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Import Export

Import Export Registration Made Easy

In global world, to do the international trade, obtaining an Import Export Code (IEC) is an important step for businesses engaging in overseas transactions. At Prakasha & Co, we understand the significance of IEC in facilitating seamless imports and exports. Let’s delve into the essential aspects of IEC, demystifying the process for you.

Understanding the Import Export Code (IEC)

The IEC is a 10-digit unique pan linked code mandated for any business involved in overseas trade. It is approved by the Directorate General of Foreign Trade (DGFT), Ministry of Commerce, and serves as a prerequisite for both imports and exports.

When is IEC Required?

  1. Customs Clearance: Importers need IEC for customs clearance.
  2. Money Transactions: Essential for transferring money abroad or receiving foreign currency.
  3. Shipment Process: Required by customs ports for exporting shipments.
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Eligibility for IEC Registration

Any business entity, regardless of size, including sole proprietorship, partnership, private limited companies, and charitable organizations, can register for IEC. Personal use items not connected with trade, manufacture, or agriculture are exempt.

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Benefits of IEC Registration

Business Expansion: IEC opens doors to global markets, fostering business growth.

To ensure a smooth IEC registration process, you need to provide the following documents:

  • Copy of PAN Card (Individual/Firm/Company)
  • Voter ID, Aadhaar Card, or Passport Copy
  • Proof of Establishment, Incorporation, or Registration
  • Proof of Business Premises Address (e.g., Electricity Bill)
  • Cancelled Cheque Copies of Current Bank Accounts

Follow these steps for a hassle-free IEC registration:

  1. Visit the  DGFT website.
  2. Navigate to IEC Code Registration.
  3. Register by providing necessary details.
  4. Enter OTPs received on email and mobile.
  5. Upon successful validation, receive a temporary password.
  6. Apply for IEC and change the password on the first login.

Typically, it takes 1 day to obtain the IEC. However, in some cases, final approval may extend the process to 1-5 working days.

IEC Code Registration Fees: Rs. 500 Only

The IEC code is a mandatory in international trade, and we recognize its significance. Government fee for obtaining the IEC code is a nominal Rs. 500, making it accessible for businesses of all sizes.

Professional Fees

We charge an extra fee for our expert help during the registration process, in addition to the IEC code registration fee. Our team of Chartered Accountants, Advocates, and Company Secretaries ensures a smooth and compliant registration journey.

Digital Signature Certificate (DSC) Cost (if applicable)

While a Digital Signature Certificate (DSC) is not compulsory if aadar and pan of the applicant matches, If any mismatch on the name, then we will process the application through DSC, the associated cost will be added separately to ensure transparency in your financial planning.

  1. Our experts have extensive knowledge in business law, company law, and taxation. They will ensure your IEC registration meets all legal requirements.
  2. Clear Pricing: We believe in clear communication, and our fees show our dedication to affordable, high-quality services.
  3. Efficient Process: With our assistance, the IEC registration process becomes efficient, saving you time and effort
  1. Is IEC Mandatory?

Yes, for doing Import-Export businesses

  1. IEC Processing Time?

Once you submit IEC online, it automatically generates and sends the certificate via email.

 

  1. Can Individuals Obtain IEC?

Yes, individuals acting as proprietors can obtain IEC.

  1. IEC Profile Annual Update?

Mandatory, with deactivation upon non-updation, subject to reactivation conditions.

  1. Is Digital Signature Certificate (DSC) required?

Not compulsory; Aadhaar authentication is an alternative.

  1. When is the IEC Code Renewal Due Date?

The IEC code renewal is due on 30th June of every year. It is essential to ensure timely renewal to avoid any disruptions in your import-export activities.

  1. What happens if I miss the IEC Code Renewal Deadline?

Failure to renew the IEC code by the specified date may result in its deactivation. It’s crucial to adhere to the renewal timeline to maintain the active status of your IEC.

  1. Are there any Filings Required for IEC Code Renewal?

Yes, the renewal process may involve submitting certain documents or information to validate and update your IEC details. Prakasha & Co can guide you through the required filings to ensure a smooth renewal process.

  1. Can I Renew my IEC Code on my Own?

Yes, individuals and businesses can initiate the IEC code renewal process independently. However, seeking professional assistance from Prakasha & Co ensures accuracy and compliance with the necessary procedures.

  1. Are there Any Changes in the IEC Code Filings During Renewal?

The renewal process may require updates or modifications to your IEC profile. Our team can assist you in managing these changes, ensuring that your information is current and aligned with regulatory requirements.

  1. What are the Consequences of Not Renewing the IEC Code?

Failure to renew the IEC code within the stipulated time may lead to deactivation. Reactivation is possible upon successful renewal, but it is crucial to address any compliance issues promptly.

  1. Can Prakasha & Co Assist in IEC Code Renewal?

Yes, Prakasha & Co provides professional assistance in the IEC code renewal process. Our team can guide you through the required steps, document submissions, and ensure compliance with the renewal regulations

  1. Are Digital Signatures Required for IEC Code Renewal?

As of now, a Digital Signature Certificate (DSC) is not mandatory for IEC code renewal. The renewal application can be processed through other authentication methods.

  1. Is it Possible to Renew an Expired IEC Code?

In case your IEC code has expired, reactivation is possible through the renewal process. Prakasha & Co can assist you in navigating the reactivation procedure.

  1. What Other Procedures are Involved in IEC Code Renewal? –

Renewing an IEC code involves updating business information, confirming compliance with trade policies, and verifying details. The process may include these steps. Our experts can guide you through these procedures for a seamless renewal experience

 

Conclusion

At Prakasha & Co, we recognize the pivotal role IEC plays in international trade. Our commitment is to simplify the registration process, ensuring your business seamlessly navigates the global market. For further assistance, contact us at 7019827351

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