Do you have a legitimate business setup that deals with the manufacturing of Electronic appliances? Are you looking forward to sell your offerings beyond national boundaries? You will be required to avail Import Export Code in the first place to serve that purpose.
The Import Export Code is a 10 digit code issued against the PAN card of the individual. Anybody who wishes to setup an export business in India would need this code for addressing the legality of the shipping procedure. This blog will let you fetch some crucial information regarding the IEC code for exporting Electronic Appliances from India.
Export Prospects for the Manufacturers of Electronic Appliances in the Current Scenario
China has remained the centre stage for all importers around the world when it comes to electronic goods. Since their products are cheap and adhere to an acceptable quality, its competitors were facing an unprecedented challenge from its export potential. But, the recent outage has changed this scenario entirely.
Due to COVID 19 pandemic, China’s formidability in the export arena has been hindered so badly that it will take years for the country to come back on track. This opens massive opportunities for Indian exporters especially those who are dealing with electronic appliances. The disruption of the supply chain mechanism in China due to COVID 19 is now helping Indian exporter to grow their business to a considerable extend.
Role of IEC Certification in the Exporting of Electronic Appliances
Import Export Code (IEC) aims at legalizing the process of foreign trade either via sea or air transports from the ground up. The DGFT portal defines the Import Export Code as the key business identification number which is mandatory for all the business facilities engaged with the international trading of goods.
Directorate General of Foreign Trade (DGFT) is solely responsible for granting the Import Export Code in India. An applicant seeking to get engaged with foreign trading of goods has to make an application regarding IEC on the DGFT’s official website. Upon receiving the request, the DGFT’s officials analyse the application on several grounds for legitimacy.
What Value does IEC Offer to the Exporters of Electronic Appliances?
IEC Codes not only legalizes the exporting business from the ground up but also help in availing the following benefits:-
- Ensure speedier shipment by reducing overhead times.
- Impart transparency into the shipping process by eliminating the illegal’s elements.
- Reduce inspection delays.
- Allow exporters to curb payment delays from overseas buyers.
- Allow exporter to avail host of government-based schemes to maximize the profit.
- IEC serves lifetime validity to the exporters.
How Can the Manufacturers of Electronic Appliances Avail IEC Code?
DGFT has simplified the process for obtaining the Import Export Code in India. The applicant looking for an IEC code needs to visit the DGFT’s portal and make an application for the same.
The steps below would let you complete the IEC registration process with ease.
Step 1: Go to the DGFT’s portal
Use the given URL to reach out to the DGFT website.
Step 2: Select the “Apply for IEC” option
After entering the aforesaid URL, you will be landed on the home page of the portal. Here you need to click on the tab named “Apply for IEC”
Step 3: Provide your Credentials
After clicking the “Apply for IEC”, the portal will direct to the page where you need to enter your credentials such as Name, contact number, email id, and resident detail including Pin code.
Step 4: Completes the OTP Verification Process
After fulfilling the requirement in the above step, tap on the option called “Send OTP,”. The portal, in response to this action, will send the One Time Password (OTP) on the contact number and email ID.
Step 5: Get Back to Home Page
Head over to the home page of the portal & click again the “Apply IEC” button. The next thing you need to do is to complete the login formalities.
Step 5: Start filling the IEC web-based application
Once you logged on successfully, the portal will prompt the IEC registration form on your screen. All you need to start filling up the application with legitimate information.
Step 6: Provide Relevant Information Regarding Company and Bank
Make sure to fill in detail about the ownership of the company as well as the bank detail such as an Account Number, IFSC Code, and Branch name. Also, make sure to upload the canceled cheque of the bank and then enter the “Save and Next” button.
Step 8: Select the area of operation as well as the Acceptance of Undertaking
As you glide through the detail in the application, you will come across the option where you need to select the “area of operation” your company deals with. After that, you also require to select Acceptance of Undertaking. Once done, tap on the “Save and Next” button followed by the Sign button.
Step 9: Submit the Application fee
Select the method for the submission of the web-based form either through DSC (Digital Signature Certificate) or Aadhar OTP. Once done, sign the application and click the submit button. After that, you are required to fulfill the payment requirement against the submitted web-form. The DFGT portal demand Rs 500 for the IEC registration form. Again, the payment can be made on the same portal where you submit the application.
After submitting the requested fees, the portal will redirect you to the home page of the DGFT website where you can receive the same. The DGFT website also allows its users to download the IEC Certificate via the “Print Certificate” feature listed in the “Managing IEC.”
The Business of Electronic Appliances in India is thriving rapidly, and so does its export potential. The business entities which were eyeing to cater to overseas masses need to avail IEC without any exception. Feel free to take assistance from Corpbiz expertise for obtaining any type of government registration, including the Import export code.
Read our article:A Complete Overview on Relevance of IEC for Oil Export Business