Import Export Code Registration in Odisha

Import Export Code Registration in Odisha - An Overview

Odisha has witnessed significant growth in its import and export enterprises recently. Import export business in Odisha offers a diverse landscape with abundant opportunities. The state's strategic location and well-connected ports facilitate seamless trade. Key sectors include minerals, agriculture, textiles, and marine products. Entrepreneurs can tap into the growing international market and leverage government support.

Import Export Code (IEC) registration in Odisha is a vital process for businesses in foreign trade. IEC is a unique 10-digit code issued by the Directorate General of Foreign Trade (DGFT). Obtaining an IEC facilitates hassle-free customs clearance and ensures compliance with regulations. In Odisha, one can apply for IEC online through the DGFT portal through Vakilsearch. With our expertise, the registration process becomes simpler. It allows businesses to tap into global markets and expand their business.

Benefits of IEC Registration in Odisha

Global Expansion

IEC registration empowers businesses in Odisha to expand their operations globally. It facilitates their participation in import and export activities without limitations.

Access to International Markets

With an IEC, businesses in Odisha gain access to international markets. It allows them to explore new trade opportunities and establish trade with foreign suppliers.

Benefit from Export Incentives

IEC registration is a prerequisite for availing export incentives and benefits. It provides duty drawback, MEIS (Merchandise Exports from India Scheme), and SEIS (Service Exports from India Scheme).

Enhanced Credibility

Obtaining an IEC enhances the credibility and trustworthiness of businesses in Odisha. It makes it easier to establish relationships with foreign partners, banks, and institutions.

Documents Required for IEC Registration in Odisha

To obtain an Import Export Code (IEC), several essential documents are typically required

• Proof of Address
• Identity Proof
• Bank Certificate
• Memorandum of Association (MOA) and Articles of Association (AOA)
• Company Incorporation Certificate
• PAN Card Copy
• Cancelled Cheque Leaf
• Digital Photograph 3*3cm

Checklist for Import Export Code Registration in Odisha

• Determine eligibility for IEC registration
• Prepare identity proof (PAN card, Aadhaar card), address proof (utility bills, rent agreement), and bank account details
• Keep your company's incorporation documentation (MOA, AOA) available
• A Digital Signature Certificate (DSC) can be obtained
• Correctly complete the online IEC application form
• Pay the required fees online
• Upload necessary documents as per prescribed formats
• Submit the application and track its progress
• Await verification by the DGFT
• Receive the IEC certificate upon successful verification.

Eligibility Criteria for Import Export Code Registration in Odisha

IEC registration in Odisha is open to various types of entities, including:

1. Companies: Private limited companies, public limited companies, and one-person companies (OPCs) are eligible to apply for IEC.

2. Limited Liability Partnerships (LLPs): LLPs engaged in import and export activities can obtain an IEC.

3. Partnership Firms: Partnership firms, where multiple partners collaborate in trade activities, are eligible for IEC registration

4. Individuals: Individual entrepreneurs and sole proprietors involved in import and export are also eligible to apply for IEC

For IEC registration, the following criteria must be met

1. A current PAN issued by the Income Tax Department is mandatory for all applicants.

2. Valid business registration with relevant authorities is required. This can include documents such as GST registration, partnership deed, or company incorporation certificate

3. Possession of a business bank account with a recognized bank is a prerequisite for applying for IEC.

Examples of Valid Business Registrations

• Company Incorporation Certificate: If you are operating a private or public limited company, you can provide the company incorporation certificate as proof of your business registration
• Partnership Deed: For partnership firms, the partnership deed serves as evidence of your business registration
• GST Registration Certificate: If registered under the Goods and Services Tax (GST) regime, your GST registration certificate confirms your business identity
• Sole Proprietorship Documentation: Sole proprietors can provide their business registration documents, trade licenses, or any other relevant permits that prove their business's existence.
  

Various Situations Where IEC is Required in Odisha

• Importing goods from other countries
• Exporting goods to international markets
• Selling products on e-commerce platforms for cross-border trade
• Participating in international trade fairs and exhibitions
• Opening foreign currency bank accounts
• Availing export incentives and benefits
• Establishing credibility for international business interactions
• Ensuring compliance with customs and export-import regulations
• Facilitating smooth customs clearance and documentation
• Engaging in global business transactions
• Attracting international buyers, partners, and investors.

Who Can Apply for an IEC code in Odisha ?

• Any individual or business entity engaged in import export activities can apply for an Import Export Code (IEC) in Odisha
• Eligibility is not restricted to a particular category, and it includes individuals, firms, companies, societies, and trusts
• Entities like exporters, importers, manufacturers, traders, and service providers are all eligible to apply for an IEC registration in Odisha
• Applicants must fulfil the necessary requirements and comply with the relevant regulations to obtain the IEC code.

How to Apply for Importer Exporter Code Registration in Odisha

Step 1: Consultation

Begin by discussing your requirements and verifying your eligibility for IEC registration. Our team will provide guidance on the necessary documents and information needed for the application.

Step 2: Document Preparation

Gather and organise the required documents, ensuring they meet the necessary criteria. Our team will guide you through the process of preparing these documents.

Step 3: Online Application

Allow Vakilsearch to handle the online application process on your behalf. We are experienced in IEC registration in Odisha and will accurately fill out the application form with the information you provide.

Step 4: Fee Payment and Submission

Vakilsearch will provide you with clear payment details. Once the payment is made, we will submit the ANF 2A format on your behalf. We will monitor the progress of your application and keep you informed throughout the process. Once your application is approved, Vakilsearch will assist in obtaining the Importer Exporter Code for your business.

IEC Code Fees in Odisha

The fees for IEC registration in Odisha varies due to multiple reasons. There are no fees for filling out ANF 2A form and DGFT. However there is a fixed Government and professional fees for import export licenses. For more clarity get on call with an expert from Vakilsearch.

Import Export Code Validity and Renewal

Import Export Code (IEC) has a lifetime validity. It does not expire and remains valid as long as the business exists.

However, the IEC code must now be updated annually following changes made to the rules pertaining to the Import Export Code under Chapters 1 and 2 of Foreign Trade Policy on 12 February 2021.

This change mandated that all IEC and e-EIC holders refresh their import-export code information. Even if IEC has not received any modifications, the same must be verified online on the DGFT portal. Your Import Export code can become inactive if you don't do this.

Why Vakilsearch

Vakilsearch is a trusted and experienced service provider for IEC registration in Odisha. We have a team of knowledgeable professionals, who can simplify the registration process, ensuring all legal requirements are met. You as a client can save valuable time and effort, as we take care of the entire process, while also providing excellent customer support. Our transparent pricing and track record of successful registrations make us a reliable choice for anyone seeking to obtain an Import Export Code in Odisha.