Import Export License
If you are into import or export business of goods or services then you need to mandatorily take Import Export License (IEC). Our dedicated team of experts would make your registration process simpler and within time.
Overview of Import-Export (IEC) License in India
An import-export license, also known as an Importer-Exporter Code (IEC), is a registration required for individuals or businesses involved in import and export activities in India. Here’s an overview of the import-export license in India:
- Need for Import-Export License: Individuals or businesses engaging in import or export of goods and services from India must obtain an IEC. It is mandatory for customs clearance and helps track foreign trade transactions.
- Application Process: The application for an IEC can be filed online with the Directorate General of Foreign Trade (DGFT) or through authorized agencies. The application requires the submission of relevant documents, such as PAN card, identity proof, address proof, and bank details.
- Categories of IEC: There are two categories of IEC: a. Individual/Proprietorship: For sole proprietors or individuals involved in import-export activities. b. Partnership/Company: For partnerships, limited liability partnerships (LLPs), companies, or any other registered entity engaged in import-export.
- Validity and Renewal: An IEC is valid for a lifetime and does not require renewal. Once obtained, it can be used for all import and export transactions unless canceled or suspended by the DGFT.
- Exemptions: Certain categories of goods and services, such as personal gifts, samples, and certain specified exports, may be exempted from the requirement of an IEC. However, it is advisable to check the specific exemptions and regulations applicable to your trade activities.
- Importance for Customs Clearance: An IEC is essential for customs clearance at Indian ports and airports. It helps customs authorities track and monitor international trade transactions, ensuring compliance with trade policies and regulations.
- Compliance Requirements: IEC holders are required to comply with various regulations, including filing regular returns, maintaining records of imports and exports, and adhering to foreign trade policy guidelines. Non-compliance can result in penalties or suspension of the IEC.
- Role in International Trade: An IEC facilitates international trade by enabling businesses to engage in import and export activities, establish global business connections, and participate in international trade exhibitions and events.
- Additional Licenses and Permits: Depending on the nature of goods or services, additional licenses or permits may be required, such as licenses for specific products, hazardous goods, or controlled substances. It is important to research and comply with relevant regulations for specific trade categories.
- Consultation and Expert Advice: It is recommended to consult with professionals or experts in international trade or customs regulations to ensure accurate guidance on the import-export license requirements and compliance procedures specific to your business.
Advantages & Benefits
Government Subsidy
The importers and exporters are eligible for many government schemes under DGFT on their import/export.
No Return Filing
IE LICENSE holder also does not need to comply with any kind of annual filing or return filing.
One for all
IEC can be issued in either your name or under company’s name. Once issued, it is valid for all the units/branches.
No Renewal
IEC Code issued comes with a lifetime validity of your firm and need not have to file again for renewal purpose.
Competitive Advantage
Firm becomes eligible to export and import globally giving them a competitive advantage over others.
Easy Process
Complete process of applying for importer exporter code is simple & hassle-free with the online license application.
Documents required
Photograph
Copy of passport size photograph of the Proprietor/ Partners /Directors
Aadhar Card
A copy of Aadhar Card of Proprietor/ Partners/ Directors
PAN Card
A copy of PAN Card of business entity in case of LLP, Company & OPC.
Bank statement
Last 6 months Company’s/Firm’s bank statement is required.
Registration Certificate
Incorporation Certificate with GST Certificate is required.
MOA & AOA
MoA & AoA / LLP Agreement or Partnership Deed as applicable is required