If you’re planning to start an import or export business in India, one of the first things you’ll need to do is apply for an Import Export Code (IEC). An IEC is a 10-digit code that is mandatory for businesses engaged in import or export activities. In this article, we’ll provide a comprehensive guide on how to apply for IEC code online, including the documents required, the application process, and the fees involved.
Documents Required for IEC Code Application
Before you begin the IEC code application process, you’ll need to ensure that you have the following documents ready:
- PAN Card: You’ll need to provide a self-attested copy of your PAN card.
- Bank Account Details: You’ll need to provide a cancelled cheque from your bank account that you’ll be using for international transactions.
- Passport-sized Photograph: You’ll need to upload a passport-sized photograph of yourself.
- Digital Signature: You’ll need to obtain a Class 2 digital signature from a certifying authority.
Application Process for IEC Code Online
Step 1: Visit the DGFT Website
The first step in applying for an IEC code online is to visit the Directorate General of Foreign Trade (DGFT) website at https://dgft.gov.in/. Once you’re on the website, navigate to the ‘Services’ tab and select ‘IEC’ from the dropdown menu.
Step 2: Fill Out the Application Form
Once you’ve selected ‘IEC’, you’ll be taken to the IEC application form. You’ll need to fill out the form with your personal and business details, such as your name, address, phone number, email address, and PAN number.
Step 3: Upload Supporting Documents
After filling out the application form, you’ll need to upload supporting documents such as a self-attested copy of your PAN card, a cancelled cheque, and a passport-sized photograph. Make sure to check the list of required documents before uploading to avoid any delays in the processing of your application.
Step 4: Pay the Application Fee
Once you’ve filled out the application form and uploaded your supporting documents, you’ll need to pay the application fee. The fee can be paid online using a debit card, credit card, or net banking. The fee for an IEC application is Rs. 500.
Step 5: Submit the Application
After paying the application fee, review your application to ensure that all the information is correct and the documents are uploaded. Once you’re satisfied, click on the ‘Submit’ button to submit your application.
Step 6: Track Your Application Status
After submitting your application, you can track its status online by visiting the DGFT website and selecting ‘IEC’ from the ‘Services’ tab. You’ll need to enter your application number and other details to track the status of your application.
Step 7: Receive Your IEC Code
Once your application is processed, you’ll receive your IEC code via email. You can also download your IEC certificate from the DGFT website by logging in with your credentials.
Benefits of Having an IEC Code
Having an IEC code provides several benefits for businesses engaged in international trade, including:
- Legal Requirement: An IEC code is mandatory for businesses engaged in import or export activities. Without an IEC code, you won’t be able to conduct international trade.
- Easy Processing: An IEC code application can be processed quickly and efficiently online, allowing you to start your business operations sooner.
- Reduced Costs: With an IEC code, you’ll be able to take advantage of various benefits and incentives offered by the government, including duty exemptions and refunds.
In conclusion, obtaining an IEC code is a crucial step for businesses engaged in import or export activities in India. By following the steps outlined in this comprehensive guide, you can ensure that your application is processed smoothly and efficiently, and you can start your business operations without any delays. Remember to keep your IEC code safe and secure, as it is an important document for conducting international trade. By obtaining an IEC code, you’ll be able to take advantage of various benefits and incentives offered by the government, and expand your business operations globally.