Registration for IEC
REGISTRATION FOR EXIM
The registration process for an EXIM firm requires a person or a firm to register itself with DGFT (Directorate General of Foreign Trade) by obtaining an IEC (Importer Exporter Code). No one is authorized to carry out any import-export activities without this IEC number, except in certain specific cases.
Importer-Exporter Code (IEC) Registration
As per foreign trade policies, “No export or import shall be made by any person without an IEC number.” This number shall be granted on application by the competent authority. An application in the prescribed format (ANF2) has to be made to the DGFT, attaching the required documents and making payment of prescribed fees. ANF2 has four parts:
- Resume of exporter-importer giving all details along with the nature of business activity.
- Bank certificate – Importer-Exporter has to open a current account in any nationalised bank dealing with foreign exchange transactions.
- Modification – The DGFT must be informed of any changes to be made in the application before or after the sanction of an IEC number within 90 days.
- Declaration required by DGFT by the applicant towards his interest in the business as NRI. If the interest in business as NRI is on an repatriation basis, RBI permission should be obtained and enclosed. If the interest in the business is on a non-repatriation basis, there is no need to obtain RBI permission.
Copy of ‘Permanent Account Number’ (PAN) in the name of individual and firm.
Pay order towards the application fees as prescribed by DGFT.
Documents required to be submitted along with application
The following documents are required to be submitted by the applicant along with and application made for seeking an IEC number.
- Bank receipt evidencing payment of the application fee
- Certificate from the banker of the applicant firm
- Self-certified copy of PAN issued by the Income Tax authorities
- Self-certified copy of RBI approval in cases where non-resident interests/holdings in the firms exist with repatriation benefits
- Two copies of passport size photographs of the applicant duly attested by the banker
I hope you must have gotten the full & detailed information related to the process. And if you wanna know more about how can you take your business overseas and grab that market as well the you should attend the Export Import Workshop.