every page of the application.
• Along with the application, the abovementioned documents are also required to be submitted.
• Scanned copies of PAN card, bank certificate, and photograph should also be forwarded while submitting along with.
• An IEC application online Bengaluru fee of Rs. 250 is also required to be sent by electronic fund transfer along with the application.
• In case of offline submission, a demand draft for Rs.250 is to be paid to Regional Office of DGFT.
• A self-addressed envelope with Rs.30 is also required to be sent along with the application form and requisite documents.

FAQ's about IEC Registration in Bangalore

1. What is Import Export Code?

Import export Code is unique 10 digit code issued by the Director General of Foreign Trade to Indian Companies.

2. Who issues IEC?

IEC is issued by Director General of Foreign Trade and its regional offices that are established all over India.

3. What is the need of IEC?

IEC registration in India is a primary document for recognition of importer or exporter in India. It also enables the company to obtain various benefits from DGFT.

4. Can an IEC application online Bengaluru be modified?

Yes, an IEC application online Bengaluru can be modified any number of times till it is submitted for processing.

5. Can import export be made without IEC?

No, as IEC is a primary document required by an importer or exporter in India.

6. How much time does it take to get as well as for cancellation of an IEC application online Bengaluru?

It normally takes 2 days for processing of the application. But for cancellation of the IEC application online Bengaluru, it takes 15 working days.

7. How can an NRI apply for IEC?

NRI has to obtain a prior permission from RBI or FIPB and follow the same procedure.

8. Can a duplicate IEC be issued?

Yes, duplicate IEC be issued by paying a fee of Rs. 200 in the form of demand draft along with FIR filed in the police station having jurisdiction and an affidavit.

9. How many IEC’s can be obtained from one PAN?

Only one IEC can be issued from one PAN number.

10. Is Digital Signature mandatory?

Digital Signature is mandatory as it is used to validate online document submission.