The abbreviation EC stands for Import Export Code. All exporters and importers must use the code, which is a ten-digit alpha numeric number. It’s crucial to keep in mind that the Import Export License is exclusively for products and services. The Director-General of Foreign Trade has the power to issue the code. In addition, all persons and/or firms participating in export and import would need an IEC. A select groups, however, are exempt from needing to use this code, according to DGFT. As a result, all small business merchants must register with the IEC online.
Steps to get IEC Online Registration : Obtaining Import Export License
Step 1: Fill application to obtain an Import Export Code.
To get a code, an application in the Aayaat Niryaat Form 2A format must be submitted to the DGFT in the area where the company’s registered office is located. Import Export Codes can also be obtained using the government’s online filing system.
To get a code, an application in the Aayaat Niryaat Form 2A format must be submitted to the DGFT in the area where the company’s registered office is located. Import Export Codes can also be obtained using the government’s online filing system. Take advantage of the services offered by today’s Online Ca.
Step 2: Gathering the necessary paperwork for IEC Online Registration
Information about the company, its owners, administrators, or partners, as well as its bank account. ANF 2A also requires a bank certificate as a primary requirement. All necessary papers for an Import Export License must be supplied to ANF 2A. A DSC and Adhaar OTP are required on the ANF2A form.
Step 3: Paying the money for the Import Export Code
Once the form is completed, it must be submitted to DGFT, along with a governmental administrative charge. It’s possible that your application will be sent back to the IEC department for correction. The DGFT gives you 15 days to react.
Step 4: Import Export Code License Issuance
Once your company has been fully confirmed by the department, the Directorate General of Foreign Trade will assign it an IE Code. Both soft and hard copies of this Internet Explorer code can be found. The softcopy will be sent to you through email, and you can use it to start the import-export procedure.
Import Export Code and Import Export License Validity
The IEC Online Registration is a continuous procedure that lasts a year, and it is now required to update IEC on an annual basis starting of July 21, 2018. As a result, it will be simple to update, submit, and renew your IE Code registration. It is valid until the company goes out of business or the registration is cancelled or withdrawn. Furthermore, unlike tax registrations such as GST or PF, the importer or exporter is not required to file any paperwork or adhere to any other compliance obligations, such as annual reporting.
Because IE code registration is one-time and requires no additional agreement, it is permissible for all corporations and limited liability partnerships to obtain an IE code after their formation.