{"id":23528,"date":"2021-01-06T12:07:49","date_gmt":"2021-01-06T06:37:49","guid":{"rendered":"https:\/\/corpbiz.io\/learning\/?p=23528"},"modified":"2021-01-06T12:07:51","modified_gmt":"2021-01-06T06:37:51","slug":"importance-of-proper-documentation-before-submitting-iec-application","status":"publish","type":"post","link":"https:\/\/corpbiz.io\/learning\/importance-of-proper-documentation-before-submitting-iec-application\/","title":{"rendered":"Importance of Proper Documentation before Submitting IEC Application"},"content":{"rendered":"\n<p class=\"has-drop-cap\">In mid-2020, the Directorate General of Foreign Trade launched the new platform that facilitates services regarding the Import Export Code. The initial phase of the platform came with the services like modification\/amendment of Import-Export code and virtual assistant. <\/p>\n\n\n\n<p>If you are running a business of export or import in Indian, then you must be familiar with the Import Export Code. The import-export code (IEC) denotes a 10 digit alpha-numeric code, which is granted by DGFT India. You can reach out to the DGFT portal to make an online IEC application.\u00a0 <\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title ez-toc-toggle\" style=\"cursor:pointer\">Page Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/corpbiz.io\/learning\/importance-of-proper-documentation-before-submitting-iec-application\/#Documents_that_you_need_To_Arrange_for_IEC_Application\" >Documents that you\nneed To Arrange for IEC Application&nbsp;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/corpbiz.io\/learning\/importance-of-proper-documentation-before-submitting-iec-application\/#What_Purpose_Does_IEC_Registration_Serve\" >What Purpose Does IEC Registration Serve?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/corpbiz.io\/learning\/importance-of-proper-documentation-before-submitting-iec-application\/#Importance_of_Proper_Documentation\" >Importance of Proper Documentation<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/corpbiz.io\/learning\/importance-of-proper-documentation-before-submitting-iec-application\/#What_if_the_Applicant_Continues_to_Execute_its_Business_Without_IEC\" >What if the Applicant Continues to Execute its Business Without IEC?&nbsp;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/corpbiz.io\/learning\/importance-of-proper-documentation-before-submitting-iec-application\/#Conclusion\" >Conclusion&nbsp;<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Documents_that_you_need_To_Arrange_for_IEC_Application\"><\/span>Documents that you\nneed To Arrange for IEC Application&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The section below illustrates\nthe list of paperwork that you must arrange for the IEC application.&nbsp;<\/p>\n\n\n\n<ul><li>Permanent Account Number, aka PAN.\u00a0<\/li><li>3 digital photographs of the owner.\u00a0<\/li><li>Bank details of, Driving License, Passport, UID, &amp; Voter ID.<\/li><li>Copy of sale deed or rent deed based on the nature of ownership of the establishment or principal place of business.\u00a0<\/li><li>Cancelled Cheque or Bank Certificate as prescribed in the form ANF 2A.\u00a0<\/li><li>Copy of LLP agreement in case of Limited Liability Partnership.<\/li><li>Registration certification of the trust if an applicant is a core member of the trust.\u00a0 <\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_Purpose_Does_IEC_Registration_Serve\"><\/span>What Purpose Does IEC Registration Serve?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter is-resized\"><img decoding=\"async\" src=\"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2021\/01\/What-Purpose-Does-IEC-Registration-Serve.png\" alt=\" IEC Registration Serve\" class=\"wp-image-23529\" width=\"528\" height=\"476\" srcset=\"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2021\/01\/What-Purpose-Does-IEC-Registration-Serve.png 985w, https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2021\/01\/What-Purpose-Does-IEC-Registration-Serve-300x271.png 300w, https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2021\/01\/What-Purpose-Does-IEC-Registration-Serve-768x693.png 768w\" sizes=\"(max-width: 528px) 100vw, 528px\" \/><\/figure><\/div>\n\n\n\n<p>The IEC certification, in a nutshell, offers innumerable to its owner. The section below will provide some brief on the number of benefits provided by the IEC code.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Ensure Business Expansion<\/h3>\n\n\n\n<p>With Import Export Code at\nthe disposal, businesses have access to a wider market landscape globally,\nwhich technically helps them expand their business.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Provide Access to Government-Based Schemes<\/h3>\n\n\n\n<p>The IEC holders hold the\nexclusive right to benefit from customs, Export Promotion Council, and\nDGFT.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">No Possibility of Filing a Return<\/h3>\n\n\n\n<p>Import Export code doesn&#8217;t\nattract any requirement related to return filing. Even for the exportation of\ncommodities, one can skip such a requirement with DGFT. That means the IEC\nholder does not have to confront unnecessary paperwork and could be able to\nchannelize their focus on core competencies.&nbsp;&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Faster and Seamless Processing<\/h3>\n\n\n\n<p>With the advent of an online\nplatform, the IEC certification&#8217;s registration process has been simplified and\nbecome user-friendly. Unlike previous days, the applicant does not have to wait\nlong to avail of an IEC code from the authority.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Provides Much-Needed Credibility<\/h3>\n\n\n\n<p>Credibility is something that\nyou can&#8217;t earn overnight. Your business has to sustain longer to reap such\nbenefits. Fortunately, the IEC code is very capable of rendering credibility to\nthe business. The IEC holders can expect its firm to grow at a considerable\npace.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">No Prerequisite for Renewal<\/h3>\n\n\n\n<p>According to the Foreign\nTrade Policy, the Import Export Code provides seamless validity to its owner by\nmitigating the provision of renewal.&nbsp;That means it will stay functional as\nlong as business stay in the run or opt to cancel it for may reason.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Importance_of_Proper_Documentation\"><\/span>Importance of Proper Documentation <span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Henceforth, it would help if\nyou mitigated every incongruities with the paperwork related to the IEC\napplication. Correct paperwork\/documentation can help you obtain the Import\nExport Code with ease. At times, the authority cancels the request made against\nthe registration by revoking the IEC application. The majorly happens when the\nauthority pinpoints the following discrepancies in the IEC application.&nbsp;<\/p>\n\n\n\n<ul><li>Wrong name<\/li><li>Mismatch of the company name with the Permanent Account Number.<\/li><li>Banks details found to be non-legitimate in nature.\u00a0<\/li><li>Changes made to the business structure aren&#8217;t reflecting in the application form.<\/li><\/ul>\n\n\n\n<p>The aforesaid discrepancies\ncould lead to the revocation of the IEC application. Thus, one has to remain\ncautious while filling up the application form. Besides, the correct\ndocumentation also plays a vital role in the successful validation of the IEC\napplication. If the applicant fails the serve the aforesaid requirement, the\nIEC application may stand canceled.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_if_the_Applicant_Continues_to_Execute_its_Business_Without_IEC\"><\/span>What if the Applicant Continues to Execute its Business Without IEC?&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Firstly, you would dissolve\nthe legal rights to perform activities regarding import and export in India.\nSecondly, it would also force you to confront the severe penalties prescribed\nunder the EXIM policy. Thus, it is advisable to secure mandatory permission\nsuggested by the Government of India and related authorities to perform\nimport-export activities in India. Also, keep track of the changes that occur\nwithin your organization and update the same with authority.<\/p>\n\n\n\n<p>DGFT has also incorporated a feature to counter such a situation. The IEC modification features on the <strong>DGFT website<\/strong><sup><a href=\"https:\/\/www.dgft.gov.in\/CP\/\"><strong>[1]<\/strong><\/a><\/sup> allow the applicant to update their status with the authority against the changes made in the organization. For this, the applicant has to fill and submit a separate form along with the requested documentation. One can use the aforesaid information for the IEC application and reduce the chances of rejection.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Whether it&#8217;s a question of obtaining a new <a href=\"https:\/\/corpbiz.io\/iec-registration\"><strong>IEC registration<\/strong><\/a> or modifying the existing one, the applicant must remain watchful while addressing either of the processes. Not intimating the authority regarding the changes made to business structure could land you up in a stressful situation. So keep track of minute changes that may affect the IEC registration&#8217;s validity in one way or another. This way, you can avert any chances of rejection from the concerned authority.\u00a0 <\/p>\n\n\n\n<p>At times, some of the applicants might find it hard to comply with the prerequisites of IEC modification or registration. If you are going through an identical situation, then feel free to avail professional-oriented advice from <a href=\"https:\/\/corpbiz.io\"><strong>CorpBiz<\/strong><\/a> Experts.\u00a0<\/p>\n\n\n\n<p class=\"text-left\"><b>Read our article<\/b>:<mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/corpbiz.io\/learning\/how-to-establish-a-profitable-chocolate-export-business-in-india\/\">\nHow to Establish a Profitable Chocolate Export Business in India?\n<\/a><\/mark><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In mid-2020, the Directorate General of Foreign Trade launched the new platform that facilitates services regarding the Import Export Code. The initial phase of the platform came with the services like modification\/amendment of Import-Export code and virtual assistant. If you are running a business of export or import in Indian, then you must be familiar [&hellip;]<\/p>\n","protected":false},"author":22,"featured_media":23532,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[165],"tags":[1397],"acf":{"service_id":"16"},"authorName":"Pankaj Tyagi","authorImageUrl":"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2022\/01\/MicrosoftTeams-image-42.jpg","authorDescription":"Pankaj has a diverse experience of writing research papers, blog, and articles during his college time. Earlier, he was working as a tax consultant in a financial firm, but his interest in writing drives him to pursue a career in the writing field.","postViews":4843,"readingTime":4,"_links":{"self":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/23528"}],"collection":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/users\/22"}],"replies":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/comments?post=23528"}],"version-history":[{"count":18,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/23528\/revisions"}],"predecessor-version":[{"id":23549,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/23528\/revisions\/23549"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media\/23532"}],"wp:attachment":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media?parent=23528"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/categories?post=23528"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/tags?post=23528"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}