Documents Required for IEC Code Registrationby Estartup India Grow Business With Us
These days, everyone wants to make money in the import and export industry. However, there are several variables to consider when starting a business, one of which is the IEC Registration and License. One of the prerequisites for starting a business in India that includes importing or exporting is to obtain an Import-Export code registration. As a result, we'll learn about IEC Code Registration and the documents that are necessary for IEC Code Registration in this post.
Who issues IEC Code?
The Import-export code is issued by the Director-General of Foreign Trade (DGFT). Furthermore, IEC Code registrants avail themselves of the major benefits from DGFT.
What is the IEC Code Registration and when is it mandatory?
The Directorate General of Foreign Trade (DGFT) assigns a ten-digit number to execute import-export transactions (IEC). All businesses and people active in the import and export of goods and services must have an IEC. In other words, in the following situations, an IEC code is required:
When an importer uses a bank to conduct business in another country.
When an importer receives foreign cash in his or her account.
When an exporter must package his cargo for delivery outside of the country.
IEC Code Registration Requirements and Documents
To get benefits from the Export Promotion Council, Customs, or the DGFT, you must have an IEC number. To obtain an IEC, you must follow the proper procedures and provide the appropriate papers so that the government can verify your identity as an individual or a corporation. As a result, documents need to be submitted depending on the type of business. Let's take a closer look at each of them.
Documents required for IEC Code Registration as Individual
Firstly, A PAN Card is a mandatory requirement for the application.
Secondly, He should have a bank account with a foreign exchange dealing bank, either current or savings.
Moreover, For address verification, he should provide a sale document, a rental/lease deed, and an electricity/phone bill.
However, If the applicant is a Non-Resident Indian (NRI) or the firm/company has a Non-Resident stake, they must send a scanned copy of the RBI clearance letter.
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Created on Jul 14th 2021 05:22. Viewed 239 times.