IEC registration in Bangalore or Import Export Code is a code that is mandatory for Indian companies if they want to expand their business activities through import and export business operations.
IEC is give Directorate General of Foreign Trade (DGFT), Ministry of Commerce and Industry Import Export Code is a unique ten-digit code issue. To carry out import and export activities in India, IEC Registration in bangalore require as any business is eligible for IEC.
Cannot carry out import-export activity without a license.
In addition, if any company wants to expand its business operations into import-export activity, then the IEC Registration in Bangalore require and through which the government also benefits the business from the schemes. The Reserve Bank of India (RBI) has introduced for all traders.
Obtaining a license is mandatory and import-export codes are require during all transaction process.
In the current growing competition, businesses have to compete with their competitors available in the business market. With new ideas in business operations and back-to-back e-businesses operating in domestic markets, it seems important to expand their business activity globally by trading abroad.
The Import Export Code or IEC is a one-time registration process and the license obtain can be use by the company in its existence and no renewal is require. When the organization is IEC registration in bangalore Got, since the organization can expand its business activity abroad without any issues.
IEC in the following situations is require
- An importer has to cut his shipment from customs, it is require by the customs authorities.
- An importer sends money abroad through banks, it is require by the bank. When an exporter wants to send his shipment, he needs it through a customs port. When an exporter receives money in foreign currency directly into his bank account, it is require by the bank.
FEATURES OF IEC:
Easy to purchase
IEC Registration in Bangalore is now a complete online process. As soon as the application is submit on the portal, IEC the DGFTA has simplify the process by issuing the number immediately. The code is issue base on the page number of the entity.
No post-registration compliance
Most registrations in India require post-registration compliance to maintain that registration. IEC Registration in Bangalore is free from post-registration compliance. Does not file returns on any type of DGFT.
No renewal formalities
Once the IEC The certificate of registration has a lifetime validity when issue. Import Export Registration Certificate does not need to be renew. IEC registration in bangalore can be revoke after following due process and getting DGFT approval.
Business expansion
IEC for import and export Achieving enrollment increases opportunities for businesses. Any business that wants to expand globally can do so by obtaining an import-export code.
Measures associated with IEC (Import / Export Code) registration
Step 1: Application Form
First, you need to prepare the application form in the specified format – Import Export Form ANF-2A format and file it in the relevant regional office of DGFT.
Step 2: Documents
Second, you need to prepare the necessary documents with proof of your identity and address along with your bank details and certificate regarding legal entity and ANF2A.
Step 3: Filing application
Once your application is complete, you will need to apply to the DGFT with Digital Signature Certificate in Chennai and require to be file by IEC. The require fee for registration has to be paid.
Step 4: IEC code
Finally, once your application is approve, you will receive an IEC in soft copy from the government. The code will be receive
Documents required for IEC (Import Export Code) registration
IEC registration in Coimbatore the following documents are require for code registration:
Copy of personal or firm or company’s pen card
Copy of personal voter ID or Aadhaar card or passport
Cancel the check copy of the current bank account of the individual or company or pay firm
A copy of the rental agreement or a copy of the ancestral electricity bill
IEC by registered post a self-address envelope to deliver the certificate
IEC Benefits of registration
1. Expansion of business
IIC helps you take your services or product to the global market and grow your businesses.
2. Gain many benefits
Companies can avail many of their import / export benefits from DGFT, Export Promotion Council, Customs, etc. Based on registration.
3. Returns do not file a return
IEC registration in Bangalore is not require to pay any compensation. Once allocate, there is no need to follow any kind of procedures to maintain its validity. Even for export transactions, there is no need to file a refund with DGFT.
4. Easy processing
It is very easy to get IEC code from DGFT within 10 to 15 days after submitting the application. No export or import proof is require to obtain IEC code.
5. No renewal required
The IEC code is effective for the lifetime of the entity and does not require renewal. Once it is receive, it can be use by the entity against all export and import transactions.
When the IEC Registration is required
IEC registration in bangalore for import and export of goods and products abroad. A certificate of registration is required. It authorizes the vendor code information with the port through which the goods or administration is being exported or imported. Illegal transport of goods is kept, and then, IEC registration in bangalore helps to reduce it as it is very difficult to get import-export code without submitting total data or information of trade or import items.
If you have an IEC, If you register with the number, only the customs officer will allow your shipment to the trader or importer.
IEC for foreign transactions Registration code required.
To clarify the shipment of the business, the exporter has to contact the IEC at the customs port. Registration is require
When an export makes a payment in foreign currency to his bank account without any hassle, an IEC registration in Bangalore
IEC the government of foreign countries guarantees the trader based on the registration code.