Know The Benefits and Eligibility Criteria of import-Export Code

Know The Benefits and Eligibility Criteria of import-Export Code The director-general of foreign trade issues the import export code registration, or IEC, which is a special 10-digit number. Any company wishing to conduct import and export business in India must first obtain this licence. A company must comply with a few requirements and go through a specific procedure in order to receive this IEC licence. A few rules for Import Export Code registration India must be followed by businesses.

Benefits of getting Import Export Code Registration ●

Businesses will be able to enter international markets with the assistance of the distinctive IEC code they receive through import export code registration India.

●

Government programmers like the Merchandise Export from India Scheme (MEIS) and the Service Export from India Scheme are available to businesses having importexport codes (SEIS).

●

With a few basic paperwork, import export code registration can be achieved. After submitting your application through online IEC code registration India, you will receive the code in 1 to 2 days.

●

Even if you carry out any import/export transactions after acquiring IEC code registration, there is no requirement for compliance or to file any returns. It does not require any upkeep.

●

A genuine ID proof that allows you to conduct business freely once you have obtained an IEC licence.

Eligibility Regardless of the size of the company, any business—partnership firm, sole proprietor, or corporation—that wants to conduct international commerce needs to register for an IEC code online in India. However, since there is no trading taking place whether you import or export for personal use, agriculture, or manufacturing, IEC is not necessary.

When do you need an import / export business licence? ●

If your company wants to engage in any import- or export-related activity, you should obtain IEC

●

When your company seeks benefits and subsidies from Customs, the Export Promotion Council, and the DGFT.

●

If your company must release shipments from customs

●

Banks require you to produce an IEC licence in order to open an account for your company if the businesses are sending money outside of the country.

●

If your company exports goods and receives payment from a foreign nation as part of the deal.

Process of registering with Import Export Code ●

You must complete the application in the correct format and submit it to the local DGFT regional office in order to receive IEC for the business.

●

You must provide the bare minimum of required papers, including evidence of your identity, legality, and residence, as well as your bank information. In this regard, you may have gathered documents such as the PAN of an individual or business entity, identity documentation such as an Adhar card, voter identification, or a passport, the address of the business establishment with supporting documentation (such as a rental agreement or an electricity bill), information about business registration, and a current account check that has been voided.

●

When you have finished filling out the form and attaching the essential documentation, you must file it with DGFT and pay the requisite amount to receive online IEC code registration India.

●

IEC code will be issued in a soft copy by the Indian government once your application has been processed in full.

Exemptions of IEC licence ●

If you import or export items for personal use only and do not engage in any commercial trade, you do not need to obtain an IEC licence.

●

If the consignment value is up to a predetermined limit and you import or export goods through Nepal or Myanmar through the Indo-Myanmar border zones, you do not need an IEC licence.

●

Ministers and central government departments handle export and import.

Benefits of IEC for Business Easy Registration Process An online registration procedure for ICE has been launched by the Directorate General of Foreign Trade (DGFT). Both registered and unregistered organisations can apply for the permit and get the code in 10 working days. You won't need to be concerned about a different IEC code if you have already registered for GST. Your GSTIN will be used as an identifier at the exchange level.

Advantages of Government Scheme IEC Code registered business enterprises would be eligible for rewards in the form of subsidies or other benefits announced by the Export Promotion Council, Customs, or other organisations. After registering a letter of undertaking under GST, exporters are able to make exports without paying taxes. The exporter is entitled to a refund of the taxes paid if taxes were paid on the shipments.

Exploring global markets The registration of import and export codes is the best and most important benefit for your business. By doing this, you'll be able to connect with more nations and broaden your influence internationally. Additionally, it will considerably speed up your growth. It opens up a world of opportunities for your business and for you personally.

There is no requirement for annual maintenance After you obtain your import and export codes, there are no ongoing monthly or annual maintenance fees. The registration is valid for the entire time that your business is in operation and is non-transferable. There is no requirement to schedule any reminders for IEC Code filing and renewal as a result.

Registration based on PAN The Permanent Account Number of the commercial entity is used to generate the Code. As a result, a single company organisation may only need to register once. Registration is not required depending on the location of the business. When a business is dissolved, the registration is revoked or given up.

Every corporate body seeks IEC Registration in this era of globalisation in order to extend its operations abroad. Business owners seek to expand their company to a global level by obtaining the Import Export Code registration through appropriate compliances and procedures.