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IEC is commonly known as ‘Import Export Code’ or ‘Importer Exporter Code’. The Director General of Foreign Trade, Ministry of Commerce and Industry, Government issues Import Export Code. Import Export Code is important for a person who wishes to start a business of importing and exporting goods and services from the country and abroad. The greatest benefit of having an import export code is its lifetime validity. Import Export Code has perpetual existence i.e. uninterrupted existence which means a business entity can avail the benefits of an import export code for lifetime until it gets legally dissolved. A person can only avail the benefits provided by the DGFT for the import and export trade if he has an Import and Export Code with him for his business. The code helps a person in expanding a business. Now, IE Code is mandatory in bank accounts. In Delhi NCR, Import Export Code is governed by the Foreign Trade Act, 1992.
The Director General of Foreign Trade (DGFT) accepts the application for the Import Export Code registration in Delhi NCR. During the registration process, one is required to provide all the required documents to the DGFT. Usually, DGFT after verification of all documents issues IE code in Delhi NCR, to the entities within 10-15 working days from the date of application. Further, IE Code can be issued in the name of a proprietor or on a company’s name. However, there are certain circumstances in which IE code is not required. These are:-
Import Export code is important for a person who is looking for doing a business of import and export in Delhi NCR. The Director General of Foreign Trade (DGFT) issues IEC which is a ten digit code and is valid for lifetime. Import Export Code Registration in Delhi NCR is important for carrying out the business of import export business in Delhi NCR. Apart from being the capital of the nation, Delhi NCR is important in many aspects. The city of Delhi NCR is a beautiful triangle which shows and holds with pride not only the traditional aspects of the country, but also the heritage of various dynasties that once ruled the city. Along with this the city also depicts a modern approach towards lifestyle. Each monument and building in Delhi NCR has its own story, its own importance, both historical and modern.
IE Code helps to avail the benefits from DGFT for the import export schemes. Import Export Code is important because of the following reasons:-
IE code is used for clearing customs. Thus, IE code is required by the banks and importers for sending money abroad and importing goods respectively.
Once a person has got an IEC for his business, he is not required to file any return to the DGFT. Also, a person is not required to file any return to maintain the validity of the IE Code.
Import Export Code is issued even in the name of the proprietors. It is not mandatory for a person to have business entity to obtain Import Export Code.
All the exporters are required to show the IE code while sending the shipments abroad. Even, the banks and exporters require IE code for receiving money from abroad and exporting goods or services from the Country respectively.
Import Export Code is issued for lifetime and does not require any renewal. IE code has perpetual existence which means the business entity having IE code can avail its benefits for lifetime until it gets legally dissolved.
IEC stands for Import export Code and is represented by a 10 digit number issued by the Directorate General of Foreign Trade (DGFT), Department of Commerce as a license for doing import and export. Import Export Code registration in Delhi NCR is required for the following reasons:-
Import Export Code increases the market potential by increasing the business quality and allows people to have their reach to the international market. IE code registration in Delhi NCR is mandatory for doing a business of export and import.
Import Export Code establishes a healthy relationship business standard between two clients and helps to promote the global reach of the business.
The main advantage of having an Import export Code is that it does not require renewal and is valid for lifetime once registered. IEC has perpetual existence which means a business entity may continue to entertain its benefits till it gets legally dissolved.
Obtaining an IE Code requires a person to disclose all the authentic information. Thus, this helps to put a restriction on transportation any illegal goods.
Having an Import Export Code helps the company to avail benefits on imports and exports from DGFT customs and Export Promotion council etc. The greatest benefit of having an IEC is that a person can claim for the refund of taxes paid during exporting the goods.
Import Export Code is mandatory for individual or companies planning to start a business of import and export. For dealing in export and import, IEC license is required. In order to obtain IEC license one need to send all the documents scanned to Company Vakil The following processes needs to be followed for obtaining IEC license:-
In order to obtain Import Export Code, one need to make an application in the Aayaat Niryaat Form or can avail government’s online filing facility of obtaining IE code online in Delhi NCR. The offline application has to be submitted to the DGFT in that region where the registered office of the company is established.
The directors, partners, promoters, shareholders, subscribers and other members are required to submit details of the business along with bank account details and a bank certificate. Also, digital signature is required which can be obtained from any authorized government agencies.
After the completion of the application, an application fee needs to be paid to the government. All the documents should be filed before DGFT and it has the power to send back the form for correction/change. In case if DGFT has sent back the form, the person is required to reply back to DGFT within 15 days.
The final step is issuance of Import Export Code by the Directorate General of Foreign Trade. After verification of all the documents, the DGFT will allot an IE code.
On the bank letter head, a bank certificate is required by the bank.
Following documents are required for import export code registration in Delhi NCR:-
Import Export Code registration in Delhi NCR requires Identity and business proof of the partners. Identity proof includes Aadhaar card, voters ID card, passport, driver license, PAN card or ration card etc. Business proof includes the incorporation or registration certificate of the registered business or legal entity.
Address Proof includes partner’s voter ID, passport, driving license or Aadhaar card. In case of foreign nationals or NRI’s, a notarized copy of passport is required along with any government issued identity proof containing the address. If the documents submitted by the foreign national or NRI’s are not in English then they are required to submit a notarized translation copy of the same.
Import Export Code Registration in Delhi NCR requires bank certificate or copy of cancelled cheque. The documents are required in order to verify the applicant’s active current bank account. The cancelled cheque and bank certificate must have pre-printed name of applicant and account number.
In the IE Code application in Delhi NCR, a person is required to submit proof of his business address. If the premise is self owned then a sale deed is required. In case the premises are rented, a rented agreement or lease deed along with a copy of latest electricity or telephone bill is required.
Import Export Code in Delhi NCR is mandatory for individuals who wish to do business of importing and exporting. Following are benefits of IE Code registration in Delhi NCR:-
Import Export Code helps to expand the business by taking the goods and services to the reach of the global market.
Having an Import Export Code, helps the business entity to avail several benefits of their imports and exports from the Director General of Foreign Trade (DGFT), Export Promotion Council, customs etc.
No returns are required for sustaining the validity of the import export code or on export transactions. Once allotted, there isn’t any requirement of filing returns with Director General of Foreign Trade (DGFT).
The process for obtaining IE Code in Delhi NCR, for the business is quite simple. After submitting the IEC application to DGFT, one can get the IE Code within 10-15 days of the application. Also, the procedure for the application of the IE Code registration is online therefore a person can easily submit the application and receive the IE code without any clutter.
Once allotted, IE Code remains effective for lifetime and does not require any renewal. IE Code has perpetual existence i.e. uninterrupted existence which means that a business entity can avail the benefits of IE code for lifetime it gets legally dissolved.
IE Code is commonly known as ‘Import Export Code’ or ‘Importer Exporter Code’. It is mandatory for any person who wishes to start importing or exporting business.
IE code in india is required for doing a business of imports and exports in Delhi. Banks require IEC for sending money in the country or receiving money from abroad.
Apart from custom duties, no tax is levied on IE codes.
Any person who wishes to do business in import and export can obtain IEC registration.
Yes, Import Export Code is allotted to proprietors of a business also.
PAN card, Identity and Address proof of the promoters and the proof of address of business and a letter from the banker is all you need for IE Code registration in Delhi.
Once the application has been filed before DGFT, IE code is generated and allotted within 10-15 working days.
There is no penalty for not having IE Code. However, in absence of IE Code, a person cannot do a business of importing or exporting.
Apart from certain custom duty, no returns are required.
Import Export Code is valid for lifetime and it does not require any renewal.