How to obtain Export License in India | IEC Code | Import Export Code Registration | Corpbiz
#ExportLicense refers to an Import Export Code granted by the Directorate General of Foreign Trade. It enables exporters to ship commodities outside the country. #IECcode is a ten-digit unique code that helps customs authorities to validate the given shipment and their exporters. It is a mandatory document for shipping products outside India. DFGT is the apex regulator of the related shipping business and has the sole authority to grant such a registration against a prescribed application and standard fees.
Documents required to apply for export license India/IEC code
• Business registration
• Owner’s identity and business address proof
• Premises related documents such as Sale deed, lease deed, NOC from owner in case of the rented property.
• Bank certificate
Procedure for securing IEC registration from DGFT Portal
o Head over to the web portal of the DGFT
o Create an account on the portal by completing the OTP verification process Re-login
o into the portal and select the option called IEC registration application
o The portal shall open the e-form seeking applicants to fill out the following particulars;
• Company name and address
• Owner’s detail -Partners/Director details in case of a company
• PAN of the company and the applicant
• Contact detail of the applicant
• The incorporation date of an entity
• Current bank account details
• DIN (Director Identification Number) for the company’s director(s)
o After filling above details, upload the documents mentioned above
o Next, head over to the payment section for fee submission
o Provide confirmation to the checklist displayed within the e-form
o Preview and print application
o Submit the application and Generate an IEC registration
Cases in which Export license is not mandatory
As per the recently released GOI’s notification, the GST registered traders are not required to secure IEC registration. In this case, the PAN of the trader shall act as a replacement for the IEC registration.
Further, IEC registration is not mandatory for non-commercial export and import activities. Shipping transactions executed by GOI and Notified Charitable institutions also fit this condition.
Benefits of IEC Registration or Export License India
• Ensure market expansion
The IEC registration enables businesses to un-tap the cross-border market and consequently reaps more profits.
• Ensure access to government-based schemes and benefits
The Companies with the IEC registration have the leverage to access the government-based schemes that are growth-oriented.# A non-profit institution like Export Promotion Council plays a key role in boosting the nation’s export through the empowerment of small exporters.
• Easy Processing and lifelong validity
The import-export code comes with a lifelong validity, meaning there is no requirement of renewing it periodically, unlike other registration
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