Advantages of IEC
Process of IEC Registration
There are generally no compulsory registrations required to be taken by the Sole Proprietor. However, following voluntary registrations may be taken if the owner wishes to expand the business:
Application for the IEC needs to be made online on the DGFT portal. Offline application can be filed in the format of Aayaat Niryaat Form 2A to the DGFT in the region in which registered office of the company is established (Regional Office of DGFT).
- Details of the business and its proprietors, directors or partners, bank account details and a bank certificate are required for ANF 2A.
- All the required documents with respect to identity, business and address proof along with the bank details need to be submitted with Form ANF 2A. After completing the application, it needs to be filed with the DGFT using Digital Signature Certificate (DSC) on payment of the prescribed fees.
The application may be sent back for correction/change. The reply needs to be submitted within 15 days of receipt of application for correction.
After verification by IEC Department, DGFT will allow IEC for the business. It comes in soft as well as hard copy.
Documents required for IEC Registration
ID Proof and Photo
ID Proof and Photo – Copy of ID Proof (PAN Card, Aadhaar Card, Voter ID Card) and passport size photograph of the person who is authorized to file IEC application.
Letter authorizing a person
Letter authorizing a person to file IEC Application, in case of Partnership Firms.
Authority from Other Directors
Authority from Other Directors on the Letter Head, in case of Company.
Copy of Business Proof
Copy of Business Proof (Partnership Deed, Certificate of Incorporation, Registration Certificate).
Cancelled Cheque of the entity bank account
Copy of Address Proof – Sale deed in case the premises are self-owned, Copy of Latest Electricity or Telephone bill along with the copy of Rent Agreement or Lease Deed if the premises are rented
- Who should get IEC Registration done?
Any person who is indulged into importing or exporting goods and services to and from India is required to get itself registered under IEC. A person who proposes or intends to make exports or imports at a later date may also get itself registered.
How StartUp Movers can help you?
HOW STARTUP MOVERS CAN HELP YOU?
- Applying for IEC
- Procuring DSC
- Obtaining IEC
- Replying to department clarifications
- Availing various export benefits
Frequently asked questions
No tax is levied on IEC. Customs duty may be levied depending on the category of the products imported or exported.
Since IEC is not a mandatory registration except for the importers and exporters, there is no penalty for not having IEC.
Modification can be made online in the IEC application. It requires resubmission of application with the DGFT with all the required documents. IEC Modification fees also needs to be submitted with the department.
If the IEC Certificate has been taken in the process of e-IEC, then the certificate can be downloaded anytime by login to the IEC portal with the username details. In case of availing IEC using physical process, application for e-IEC needs to be made again with all the documents and DGFT shall provide a certificate in new online format.
After submission of all the requisite documents, IEC is allotted by the DGFT in 5-10 days. It is not necessary to show proof of any export or import to obtain IEC.
IEC is only a license permitting the import and export of goods. Therefore, no return is required to be filed under IEC code.