Import Export Code Registration
What is Import Export Registration?
Import Export Code Registration is the mandatory business identification number which is necessary for companies to carry out imports and exports. It is given by the Directorate General of Foreign Trade and is one of the key features required to carry on business. In terms of exports of Software and Tech, the registered firms should be registered to take benefits under the Foreign Trade Policy. This unique identification code is required while carrying out every sort of import and export and in a way, it’s the key to carrying out business for many firms and organizations.
Benefits of Import Export Code registration.
Getting an import-export code helps a lot of business houses and gives them a lot of opportunities for growth and progress.
- Businesses have the potential to unlock their reach to the international markets. Using the import-export code they can carry out the exports and imports of their goods and services and won’t have to spend extra on third parties.
- No compliance for tax return filings under the import-export code registration. Once registered the party doesn’t have to file tax returns. There is no need for compliance after registration.
- As there is no compliance while getting this code, there is no need to pay any annual maintenance fees to be paid to maintain the unique code that is being provided.
- It is a very important legal license to cross and enter international borders legally and there is no illegal business over here.
- As mentioned, it helps in stopping the illegal transportation and lessened the illegal imports and exports of goods. The code helps the government officials to supervise what is being taken across the border.
- There is an easy and efficient way provided by the directorate of foreign trade to apply for the code online through various easy steps to register and process.
Process of Import Export Code Registration?
As a trader looking forward to entering the international trade circuits, these are the following steps to do it.
- Step 1: First, the trader needs to prepare one application form in the required format –Aayaat Niryaat Form no. 2A format. It is filed with the respective Regional office of DGFT.
- Step 2: Secondly, the trader prepares the necessary documents related to their identity, legal identity. The address proof, along with the bank details also needs to be present. The certificate in respect of ANF2A should also be included.
- Step 3: The traders need to file with DGFT along with DSC (Digital Signature Certificate) and pay the required fees for the IEC Registration after their application is complete. Then, they have to pay the fees for the IEC registration.
- Step 4: Finally, once their application is approved then they would receive the IEC Code in a soft copy from the government.