Everything You Should Know About Importance of IEC Code
If you wish to give your business a global reputation, you need to take your services and products to the international market. There are many people who prefer to do import or export business themselves that can be a tedious task for them. If a person does so, he or she might face various difficulties while completing legal procedures. Before you start your import or export, you must know the ways to do so that can help you to do business efficiently. The foremost requirement to import or export any product or service is Import Export code. So, one must know why IE code is required and when it is not required.
No need to have IEC Code when:
- You have to import or export any goods for your personal usage. So, if you are importing any good that is not related to agriculture, manufacturing, or trading, then you don’t require any import export code.
- Goods are being imported or exported by the Government bodies, departments and some specific certified charitable organizations.
Step by step guide for application of Import Export Code in Delhi:
- The first step to obtain IEC code is to file an application in the format of Aayaat Niryaat form 2A. The application has to be submitted to the regional authority of Directorate General of Foreign Trade in the city or town where company’s head office or registered office is located.
Documents that are to be submitted along with the application are as follows:
- PAN Card.
- Memorandum and Articles of Association.
- Details of current account
- Passport size photographs
- Details of all directors or partners
- Bank certificate
- Letter heads of company
- Date of foundation of company
- Type of exporter
- Contact details like email id and phone number.
- Online filing facility has been provided by DGFT so as to get an IEC code. It should be ensured that only one code is assigned against one PAN Id. No candidate with a single PAN Id may request for more than one IE code.
- You will be getting a file number after you file an application which can be used for checking the status of an application on the official website, i.e. www.dgft.gov.in.
Benefits of obtaining an IE Code:
- Lifetime validity:
Once you are issued an IEC code, there is no need to renew it again and again. So, once a business receives the import export code, it can be used by that particular business for numerous transactions for the whole life.
- Fast processing:
IEC code is obtained from DGFT within the period of 12-15 days after filing and submitting an application. If your all documents required are valid, then you can be easily able to obtain IEC code as soon as possible.
- No need of return filing:
Obtaining an IEC code does not mean that you need to file any returns. No matter how many import or export transactions you perform, once you have obtained IE code, there is no further need of any procedure to keep the validity of that code.
If you are running your business in Delhi and in a need to obtain import export code in Delhi, then LexOracle is here to help you in getting the IEC code in Delhi as quickly as possible.