IEC Registration: Fees, Validity, Documents & Benefits
If you wish to import and export of goods then you must know about IEC registration. In case you are existing importer and exporter, then you must have IEC code. IEC stands for Import Export Code. IEC registration is necessary for entering in integration market.
IEC registration, also recognized as Importer Exporter Code registration, is very crucial for any individual or business, wishing to engage in import or export activities in India. IEC has a unique 10-digit code having lifetime validity, issued by the Director General of Foreign Trade (DGFT) is essential for customs clearance, opening a foreign exchange account, complying with foreign trade policies and regulations, avail various benefits and incentives provided by the government for exporters and establish the credibility in the global market. It opens up the wide street for different businesses to participate in global trades. It is a strategic move for the business to expand it globally.
The process of obtaining an IEC registration consists the following such as submitting an online application along with supporting documents, then it is followed by verification and approval by the concerned authorities. We will explore more of it in details in the blog, let’s continue to read about IEC registration fees, process, document requirement and more.
Benefits of (IEC) Import Export Code
- Unlocks Global Market:- As IE code/registration is required to start the import and export from India and with the help of this you can also expand your business globally. IEC allows to access the international markets for the business trade.
- Lifetime Validity:- Once you obtain the IEC code, it has lifetime validity and can be used for multiple import and export transactions. Therefore there is no requirement to update or renew of IE code.
- Prohibits Illegal transport of Goods:- It is one of the most basic points of registration for the IEC, in order to stop the illegal practice of importing and exporting goods, IEC plays vital role. If you have an Import-Export code, it means you have provided authentic information and you are authorized by Government to import and export of products.
- Government schemes:- IEC does not only come up with the authority of import and export, apart from this, it carries plenty of benefits for importers and exporters. If any business or entity is registered and carries IE code then it can be entitled to get government subsidies, Duty drawback, export promotion capital goods scheme and export subsidies.
- Enhance Credibility with Brand Building:- IEC adds more trust and credibility of your business in the international market among international trading partners. Ultimately it enhances your number of sales and customers, because of an authorized importer and exporter from India. Therefore, organizations must prioritize IEC registration as a fundamental step for increasing their global competitiveness and ensuring compliance with international trade regulations.
Who Can Obtain IEC?
Any of the below mention firms can be eligible to apply for Import-Export Code:-
- Sole-Proprietorship
- Partnership Firms
- LLP (Limited Liability Partnership)
- Any type of Company like Private or Public Limited Company.
- Trust
- HUF (Hindu Undivided Family)
- Society
- Start-ups
- Small Scale Industries
Document Requirement for IEC
Proof of establishment, incorporation or registration certificate
- PAN Card
- Bank certificate or cancelled cheque
- Valid Address Proof such as rent agreement, lease document or utility bill etc
- Digital-sized photograph of the authorised persons
- Letter of the Authorization
- GST certificate (if any)
Note:- Address might be verified physically by the DGFT before issuing IEC.
IEC Registration Fees
The brief information about the fee for fresh registration and any modification in IEC profile is given below:-
- The government fee for the fresh IE code registration is Rs. 500/-.
- In case of any modification and amendments in your IEC profile, the fee is Rs. 200/-.
Note:- Updatation of IEC is mandatory every year.
Why to Choose CRSPL Business Consultant for IEC?
1. Detailed Guidance:- The experts of CRSPL will provide your every single detail and guidance so that you do not miss any step. We will keep you updated about eligibility criteria, document requirement and process of application.
2. Preparation Assistance:- CRSPL assist you in preparing all necessary documents for the successful application.
3. Application Submission:- CRSPL handles the entire application submission process by ensuring all the details accurate and proper manner on behalf of our client.
4. Follow-up Support:- CRSPL will proactively tracking the status of your application and also keeping you informed about the process with timely updates. Once your IEC is approved, CRSPL will assist you to obtain it.
5. Expert Consultants:- For any query related to IEC and foreign Trade, you can meet business consultants at CRSPL, they are readily available to assist you.
FAQs (Frequently Asked Questions)
Q.1 What is IE code?
A.1 IEC (Import-Export Code) is a unique 10 digit business identification number, which is a mandatory requirement to do import and export activities.
Q.2 Is there tax levied on Import and Export activities?
A.2 No there is no tax levied but custom duties levied during import and export of goods.
Q.3 Who should apply for IEC registration?
A.3 An individual and various business entities wish to involve in the import and export of goods from India. Without IEC registration, the import and export of goods from India is not permitted.
Q.4 What is the penalty for not having IEC registration?
A.4 There is no penalty for not having IEC registration. If you do not import and export goods from India, you are not required IEC and without IEC import and export of goods is not possible.
Q.5 What is the validity of IEC?
A.5 Once the IEC is approved, it is valid for a lifetime until the business is terminated or the IEC voluntarily surrendered.
Q.6. Can I update my IEC profile?
A.6 Yes, you can anytime update your IEC profile by the modification option, given by the DGFT.
Q.7 What is the fee for a fresh IE code?
A.7 For the fresh IE code registration, the Government fee of Rs. 500/-.
Q.8 What is the updation fee for IE code?
A.8 For any amendments/modification in IE code, you have to pay the fee/charges of Rs. 200/- and updation of IEC is mandatory every year.
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