Import Export Code
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Import Export Code
In this age of cut-throat competition, everyone wants to grow their business beyond the limits of the domestic market. However, doing business globally isn’t just a cup of tea for everyone. Before going global, you need to follow several procedures and laws in place and get different registration and license. IEC (Import Export Code) license is one of such prerequisites when you’re thinking of importing or exporting from India. It is also known as Importer- Exporter Code.
IEC (Import Export Code) is required by anyone who is looking to kick-start his/her import/export business in the country. It is issued by the DGFT (Director General of Foreign Trade). IEC is a 10-digit code which has lifetime validity. Predominantly importers merchant cannot import goods without the Import Export Code and similarly, the exporter merchant cannot avail benefits from DGFT for the export scheme, etc. without IEC.
STEPS INVOLVED IN IEC (IMPORT/EXPORT CODE) REGISTRATION
Step 1: Application Form
First, you need to prepare an application form in the specified format – Aayaat Niryaat Form ANF-2A format and file it with the respective Regional office of DGFT.
Step 2: Documents
Secondly, you need to prepare the required documents with respect to your identity & legal entity and address proof with your bank details & the certificate in respect of ANF2A.
Step 3: Filing Application
Once your application is completed, you need to file with DGFT via DSC (Digital Signature Certificate) and pay the required fee for the IEC Registration.
Step 4: IEC Code
Finally, once your application is approved then you would receive the IEC Code in a soft copy from the government.
Documents required by different entities for IEC (Import Export Code) Registration
Sole Proprietorship:
- Digital photograph (3*3) of proprietor
- Copy of pan card of the proprietor
- Copy of passport/voter id/driving license/UID
- If the business is self-owned, then sale-deed
- If the business is rented, then rental/lease agreement
Partnership Firm:
- Digital photograph (3*3) of the managing partner
- Copy of partnership deed
- Copy of passport/voter id UID/driving license/PAN of the managing partner signing the application
- Sale-deed, in the case of self-owned business
- If the business is rented, then rental/lease agreement
- Bank certificate as per ANF 2A/ Cancelled cheque bearing blueprinted name of the applicant entity and A/c no.
LLP:
- Digital photograph (3*3) of the designated partner/director of the company signing the application
- Applicant’s copy of pan card
- Copy of passport/voter id UID/driving license/PAN of the managing partner/director signing the application
- Sale-deed, in the case of self-owned business
- If the business is rented, then rental/lease agreement
- Bank certificate as per ANF 2A/ Cancelled cheque bearing blueprinted name of the applicant entity and A/c no.
Trust:
- Digital photograph (3*3) of the secretary/chief executive/signatory applicant
- Registration certificate of society/copy of the trust deed
- Copy of passport/voter id UID/driving license/PAN of the managing trustee/chief executive signing the application
- Sale-deed, in the case of self-owned business
- If the business is rented, then rental/lease agreement
- Bank certificate as per ANF 2A/ Cancelled cheque bearing blueprinted name of the applicant entity and A/c no.
HUF:
- Digital photograph (3*3) of the Karta
- Copy of pan of Karta
- Copy of passport/voter id UID/driving license/PAN of Karta
- Sale-deed, in the case of self-owned business
- If the business is rented, then rental/lease agreement
- Bank certificate as per ANF 2A/ Cancelled cheque bearing blueprinted name of the applicant entity and A/c no.
ADVANTAGES OF IEC REGISTRATION
- Expansion of Business – IEC assists you in taking your services or product to the global market and growing your businesses.
- Availing Several Benefits – The Companies could avail several benefits of their imports/ exports from the DGFT, Export Promotion Council, Customs, etc., on the basis of their IEC registration.
- No Filing of returns – IEC does not require the filing of any returns. Once allotted, there isn’t any requirement to follow any sort of processes for sustaining its validity. Even for export transactions, there isn’t any requirement for filing any returns with DGFT.
- Easy Processing – It is fairly easy to obtain IEC code from the DGFT within a period of 10 to 15 days after submitting the application. There isn’t any need to provide proof of any export or import for getting IEC code.
No Need For renewal – IEC code is effective for the lifetime of an entity and requires no renewal. After it is obtained, it could be used by an entity against all export and import transactions.
MSME REGISTRATION FEES
The MSME Registration can be obtained by applying only on the Udyam portal. There are no fees charged for filling and submitting the MSME registration form. The MSME registration is totally free on the Udyam portal.
MSME REGISTRATION CERTIFICATE
After submitting the MSME registration form online, a message of successful registration with a reference number will appear. The Ministry of MSME will issue the Udyam Registration certificate or MSME certificate to the email ID of the entrepreneur after verification of the registration form submitted on the portal.
GET MSME CERTIFICATE ONLINE
The entrepreneurs can also download the MSME certificate online by visiting the Udyam Registration portal. The process to get the MSME registration certificate online is as follows:
- On the homepage of the portal, the entrepreneurs have to click on the ‘Print/Verify’ tab and click on the ‘Print Udyam Certificate’ option.
- The next page will open where the entrepreneurs have to enter the Udyam Registration Number, mobile number, choose the OTP option and click on the ‘Validate and Generate OTP’ button.
- Enter the OTP received on the mobile number or email ID and click on the ‘Validate OTP and Print’ button.
The MSME registration certificate will appear and you can print the MSME registration certificate from the page. An entrepreneur can check the MSME registration number from the reference number given after the submission of the MSME registration form.
For getting the MSME registration number, an entrepreneur needs to click on the ‘Verify Udyam Registration Number’ option under the ‘Print/Verify’ tab on the homepage. A new page will open and the entrepreneurs have to enter the reference number, captcha code and click on ‘Verify’ button. The details of the MSME along with the MSME registration number will appear on the screen.
Advantages of MSME Registration
- Cheaper bank loans: The rate of interest on loan offered to MSMEs is 1-1.5% lower compared to typical business loan interest.
- Easy access to credit: PM Modi has introduced the Mudhra Loan scheme, which provides loans to MSME / SSI without collaterals.
- Quicker approvals from state and central government bodies: Businesses registered under MSME are given higher preference in terms of government license and certification.
- Tax rebates: MSME / SSI registered businesses enjoy multiple income taxes and capital gains tax subsidies from the government.
- Cheaper infrastructure: Charges are lower for MSME registered company for facilities such as electricity and VAT exemptions. In fact, other business services such as patents are also cheaper for MSMEs.
- Access to tenders: There are multiple government tenders which are open only to MSMEs to promote small business participation in the India.
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