Import export code registration also called as IE Code registration is compulsory when the enterprise is engaged in sale or purchase of goods from foreign countries. Incase of service industry it is mandatory to get register IE code. IE code is issued by Director general of foreign trade .
After Implementation of GST ie code number is same as pan number of entity.
How to apply IE code and what is eligibility ?
- Any business intends to do trading with foreign countries and transactions with foreign countries can apply for Ie code it is mandatory for those companies and still any other company can apply.
- IEC application is complete online process
- It is approved as straight through process means there is no manual approval.
- Ie code application can be made as merchant exporter, manufacturer , merchant exporter cum manufacturer etc.
- IE code application once validated and submitted successfully it will generated automatically.
What are the documents required for ie code application ?
- PAN card of business
- PAN card AADHAAR card of proprietor/ all partners/ all directors.
- Printed Cancelled cheque leaf of bank letter in the name of business
- Organization Digital signature for other than proprietorship.
- Incase of proprietor ship pan name and AADHAAR name is not same we need to Apply Class 3 digital signature for ie code registration.
- Incorporation certificate of company
- Rental agreement for business address
Compliance and features of IE code
- Instant generation of IE code certificate
- No expiry
- No renewal
- Not required to file any returns
- Easy documentations
- Total transparent and online process
- Easy modification procedure
- Can be applied for any business
Precautions for IE code registration
- As approval is straight through process, it is right to upload only proper documents to Ie code registration portal, improper upload of documents may result in action by department.
- Enter proper particulars in IE code registration form
- DSC applied should match with pan name for both company and partner/director
- Any modification to IEC require additional documents
- It is recommended to provide permanent bank account details
- Apply IE code in business name in case transactions will be made in business name. Some dealers face issue in this regard.