Explore all the details you need about Importer Exporter Code (IEC Code) Registration Online, tailored for your needs.
ICEGATE, or Indian Customs Electronic Gateway, is an essential portal for the trading community. It provides a streamlined platform for the electronic filing of customs documents like Shipping Bills and Bills of Entry.
ICEGATE registration is a strategic step toward faster customs clearance and enhanced transparency in international transactions.
The portal facilitates electronic communication between trade and customs authorities, simplifying the documentation and customs clearance processes.
Solocorp offers specialized assistance for seamless and efficient ICEGATE registration, ensuring compliance and saving time for businesses.
Import & Export Code is to be obtained by the business entity for import into or export from India. Import & Export Code is popularly known as the IEC number. It is a ten-digit unique number issued by the Directorate General of Foreign Trade (DGFT).
IEC registration certificate is mandatory for a business involved in import and export. Hence, before initiating an import of goods into India, an importer must ensure that the importing entity has both GST registration and IE code, which are required to clear customs.
If an importer does not have both GST and IEC Code Registration, the goods will be stuck at the port, incurring demurrage charges or could even be destroyed.
Businesses have a great option to enter the international market with the export and import of the products and services they are involved in. The IE code is an essential requirement while entering the global market as it supports the growth and development of the business to a certain extent.There are various advantages of getting an IE Code. Here we have listed a few of them:
As the IE Code is a requirement for the import and export business, it allows the products to reach the global market. IE code makes the entry of the international Indian company smoother and opens doors for growth and expansion.
The process to find the IE Code is entirely online and hassle-free with short document submission.
It is not required to submit many documents to obtain an IEC.
IE Code is a lifetime registration valid as long as the business exists. Hence, there are no issues with updating, filing, and renewing Import Export Code registration. The IEC registration is valid until the company exists or the registration is not revoked or surrendered.
The most basic requirement for the Import-Export code is that you need to provide authentic information. Without giving proper information, IE code cannot be obtained. This criterion makes the transportation of illegal goods impossible.
IEC code registration has enormous benefits for importers and exporters. The registered business entities can get help through subsidies from Customs, Export Promotion Council, or other authorities. With LUT filing under GST, exporters can make exports without paying taxes. If the exports are made with tax payment, the exporter can claim the refunds of the paid tax amount.
Unlike other tax registrations, the person carrying import or export does not require to fulfill any specific compliance requirements such as the annual filing or the return filings.
The nature of the Firm obtaining an Import export license/registration may be any of the follows:
A business owned and run by a single individual.
A business structure where two or more individuals manage and operate the business together.
A business structure where partners have limited liabilities.
A company that has its own legal identity separate from its owners.
A legal arrangement where a trustee holds assets for the benefit of beneficiaries.
A family business structure governed by Hindu law.
A registered organization formed for a specific social, cultural, or charitable purpose.
Valid Login Credentials to DGFT Portal (After Registering on DGFT Portal)
IEC may be applied on behalf of a firm which may be a Proprietorship, Partnership, LLP, Limited Company, Trust, HUF, and Society.
The Firm must have an active Firm's Permanent Account Number (PAN) and details like Name as per Pan, Date of Birth, or Incorporation.
The Firm must also have a bank account in the Name of the Firm and a valid address before applying.
Note: These details will be validated with the Income Tax Department site.
Here's the list of documents required for IEC registration based on the applicant entity type: