An Overview of IEC Registration in Chennai
It is easy to apply online for IEC Registration in Chennai since there are no mandatory annual compliances. It enables the business to unlock the opportunities and also works across the world in the international. The registration is possible online also, which saves a lot of time and cost. IEC Registration is a PAN based registration and also, IEC or Import Export Code has huge benefits for the importers & exporters. The code possesses no need for compliance after the registration. Since there is no need for compliance, there is no necessity for the annual maintenance fees to be paid. When the IEC is obtained, they can cross anywhere & the border transactions can be very good. The IEC helps in eliminating illegal or unauthorised transportations and the business expansion is possible with the help of this code. IEC Registration in Chennai is commercial since it has no need to file any returns and to be very clear.
When is IEC required?
- When an importer sends money overseas via banks, then IEC is required by the bank;
- When an exporter gets money in foreign currency directly into his or her bank account, then in that case, IEC required by the bank;
- When an importer has to clear their shipments from the customs, then IEC is required by the customs authorities;
- When an exporter has to send their shipments, then it is required by the customs port.
Benefits of IEC Registration in Chennai
Following are some benefits of IEC Registration in Chennai:
- Easy Processing: It's easy to get the IEC code from the official website of DGFT within 10 to 15 days after submitting the IEC application. There is not any need to provide proof of any export or import for getting an IEC Certificate.
- Business Expansion: IEC helps you in taking your products or services to the international market & growing your business.
- No Return Filing: It doesn't require any filing returns. Once allotted, there is not any necessity to follow any kind of process for sustaining its validity. Even for export transactions, there is not any requirement for filing any returns with DGFT.
- No Renewal: IEC code is valid for the lifetime of an entity & requires no renewal. After obtaining IEC Code, it could be used by an entity against all export & import transactions.
Who can apply for IEC Registration in Chennai?
Any type of business registration, Private Limited Companies, partnerships, charitable organisations, sole proprietorship dealing with the import & export of products can register for the IEC code, irrespective of the size. However, this code is not required for the import or export of goods for personal use, which is not connected with manufacture, trade, or agriculture and there is no need for business set up.
Documents Required for IEC Registration
Following are some vital documents required for IEC Registration in Chennai:
- Copy of PAN card of the firm or individual or company;
- Copy of applicant’s Aadhar card or Passport or Voter Id;
- Rent Agreement copy of latest electricity bill copy of the premise;
- Company’s or firm’s or individual’s cancel cheque copies of current bank accounts;
- A self-addressed envelope or delivery of IEC Certificate in Chennai by registered post.
How to apply for IEC Registration in Chennai?
To apply for IEC Registration in Chennai online, you will need to do the following simple IEC Registration steps:
Step 1: An application is to be made in ANF-2A format and filed with the DGFT office.
Step 2: After filing the application, it is necessary to submit the required documents concerning the identity and the legal entity & the address proof with bank details and the certificate concerning the ANF-2A.
Step 3: Once the application is completed, then the application is to be made with DGFT using the DSC or Digital Signature Certificate of the applicant and also pay the required fee for IEC Registration.
Step 4: Once the application approves, then the applicant receives the IEC Registration Certificate in Chennai from the Government.
Cancellation & Validity of IEC Registration in Chennai
IEC Registration is non-renewal and comes with lifetime validity, As far as the cancellation of IEC Registration is concerned, it may come to effect under the following scenario:
- Import or export of prohibitive items;
- Misleading custom authority by fabricating details in the shipping documents;
- Breaching norms mentioned under FTP or Foreign Trade Policy;
- Non-adherence to custom’s direction.
Cases where the IEC is not required
- The latest circular by the Government that the IEC Registration in Chennai is not compulsory for all the traders who are already registered under the Goods & Service Tax Act. In such instances, the trader’s PAN Card has to be used as the IEC while making any imports & exports.
- IEC in Chennai is not required to be taken in case the products are imported or exported for personal purposes and not commercial purposes.
- The exporter & importers are done by the Indian Government Department and the ministries; informed charitable institutions are not required to obtain the IEC Registration.