If you want to extend the business model beyond the domestic market then you would have to abide by the prescribed laws and obtain the Import Export Code from DGFT (Directorate General of Foreign Trade).
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About this Plan
If you are looking to expand your business through export or import then it is mandatory for you to obtain IEC (Import Export Code) from the DGFT (Directorate General of Foreign Trade). Import Export Code is a 10 digit code which is valid throughout the life. Without obtaining IEC (Import Export Code), import-export activities cannot be carried out.
Srafting of Necessary Documents
Filing of application for Import Export Code
Issuance of Import Export Code
Who should go for it?
If your business is not making money and it is in loss from some years then business owner has the option to proceed for winding up of a company. There are two modes of winding up of a company:
Import Export Code is asked by the customs authorities at the time an importer has to clear his shipments from the customs.
In case importer has to send money outside India through banks then banks ask for Import Export Code.
Custom port asked for the Import Export Code (IEC) when exporter has to send his shipments.
Import Export Code (IEC) is asked by the bank in case an exporter receives money directly into his bank account in foreign currency.
For Import Export Code, an application shall be filed with the respective Regional office of DGFT in the specified format Aayaat Niryaat Form 2A (ANF-2A).
In the next step, a collection of all the necessary documents will be done for filing Form ANF- 2A.
After completion of all the necessary formalities, the application shall be filed with DGFT using DSC (Digital Signature Certificate) along with the requisite fees for the IEC Registration.
After completion of the above-mentioned steps, the government will issue Import Export Code (IEC) in a soft copy.
Frequently asked Questions
Q1. Documents Required ?
Copy of the PAN of the applicant
Copy of the Aadhar Card/ Passport/ Voter Id of the applicant
Copy of the cancel cheque of the current bank account
For address proof, a copy of the rental agreement or utility bill in respect of the premise
A statement in relation to pending litigations (if any)
Q2. What are the prime benefits of Import Export Code?
There are following benefits of Import Export Code registration:
Avail Government Benefits
Avail Government Subsidies
In certain cases, traders having GST registration are exempted from obtaining Import Export Code:
a.Import/export activities have been carried out for personal use and
b.Import/export by the govt. department or notified in this regard.
Q3.How long it will take to obtain the Import Export Code (IEC)?
One can obtain Import Export Code within a week of filing an application with DGFT.
Q4.What are the penalty provisions in case the Import Export Code (IEC) is not obtained?
You will not be eligible for the benefits in case you don’t apply for IEC registration. However, there are no such penalty provisions.
Q5.What are the post compliances after obtaining Import Export Code (IEC)?
Once the Import Export Code (IEC) is obtained, it shall be for the lifetime and no such compliances are required after obtaining IEC.
Q6.Can I apply for modification in IEC license?
Yes, you can apply for modification in your IEC license online on the website of DGFT. For this purpose, you need to submit necessary documents along with the requisite fees for IEC modification.
Q7.Can I apply for duplicate IEC Certificate online?
If you have applied for Import Export Code online through the new process then IEC certificate can be downloaded at any time using login credentials. However, if you have applied for IEC physically then you would have to resubmit all the documents with DGFT and they will issue a new certificate.
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