Complete Guide On Import Export License Registration Online
The Foreign Trade (Development and Regulation) Act 1992 governs the import and export of goods in India. Additionally, it helps the government set the necessary policies for importing and exporting goods.
Usually, there are multiple processes involved in the import and export license registration process, including evaluating the import-export documents, paying taxes, verifying the licence, and inspecting the goods that will be imported or exported.
IEC is a ten-digit unique code given to companies that permit imports and exports. The Directorate General of Foreign Trade (DGFT) assigns the code to the applicants.
Must Read – Tips on Bettering Your Skills As Stock Broker
The import-export licence online application process includes one-time registration and lifetime validity. With the help of an import-export license online registration application and a minimal set of supporting documents, the process for import-export licences registration has become easier.
In this article, we will discuss in detail the steps involved in an import-export licence registration, the documents needed, the requirements for eligibility, and the advantages of import-export license registration.
What is an Import-export License Registration?
When considering importing or exporting from India, one of the requirements is an Import-Export licence registration. It also goes by the name Importer-Exporter Code. Anyone wishing to begin their import/export firm in the nation must have an import-export license registration.
Who is required to submit an import-export license online application?
The following situations need an import-export licence online application:
- It is a must for any organization wanting to import and export business from India.
- If a service or technology provider receives benefits under the Foreign Trade Policy, they must register their IE codes.
How to apply for an export-import license online application?
The procedure to apply for an import-export license online is as follows:
- Visit the DGFT website in the first step.
- On the home page, a tab labelled “Services” will appear.
- Pick “IEC Profile Management” from the drop-down option.
- A new page will appear. Select the “Apply for IEC” link on the website.
- “Register” can be chosen from the menu. After providing the required data, click the “Sent OTP” button.
- To register, click the “Register” button after entering the OTP.
- After the OTP has been successfully validated, you will receive a message with the temporary password, which you can change after you’ve logged into the DGFT website.
- After import export license registration there, enter your username and password to access the DGFT website.
- On the DGFT website, choose “Apply for IEC” from the drop-down menu.
- When you have completed the application form (in ANF 2A format), uploaded the needed documents, and paid the appropriate fees, click the “Submit and Generate IEC Certificate” button.
- The DGFT will generate the IEC code. You can print a copy of your certificate when the IEC code has been generated.
Must Read – 5 Ways Voice Broadcasting Can Engage Business Customers
What are the documents required for the import-export license online application?
Following are the documents required import export license online application:
- A void check, a PAN card, or a bank document
- Proof of address Aadhar card or other identity proof
- Digital picture
- The most current telephone/electricity bill, the rental/lease contract, or the sale deed if the business location is privately owned.
- Printed copies of partnership contracts (in case of a partnership)
- A declaration of incorporation (in the case of a private limited company, LLP)
- Registrable copy of the Trust Deed or Society Certificate ( in case of a trust )
Eligibility criteria for import export license registration
Regardless of size, any business registration, including sole proprietorships, partnerships, private limited companies, and charitable organizations engaged in importing and exporting goods, may apply for an import-export code. An import export license registration is not necessary for the import or export of products intended for personal use that are unrelated to commerce, manufacturing, or agriculture. There is no need for an establishment of a business.
What are the benefits of import-export license registration?
The benefits of import-export license registration are:
By applying for import-export licence registration, you can expand the scope of your business. Outside of India, you can import and export to increase your chances of success. Doing this will enhance your company’s reputation and develop business ties with other countries.
Obtaining the import-export licence registration from the DGFTis incredibly easy and takes only 10 to 15 days after applying. No export or import documentation is necessary to receive an IEC code.
Must Read – 5 Things to Know Before Starting a Private Equity Fund
No Annual Compliance:
After registration, the import-export licence registration is permanent. Thus there is no need to reapply or renew it. As long as your business is open, a perpetual licence is appropriate.
If you decide not to use the import-export license registration or continue operating the business, you must notify the DGFT via a written application.
An import export license registration is a lifetime registration that will never expire. It remains in effect so long as the company is still in operation or the registration hasn’t been cancelled or abandoned. It will, therefore, not be challenging to update, file, and renew the IEC registration.
Contact Lawgical India for additional details on online applying for import-export licence registration.