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.
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