Showing posts with label IEC Registration. Show all posts
Showing posts with label IEC Registration. Show all posts

What is Import Export License fee?


If you intend to start an import and export business in India, then the first thing you are required to do is to procure IEC registration. In fact, it is mandatory when your import or export business is related to services or the latest technologies.
Now that you have planned to obtain the IEC license before commencing import or export business, then you must be willing to know the IEC registration fee. We will definitely, discuss that too but before that, it's essential to discuss the benefits of obtaining IEC license and the documents required for the same. So don't go anywhere, keep reading.

Benefits of obtaining Import Export License

There are a plethora of benefits that businesses can avail by obtaining Import Export Code. Generally, import export code is a 10-digit number which issued to any person or company by the Director General of Foreign Trade (DGFT), part of the Ministry of Commerce and Industry so that he may carry his Import Export business in India smoothly.
Below find the benefits of IEC registration:
·         Helps to widen the business: With IEC license, people can easily extend their business and its products or services to the global market.
·         No return filing: One of the biggest advantages of IEC is that it doesn't call for any filing of returns. You won't require any follow-up for sustaining its validity, once you have obtained IEC code.
·         Various embedded benefits: With IEC registration, businesses can avail various benefits on import and export from the DGFT, Export Promotion Council.
·         No need for license renewal: IEC code holds validity for a lifetime. Therefore, once you have obtained the IEC license, you don't need to renew it again.
·         Easy and timely processing: Once you have submitted the application, you don't have to wait for months. You will get your IEC code from the DGFT within just 10-15 days of the application submission. Moreover, you won't have to provide any proof for import and export for getting the IEC license.

Documents required for IEC Registration

There are just a few documents required for obtaining an IEC license. They are as follows:
ü  Scanned copy of the PAN card;
ü  Scanned copy of the Aadhaar card or Election ID card or Driving license;
ü  One canceled cheque of current bank account;
ü  Electricity bill or water bill or utility bill;
ü  Rent agreement of the registered address or electricity bill of the premise.

Import Export License Fee

Before applying for IEC license, you must ensure that you're eligible for it. If you're eligible, then you can submit an application with the Directorate General of Foreign Trade (DGFT). You will receive the IEC code within 10 to 15 days of the form submission. The import-export license fee that we charge is only Rs. 2499 which is pretty less as compared to our competitors.
Therefore, if you're looking to get IEC registration in India done at a fairly low price, then contact Enterslice. Our experts will guide you throughout the process and get the registration done without any hassle. 
Source url - https://entersliceindia.carbonmade.com/blog/6631084382926929933



How to Apply for Import Export Code Registration


Importer Exporter Code (IEC) is basically import export license granted by the Directorate General of Foreign Trade (DGFT). Any person or body corporate who is willing to expand their business and explore the international market, are required to acquire IEC.
Anyone can make an application to the DGFT directly along with the necessary documents or one can apply for IEC code online and digitally attached all the required documents there.
It is a very basic registration and government fee charged for IEC is also very minimal. As one is only required to pay 500 rupees for the same.
Who can apply for IEC
Anyone engaged in any business, agriculture, manufacturing etc. can apply for Importer Exporter Code. Such person can be any of the following:
-          Individual / Proprietor
-          Partnership Firm
-          LLP
-          Private/ Public Limited Company, or any other entity.
Features of IEC
1.      It is mandatory to apply for IEC before initiating import/Export. There is no concept of provisional registration for Importer Expo
2.      IEC has lifetime validity, it does not have an expiry date unless surrendered.
3.      IEC will be valid for all the divisions / units/ factories/ branches which are mentioned at the time of application. There is no need to acquire different IEC for different units or branches.
Is IEC mandatory for import/export
No, it is not a mandatory requirement to apply for IEC, there are certain exemptions to the same. Following are a few scenarios when it is not mandatory to get IEC registration:
Scenario 1: When we say that before importing and exporting you are required to apply for Import Export Code, it does not mean that all kinds of import / export attract this requirement. If the import or export is of personal nature and is not associated to any business, agriculture, manufacturing activity etc. then in such cases there is no liability to apply for IEC beforehand.
Scenario 2: If any import or export is affected by any government departments, ministries or any other notified charitable organizations, then they are not required to apply for IEC registration.
Source url https://entersliceindia.it.gg/How-to-Apply-for-Import-Export-Code-Registration.htm

Expanding your business globally by importing and exporting goods and services?


Stuck with the compliances, permissions, license from the government?
There are various compliances for doing the same under different laws but herein this article we will discuss on import and export code registration i.e., obtaining IE Code
What is import export code?
It is a 10-digitunique code required to be obtained from Directorate General of Foreign Trade (DGFT) under Ministry of Commerce and Industry, Government of India with a permanent validity for taking your business at a global level.
WHO IS REQUIRED TO APPLY FOR IE CODE REGSITRATION?
In case of import:
1.      When the importer has to clear his shipment from the customs, the custom authorities require IE code
2.      When the importer deals with the bank for the payment of money, Banks require IE code
In case of export:
1.      When an exporter sends the shipment. It is required by the custom port
2.      When an exporter receives money in foreign currency in his bank account, it is required by the Banks
WHO IS EXEMPTED FROM OBTAINING IE CODE?
Persons / Organizations dealing in Import & Export would require to apply for Import Export Code (IEC) registration. But there are some categories defined by DGFT, which are exempted from taking this code.
1.      When the import/ export is done for the personal use and not for the commercial purpose.
2.      When the import/ export is done by the government department and notified charitable organizations.
Note: In case of import or export of services or technology IEC registration is necessary only when the service or technology provider is taking some benefit granted under the foreign trade policy to them or is dealing with specified services or specified technologies.
WHO IS REQUIRED IE CODE?
1.      Individuals
2.      Proprietorship firm
3.      Partnership firm
4.      LLP
5.      Company
6.      HUF
7.      Government undertaking
8.      Registered trust and society
9.      Other entity
DOCUMENTS REQUIRED FOR IEC REGISTRATION
§  PAN issued by Income Tax Authorities.
§  passport Size photograph of the applicant
§  Banker’s certificate in the specified format
PROCESS FOR IEC REGISTRATION
1.      For filing the application you need Class 2 or class 3 Digital signature of the authorized person
2.      Attachments with the application like PAN Card of applicant, passport Size photograph of the applicant and cancelled cheque/Bank certificate required. If the applicant is NRI, RBI approval letter needs to be mandatorily attached.
3.      Visit the website of DGFT and login by entering the PAN. After completion of the process of entering OTP sentto mobile and e-mail, fill up the application and upload the documents.
4.      After successfully filling of application attach DSC of the applicant and submit the same along with the fees prescribed by the government.
5.      Generally, IEC Certificate is issued within 2-3 business, if no discrepancy is found in the application.
CHANGES IN IEC WITH THE INTRODUCTION OF GST
With the Implementation of GST, Government of India through DGFT, in its effort for ease of doing business in India and keeping the identity of person uniform, vide its notification dated 12th June 2017, notified that any person having GSTIN can import or export, into or from India,by declaring the GSTIN at the time of import or export.
Additionally, for the entities who are not registered under GST because of its threshold limit, may use their PAN as their IECfor which application should be made to DGFT for authorizing PAN of Applicant as IEC.
Further, for the existing IEC holders, necessary changes in the system are being carried out by DGFT so that their PAN becomes their IEC. So, IEC holders are supposed to quote their PAN for all the documentation done w.e.f,12th June 2017.
Source url - https://entersliceindia.wixsite.com/mysite/blog/expanding-your-business-globally-by-importing-and-exporting-goods-and-services

Do you want to expand your business globally by import and export your goods and services?


But stuck with the compliances, permission and license from the government. No doubt there are various compliances for doing the same under different laws but here we will provide you with the information related to IEC Registration Code required for import/ Export. It is a 10-digit code required to be obtained from Directorate General of Foreign Trade (DGFT) under Ministry of Commerce and Industry, Government of India for taking your business at a global level.
CIRCUMSTANCES WHEN IE CODE IS REQUIRED
In case of import:
1.      When the importer has to clear his shipment from the customs, the custom authorities require IE code
2.      When the importer deals with the bank for the payment of money, Banks require IE code
In case of export:
1.      When an exporter sends the shipment. It is required by the custom port
2.      When an exporter receives money in foreign currency in his bank account, it is required by the Banks
Circumstances When IEC Registration is not required
1.      When the import/ export is done for the personal use and not for the commercial purpose.
2.      When the import/export is done by the government department and notified charitable organizations.
WHO ALL CAN OBTAIN IE CODE?
1.      Individuals
2.      Proprietorship firm
3.      Partnership firm
4.      LLP
5.      Company
6.      HUF
7.      Government undertaking
8.      Registered trust and society
9.      Other entity
WHAT IS THE PROCESS FOR OBATINING IE CODE?
1.      For filing the application you need Class 2 or class 3 Digital signature of the authorized person
2.      Arrange the PAN Card of Individual/firm/company/any other legal entity, passport Size photograph of the applicant and cancelled cheque/Bank certificate. If the applicant is NRI, RBI approval letter needs to be mandatorily attached.
3.      Visit the website of DGFT and login by entering the PAN. After completion of the process of entering OTP sent to mobile and e-mail, fill up the application and upload the documents.
4.      After successfully filling of application attach DSC of the applicant and submit the same along with the fees prescribed by the government.
5.      Generally, IEC Certificate is issued within 2-3 business, if no discrepancy is found in the application.
With the Implementation of GST, Government of India through DGFT, in its effort for ease of doing business in India, vide its notification dated 12th June 2018, notified that any person having GSTIN can import or export, into or from India, by declaring the GSTIN at the time of import or export.
Additionally, for the entities that are not registered under GST because of its threshold limit, may use their PAN as their IEC for which application should be made to DGFT for authorizing PAN of Applicant as IEC Registration. Further, for the existing IEC holders, necessary changes in the system are being carried out by DGFT so that their PAN becomes their IEC.

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