IEC Registration In Delhi | Fees | Process | Documents

What is IEC Registration In Delhi

The Directorate General of Foreign Trade (DGFT), Ministry of Commerce & Industries, issues IEC Registration In Delhi. Indian companies to have IEC Registration In Delhi if companies want to expand their business via Import and Export. Import-Export Code is a ten-digit code provided by DGFT, the purpose of the Import-Export License is to regulate and monitor the foreign trade in India.

For carrying out Import Export activities in India obtaining IEC registration is compulsory, without having an IEC license no involvement in import-export. Plus, if any business wants to entertain the benefits provided by the government then getting IEC registration is a must. RBI has made it compulsory for all the traders to provide their Import Export Code during any payment transfer.

In the present growing competition, businesses, in order to survive their substitutes available in the domestic market, are stepping out of their local presence. With back to back innovations and the generation of new ideas in business, the emergence of e-commerce, business operating in local limits finds it important to operate globally by stepping abroad.

There are several methods to go beyond the domestic level, such as amalgamation for foreign brands, opening franchisee abroad, starting subsidiary or branch office abroad, or through import-export business. Doing business at the global level is not that easy as it sounds.

Import Export Code (IEC) once gave can be utilized by the entity all through its existence and it doesn’t necessarily need any renewal. When the organization has gotten IEC, at that point the organization can involve in import export necessities with no issues.

Key Features

• No business can indulge in Import/Export activities without taking IEC registration
• It works as a proof that a firm is involve in import/export of goods and products
• Once obtained, an IEC exists for a lifetime. This implies it does not require any renewal.
• It is not mandatory to involve in import or export of goods for individual or legislative purposes.
• IEC is obligatory for making foreign bank transfers
• It is substantial for all parts of importers or exporters business.

When is IEC required?

• IEC Registration Online did to import and export goods. Passes vendor code details with the port through which the imported-exported take place. Vehicle goods is confined, IEC helps in import-export code without giving the total data trading can be done .
• Custom authorities will only clear your shipment as an importer if you have an IEC number.
• The bank needs IEC registration in order to send money abroad
• To make his shipments clear an exporter needs IEC registration at the custom port
• IEC registration is needed when an exporter receives payment in foreign currency directly into his bank account
• Only on the basis of IEC registration, the government of the other countries verifies the trader.

Benefits of IEC Registration In Delhi

Till now it is clear that Import Export Code is a ten-digit code which is essential for every business to obtain who wants to indulge in import-export activities. In India DGFT issues IEC. IEC Registration is the first thing that businesses need to import or export any item from India to some other nation. IEC registration paves the way for many new opportunities for the business personnel.

Here Are The Few Benefits Of Registration:

• Expansion Of Business : Business can expand in the global market and export goods, products outside the nation’s territory, create a name in the international market.
• Availing Several Benefits : IEC registration, businesses can enjoy several benefits given by Export Promotion Council, DGFT, and Customs.
• No Need Of Return Filing : IEC doesn’t include in the filing of return. Once IEC allocated, there isn’t any necessity to follow procedures for its legitimacy. In any event, of the export transaction, DGFT doesn’t order for filing any return.
• Hassle-Free Processing : Acquiring IEC from DGFT simple, get within a time of 10-15 days in the wake of the application. No evidence required for IEC Registration.
• Free For Lifetime : Once obtained IEC, can enjoy its validity till eternity, free for a lifetime plus there is no need for any renewal.
• Government Authorizes Proof : Import-Export Code provided by the DGFT. At the time of clearance of shipment, one can show this identity number.

Documents Required for IEC Registration

The documents needed for IEC registration are as follows:-

• Scanned copy of proof of incorporation/establishment/ registration for the specified entity. This supporting document is mandatory for Registered Society, HUF, Partnership, Trust, Others.
• Scanned copy of Photograph (Passport Size)
• Pan of company / individual / partnership firm / LLP
• ID proof of individual – Aadhar card, passport, voter id, Mobile no. and email-id
• You must have a Current or Savings bank account in a bank that contracts and transacts in Foreign Exchange.
• You should have a scanned copy of the rental/lease deed, sale deed, electricity/phone bill for address verification
• Submit the scanned copy of the RBI approval letter if an applicant Non-Resident Indian or Non-Resident interested in the Company/firm.
• Should have ‘Bankers Certificate’ in OR format, scanned copy of ‘Cancelled Cheque’ with Entity’s or Individual’s name pre-printed on it.
• You should have a ‘Debit/Credit card or Net Banking account’ for Online payment of Government Fees of Rs. 500/- only.
• In case company applicable, you must have the details of Proprietor and all partners in case of firm or Director
• The user should have an active Aadhaar or DSC of the firm’s member for submission.

If you want to get started with IEC Registration, reach out to Chartered Accountants from CA in Delhi ‘s homepage