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.
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.
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.
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:
Follow these steps for a hassle-free IEC registration:
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.
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.
Yes, for doing Import-Export businesses
Once you submit IEC online, it automatically generates and sends the certificate via email.
Yes, individuals acting as proprietors can obtain IEC.
Mandatory, with deactivation upon non-updation, subject to reactivation conditions.
Not compulsory; Aadhaar authentication is an alternative.
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.
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.
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.
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.
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.
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.
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
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.
In case your IEC code has expired, reactivation is possible through the renewal process. Prakasha & Co can assist you in navigating the reactivation procedure.
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
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