How to Register an IEC Code for Your Company in India

If you were a new aspiring trader who is willing to venture into the foreign trade in India then you are required to have an IEC code. This code is your company’s pass to the import export world of trading goods. Applying for an IEC is relatively easy and can be done online. Need not to follow all the technicalities to get the IEC code this blog will help you through the entire process.

Why You Need an IEC Code

There is some information that may be useful before you start the registration process and this information is about why IEC code is needed. Let’s say you are operating a business in crafting and selling arts and other related products.

You have a need to develop your market and begin exporting your goods to other countries. That means it is necessary to adhere to some legal regulations, and one of them is the presence of IEC code.

This code is very vital in clearing items at the customs, receiving payment from other countries, and otherwise, the smooth running of transactions.

Basic Requirements

For one to be issued with an IEC code, then there are several requirements that one has to meet. Here’s a quick checklist:

• PAN Card: Ensure your business has a PAN card or Permanent Account Number card. In efficient it is like the identification card of the company.
• Bank Account: You require an active account in the name of the business you are running.
• Valid Email and Mobile Number: These are necessary for the identification of the clients.

So, let me warmly welcome all of you to the application process of the chosen university and go straight to the point.

Step by Step Guide to Registering for an IEC Code

1. Visit the DGFT Website

The next thing is to go to the website of the Directorate General of Foreign Trade which is referred to as DGFT.

This is where you’ll begin your IEC application process and where some of your forms, such as your Application for Authorization and any additional applicant forms, will be sent for processing.

2. Create a New Account

If you are not logged in to this web application, then you would need to sign-up on one of the accounts available.

Go to the “Register” and enter all the required information on the form. An email with the verification link will be sent to you.

To fully complete his/her account, one needs to click on the link sent to the registered email to activate the account.

3. Login to Your Account

Next, while creating your account, make sure it has been confirmed that you have a valid one; then type in your login details.

There should be an option for applying IEC, click on it to proceed with the application.

4. Completing the Application Form

On the left hand side of the form, you will be expected to enter certain requirements such as the business name, the business address, the PAN number and others.

Please fill in all the fields with care. It is also important that the information being provided correctly and fully corresponds to the details submitted in the PAN card and bank account.

5. Upload Necessary Documents

The final documents that should be attached are scanned copies of PAN Card, Bank certificate & Photograph of the applicant. Make sure formats of such documents are neat.

6. Pay the Application Fee

Once the form has been completed and documents submitted, the applicant has to make payment of a small application fee. This can be done through the internet using credit/debit cards, internet banking, or the new-age unified payment interface (UPI).

7. Submit the Application**

After payment of the fee, you will be allowed to review before submitting the application making sure everything is correct. After that, you should click on the “Submit” button. After submission you will be provided with an acknowledgment receipt with a particular application number.

8. Verification and Approval**

Your application as well as all your supporting documents will be reviewed by the DGFT. In turn, once all the paperwork and verification is done, they will grant you the IEC code. This generally practiced for several days. The code will be e-mailed to you as well.

What to Do After Receiving Your IEC Code

After getting the IEC code, you can begin your import export business transactions without any restrictions. Here’s what you can do next:Here’s what you can do next:

Update Your Bank and Customs Information: It is necessary to report your IEC code to the bank you are using and customs office. This is going to help you manage your transactions and the custom processes efficiently.

Start Trading: That is why it is essential to obtain the IEC code because once you have it, you are allowed to import and export goods. As for the field of products, it can be anything starting from machinery all the way to textiles and food.

 Common Mistakes to Avoid

While registering for an IEC code is relatively simple, there are a few common mistakes you should avoid: While registering for an IEC code is relatively simple, there are a few common mistakes you should avoid:

Incorrect Information: Make sure to verify all the details that you are required to input in the application form. There are various mistakes that may cause a hold up in the approval cycle.

Incomplete Documents: Ensure that all the documents which should be uploaded are uploaded and that they are clear.

Ignoring the Acknowledgment Receipt: Make sure to preserve the receipt acknowledgment. That is confirmation that you have applied for IEC code.

 Conclusion

Finding an IEC code is mandatory for all companies who want to export their products outside the territory of India. It is very easy and one doesn’t have to make a visit to the company as registration can be done on the website.

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