Import Export business has started gaining its importance from the last few years, and today, the numbers of International traders are increasing in India. In order to start your own Import Export business, you need to get the Import Export License, which is only possible after IEC registration online (IEC).
Without the Import Export Code or License, you cannot begin your trade. It is one of the most vital requirements for any business owner in India. In short, it is the key to start your own business and begin your journey towards the most profitable segment in India. Irrespective of the product, you are willing to import or export outside of/from India, you cannot begin the trade without an Import Export License.
The first benefit is literally gaining your license for beginning your trade. With it, it helps your business with International networking and expansion. It helps your brand in getting global exposure. Also with the successful registration for the Import Export Code, your business gets easy customs clearance and other legal benefits for the effortless trade. Once the IEC code is registered with the government of India, the business owner doesn’t need any filing of returns or renewal. In fact, the entire processing is quick, and you receive the Import Export License within 15 days from the date of application.
Procedures that you require to follow for the Registration
First of all, you need to submit the form 2A mentioned to the department of DGFT of the respective place about the registered office of that company. You can also apply online as organized by the government of India.
All the details right from the director of the company, proprietorship banking details such as account name, other facts like the certificate of the bank should be provided along with the ANF2A. But do make sure to put the digital sign on the ANF2A form.
Once you are done with the application, you need to apply to the department of DGFT. And also, do pay the fees for the application to the Government. In the meantime, verifications will follow and in case of any change, the government will ask to rectify and revert within 15 days to the DGFT.
As the Government of India ends up with the verification process, they will issue the IEC registration in India. The applicant will receive both the soft and hard copies of the generated code. Upon receivable of the applicant can start the trade with the assigned IEC.
Documents needed to have the code
These are some of the significant facts that we have tried to include in its article regarding the IEC registration, steps, and documents. Also discussed the benefits, attributes, and who does not need to worry about the IEC.
