Start your International Trade with our quick and easy registration process. IEC is a key business identification number which is mandatory for export and imports. Trade Approvals is a leading online service for online IEC registration anywhere in India. Get IEC registration same day at lowest cost.
IEC Registration in India: A Detailed Guide
Get Import Export Code (IEC) registration to start your import/export business!
Importer Exporter Code (IEC or IE Code) is a registration required for persons importing or exporting goods and services from India. IE Code is issued by the Directorate General of Foreign Trade (DGFT), Ministry of Commerce and Industries, Government of India.
IMPORT EXPORT CODE (IEC) is a ten digit number granted by Directorate General of Foreign Trade under Ministry of Commerce and Industry, to any bonafide person/ company for carrying out import/export.
An IEC is necessary to obtain before you start an Import or Export of goods. In case of Import/Export of Services/Technology,IEC is only required in specified Services/ Specified Technology. These
Specified Services/ Technology includes that trade which are restricted by the Government of India as they pertain to National Security, such as dealings in nuclear weapons, automatic guns etc.
Register for IEC code online comes with one-time registration and lifetime validity. The process for import export code registration has become simpler with online IEC application supported by a few documents.
IE Code application must be made to the Directorate General of Foreign Trade along with the necessary supporting documents. Once, the application is submitted, DGFT will issue the IE Code for the entity shortly.
- Taking your services or products to the international market will enlarge your businesses. IEC enable you to sell products outside India.
- All Exporters require IEC who want to export goods outside India. The IE Code must be quoted while sending through customs. Also, banks require the exporters IE Code while receiving money from the foreign country.
- IEC is a once in a lifetime requirement. So once a IE Code is obtained, it can be used by that entity for all its import or export transactions.
- IE Code does not require the filing of any return. Once, an IE Code is issued there are no further procedures required to maintain validity of the IE Code.
When is IEC code required?
- Any type of business registration: sole proprietorship, partnership, private limited companies, charitable organizations dealing with import and exports of goods can register for import-export code, irrespective of the size.
- For International Trade Import Export Code is required. It is Mandatory Requirement.
- It is needed by the custom authorities to clear the shipments in the case of any imports.
- Also, it is needed by the bank to transfer the amount in the case of any imports made.
- For exporter who needs to send the shipments, then it is required.
- If the exporter is supposed to receive money in foreign currency and it is transferred directly into his bank account.
Advantages of IEC
Easy Avail Benefit of Govt. Schemes IEC Code offers great benefit for Import Export business. An IEC registered business entity would be qualified to avail benefits or subsidies declared by the Customs, Export Promotion Council and other several authorities.
Global Markets at Fingertips The IEC registration helps traders open the doors to venture into the global market, including registration in online e-commerce operators
Compliance-free Once the import-export code is obtained, there is no adaptational formalities. Unlike other tax registrations, the IE code holder also does not need to comply with any kind of annual filing or return filing.
Simple Processing The complete process of applying for importer exporter code is simple and hassle-free with the online Import-Export license application.
|Form of Business||PRIVATE LIMITED COMPANY||ONE PERSON COMPANY||LLP||PARTNERSHIP FIRM||PROPRIETORSHIP FIRM|
|Recommended For||Startups & Growing Companies||Sole Promoters||Professional Services Companies||Small Businesses Firms||Small Traders, Agents & Manufactures|
|Prevailing laws||Companies Act||Companies Act||LLP Act||Partnership Act||NA|
|Charter Documents||MOA & AOA||MOA & AOA||LLP Agreement||Partnership Deed||NA|
|Limit of Members||2-200||1||2-Unlimited||2-20||NA|
|Separate legal identity||Yes||Yes||Yes||NO||NO|
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Simplified Performa for Incorporating Company Electronically, also known as SPICe, was introduced in the year 2016 for the purpose of incorporation of the companies. Under the Ease of Doing Business (EODB) initiative, the MCA released the new form SPICe+ to further ease the company incorporation process. The new SPICe+ form encompasses more features than the earlier SPICe form. Name approval is integrated as part of the SPICe+ form.
After the introduction of the SPICe+ form, the name approval has been integrated with SPICe+. Part-A of SPICe+ is for name approval. Therefore, from 15th February 2020, the RUN form can only be used for a change of name.
Company Limited by Shares: The liability of the shareholders is limited only to the amount that is unpaid on the shares held by them. Company Limited by Guarantee: A company having no share capital where the liability of the shareholders is limited up to the amount undertaken to be contributed by them in the event of liquidation of the company.
Yes. private limited companies are eligible for attracting foreign direct investments in compliance with the relevant laws and regulations.
DIN, also known as Director Identification Number, is an identification number of a person intending or has become a director in a company. DPIN, also known as Designated Partner Identification Number, is an identification number for a designated partner in LLP. It is similar to DIN in the case of companies. DIN and DPIN are issued by the Ministry of Corporate Affairs.
Yes. Even a foreign national can become a director in a private limited company.
As per the Companies Act, 2013, only an individual natural person can become a director in a company. Therefore, neither a company, firm, or association can become a director in any company. This is to ensure the fixation of duties and responsibilities that would be difficult in the case of companies and firms becoming directors.
The private limited company registration cost depends upon various factors like authorized capital, number of directors, etc. Initiate your Pvt. Ltd. Company Registration with Trade Approvals as your partner in corporate compliance! Reach out to us for any professional assistance.