ADDWISE NETWORK LIMITED

In the era of cut throat Competition, each and every person wants to expand his business beyond the domestic market. But, doing business internationally is not a cup of tea, before going internationally, you have to follow different laws and procedures, and obtain different license or registration. IEC license is one of such buzz word whenever you think of import or export from India.

IEC license:
IEC (Import Export Code) license is a code which is required by a person for exporting or importing goods. It is a 10 digit code which is issued by the Directorate General of Foreign Trade (DGFT), Ministry of Commerce and Industries, Government of India. It is an essential requirement for a businessman in India who is into a business of import and export.

Features of IEC:

IEC is applied online.

Only one IEC is issued against one PAN card.

Once an IEC license is issued, it shall be valid forever.

One IEC shall be valid for all branches/units/factories/division.

Who is required to obtain IEC?

Every importer or exporter is required to obtain IEC code.

Who is not required to obtain IEC?

Person exporting or importing goods for personal use and not for activities related to business.

Persons exporting or importing goods to/from Nepal or Myanmar through Indo-Myanmar border areas, a value of which does not exceed Rs.25,000/- in a single assignment.

Ministries or departments of central government

Procedures to obtain IEC:

File an application in form ANF2A online to get IEC number along with necessary documents.

If authority finds your application complete, then IEC code or license can be issued to you within 1 week.

Documents required:

PAN card of business entity.

List of partners or directors in case of partnership firm/Limited Liability Partnership firm or Company respectively along with their residential address, ID proof, passport size photograph and PAN card.

Articles of Association (“AOA”) and Memorandum of Association (“MOA”) in the case of company or LLP agreement in the case of LLP or Partnership Deed in the case of Partnership firm.

Bank Account statement.

Certificate from banker as per the format is given in Appendix 18A.

BENEFITS OF IMPORT EXPORT CODE REGISTRATION

Expand Business

IEC helps you to take your product or services to the international market and expand your businesses.

Obtain Various Benefits

The Companies can obtain various benefits on their exports/imports from DGFT, Customs, Export Promotion Council etc, on the basis of IEC.

No Return Filing

This code doesn’t require the filing of any return. Once it is allotted, there is no need to follow any process to sustain its validity. Even in case of export transactions, there is no need to file for DGFT.

Easier Processing

It is easier to obtain IE code from DGFT within 10-15 days after the submission of application. It is not required to show proof of any import or export to get IE code.

No Renewal

IE code is supposed to be effective for the lifetime of the entity and demands no renewal. Once it is obtained, it can be used by the entity against all import and export transactions with minimum hassles.

Faciliates Import & Export

Whether you’re an importer or exporter, it is necessary have an IE code for all the transactions. Banks also require IE code to process money against the transaction.

FREQUENTLY ASKED QUESTION

HOW TO APPLY FOR IMPORT EXPORT CODE?

An application must be made in the Aayaat Niryaat Form 2A (ANF 2A) format to the Regional Authority of the (DGFT) in the region where the registered office of the company is situated.

WHO WILL ISSUE IMPORT EXPORT CODE?

The DGFT has provided online filing facility for obtaining IEC and other authorizations. Applications which are complete in all respects are normally disposed of within seven days. For practical purposes, you can provide for a week’s time (after factoring in the time required to make any changes in case your initial application is incomplete in some respect).

WHAT ARE THE DOCUMENTS WHICH NEED TO BE SUBMITTED?

ollowing documents are required to be uploaded during online application & submitted physically at department for obtaining new IEC:

S.N.	Document	For Proprietorship	For Partnership	For Private Ltd./ Public Ltd.

1.	PAN Card	Personal PAN Card	Partnership PAN Card	Company’s PAN

2.	List of Partners/ Directors	Residential address, Pin Code, Phone Number, Father’s Name, ID Proof and PAN	List of Partners with Residential Address, Pin Code, Phone Number on letter head, ID Proof and PAN	List of Directors with, Residential Address, Pin Code, Phone Number on letter head, ID Proof and PAN

3.	Memorandum and Articles of Association	N.A.	Partnership Deed-duly notarized, copy duly self certified.	MOA

4.	Bank Current Account	Any National / International Bank

5.	Bank Certificate	As per Appendix attached

6.	Photographs (Passport Size)	4 Nos.	Every Partner– (4 Nos.) with mobile number	Every Director– (4 Nos.) with mobile number

7.	Phone and E-mail	Applicable

8.	Type of Exporter	Merchant/Manufacturer/Service/Other/Merchant cum Manufacturer (if manufacturer, SSI(MSME)/IEM/Ind. License)