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What is the IE Code?
If you are importing or exporting any service or goods, you have to apply for IE code registration. You have to apply for IE code to the DGFT (Directorate General of Foreign Trades), the government of India as DGCFT is the registration issuing department.
There is no expiry date for IE code. It stays valid even if no import-export is conducted. Its status is revoked only if the business shuts down or the application is made to suspend the registration. There are no other compliances like regular return filings or annual return filing, and hence it is easy to register and easy to maintain.
WHO SHOULD OPT FOR PARTNERSHIP FIRM?
Partnership firms are best suited for small and medium businesses with average capital investment. They are audit-free(under certain conditions) and relatively inexpensive. Said that legal documentation for partnership firms could be a challenging task. It’s better to hire experts like us to handle all the nitty-gritty of the legal process!
Benefits
For proprietorship
Photograph of the Proprietor.
Photo Copy of proprietor’s PAN card
Copy of Passport, Addhar card, Driving License,
Legal ownership documents if the premises is owned
Rent agreement if the place of business is rented or leased.
Canceled cheque with the name of the proprietor
For partnership firm
Photograph of managing partner
Copy of business’s PAN card
Copy of Partnership deed
Copy of Passport, Addhar card, Driving License etc. of the managing directors
Canceled cheque with the name of applying business entity
Legal ownership documents if the premises is owned
Rent agreement if the place of business is rented or leased
For Private Limited or LLP
Photograph of the managing partner or Director
Copy of business’s PAN card
Copy of Passport, Addhar card, Driving License etc. of the Managing Director who is signing the application
Registration certificate issued by Registrar of company.
Legal ownership documents if the premises is owned
Rent agreement if the place of business is rented or leased
Cheque with the name of the applicant printed on it.
For HUF(Hindu Undivided Family)
Photograph of Karta
Copy of PAN card of Karta
Copy of Passport, Addhar card, Driving License etc. of the Karta
Legal ownership documents if the premises is owned
Rent agreement if the place of business is rented or leased
Required Documents
► Electricity bill, Water bill, or telephone bill [maximum three months old]
► Any government registration certificate [ preferably GST certificate ]
► Aadhaar card, Voter ID card, or Driving License [ If the applicant business entity is proprietorship ]
► Ownership documents in case the place is owned
► Rent agreement if the place is leased or rented
Import-export code
Import-export code certificate is auto-generated after the successful submission of the application with necessary documents. The applicant will be notified to download the e-IEC certificate from the website via Text Message or an Email. There is no pre-verification of the papers submitted by the applicants. Although, concerned authorities have the right to verify and cancel the registration in case any discrepancy is found in the documents.
A GOOD START IS THE WORK HALF DONE !!!
Frequently asked questions
Import-Export Code or in general IEC is a registration that is necessary for the businesses that are involved in the import and export from India.
IEC is mandatory for all the business involved in the import-export transaction, with the following exceptions:
Goods of personal use that are not related to Agriculture, trade or manufacturing
Goods imported by some charitable trusts
Goods imported by various ministries of the Government.
Generally, it takes around 5 to 7 working days to obtain IEC.
No, there is no expiry date of IEC. If you want to surrender your IEC, you will have to submit an application to the department.
Unlike other registrations, you will not have to file any return at a specified interval of time. IEC is just a code that is required to initiate any import-export business.
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