What is IEC License?
The IEC (Import Export Code) license is one such rule which you have to think before expanding the company to a global level
If you think your business is established pretty well inside your country then you might want to take your company to a global level. To expand globally there are many rules and regulations which are different from normal interstate transportation.
It is issued by the Directorate General of Foreign Trade. IEC is a unique combination of 10 digit code with lifetime validity. The importers and exporters cannot take the benefits of DGFT without IEC.
Where is IEC required?
1- Importer needs for clearing the shipments.
2- Provided to the bank when an importer sends money abroad through a bank.
3- Provided to the custom ports when an exporter wants to send his shipments.
4- Provided to the bank when an exporter receives payment in foreign currency directly into the bank.
What are the Documents required for IEC Registration?
1-PAN card copy of the individual or the firm or the company.
2- Copy of individual’s Voter ID, Aadhar card or Passport.
3- Canceled cheque from the current registered bank account of the individual or the company or the firm.
4- Copy of electricity bill for the premises or the rent agreement.
Steps Involved in IEC (Import/Export Code) Registration
Step 1: Fill an application form 2A format and fill it with your respective regional office for DGFT.
Step 2: Prepare documents that include identity, legal entity, address proof along with your bank account details and a certificate with respect to ANF2A.
Step 3: After filing form, a Digital Signature Certificate is required to be filed with DGFT and the government fees for IEC Registration is supposed to be paid.
Step 4: After submitting the final form, you receive the IEC certificate from the government in a soft copy.