Export license India refers to an Import Export Code granted by the Directorate General of Foreign Trade. It legalizes exporters to ship eligible commodities outside the country. IEC code is a ten-digit unique code that helps customs authorities validates the given shipment and the exporters. IEC code is a mandatory document, among other essential documents for shipping products outside India.
What is IEC code, aka Export License India?
IEC registration (commonly known as) Export License India is a ten digit unique code assigned to the exporter of qualified goods. DFGT[1] is the apex regulator of the related shipping business and has the sole authority to grant such a registration against a prescribed application and standard fees.
Documents required to apply for export license India/IEC code
- Business registration
- Owner’s identity and business address proof
- Premises related documents such as Sale deed, lease deed, NOC from owner in case of the rented property.
- Bank certificate
Procedure for securing IEC registration aka Export License India from DGFT Portal
- Head over to the web portal of the DGFT
- Create an account on the portal by completing the OTP verification process
Re-login
- into the portal and select the option called IEC registration application
- The portal shall open the e-form seeking applicants to fill out the following particulars;
- Company name and address
- Owner’s detail
Partners/Director details in case of a company
- PAN of the company and the applicant
- Contact detail of the applicant
- The incorporation date of an entity
- Current bank account details
- DIN (Director Identification Number) for the company’s director(s)
- After filling above details, upload the documents mentioned above
- Next, head over to the payment section for fee submission
- Provide confirmation to the checklist displayed within the e-form
- Preview and print application
- Submit the application and Generate an IEC registration
Cases Where IEC registration or Export license in India is not mandatory
As per the recently released GOI’s notification, the GST registered traders are not required to secure IEC registration. In this case, the PAN of the trader shall act as a replacement for the IEC registration.
Further, IEC registration is no anymore a mandate for non-commercial export and import activities. Shipping transactions executed by GOI and Notified Charitable institutions also fit this condition.
Benefits of IEC Registration or Export License India
Ensure market expansion
The IEC registration enables businesses to un-tap the cross-border market and consequently reaps more profits.
Ensure access to government-based schemes and benefits
The Companies with the IEC registration have the leverage to access the government-based schemes that are growth-oriented. A non-profit institution like Export Promotion Council plays an anchor role in boosting the nation’s export through the empowerment of small exporters.
Easy Processing and lifelong validity
The import-export code comes with a lifelong validity, meaning there is no requirement of renewing it periodically, unlike other registration.
Conclusion
IEC registration (commonly known as Export License India) is a fundamental legal consent for conducting import-export activities in India. DGFT grants it against a duly filled e-form and documents mentioned above. In case you seek some professional assistance for the same, then you can avail of Corpbiz services, where our experts shall deal with the licensing requirements on the client’s behalf.
Read our Article:How to Export Goods from India to Overseas Markets?
