Import Export Code Registration in Punjab

Import Export Code Registration in Punjab - An Overview

Starting an import-export business in Punjab can be a lucrative venture owing to the location and opportunities. Punjab's proximity to international borders and well-connected transportation makes it apt for trade.
,br> Entrepreneurs looking to enter this sector need to obtain Import Export Code (IEC) and follow customs regulations. Import Export Code (IEC) registration is crucial for businesses engaged in international trade. The IEC is a unique 10-digit code issued by the Directorate General of Foreign Trade (DGFT). It serves as an identification number for the exporter or importer. The code is mandatory for clearing customs and shipping goods across borders.

IEC Registration Benefits for Punjab Businesses

• Facilitating International Trade

  IEC registration empowers businesses in Punjab to participate in international trade. It helps them to access foreign markets and import goods from overseas. This broadens their market presence, opening doors for growth and expansion.

• Expanding Business Horizons

  Businesses may enter new markets and increase their clientele worldwide. They can establish connections with foreign buyers in international trade fairs and exhibitions. They can also tap into lucrative export markets.

• Government-Backed Advantages

  IEC registration serves as a prerequisite for accessing various government incentives, and subsidies. Businesses can take advantage of these schemes. It provides export promotion programs, duty drawback provisions, GST refunds, and more.

• Access to Export Incentives

  Companies with IEC registration can benefit from export incentives. This includes Duty-Free Import Authorisation (DFIA), the Merchandise Exports from India Scheme (MEIS), and the Service Exports from India Scheme (SEIS). These incentives offer financial and other support to exporters. It enhances the competitiveness of their products in the international market.

Documents Required for IEC Registration in Punjab

To obtain an Import Export Code in Punjab, the following documents are required:

• Identity proof (passport, voter ID, Aadhaar, PAN card)
• Address proof (telephone/electricity bill, rent agreement, sale deed)
• Bank details or cancelled cheque
• Passport-size photos 3*3cm
• Partnership deed or certificate of incorporation
• Letterhead/MOA, AOA Digital Signature Certificate (DSC)

Eligibility Criteria for Import Export Code Registration in Punjab

IEC registration in Punjab 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.

Checklist for Import Export Code Registration in Punjab

• Identify the type of business entity (sole proprietorship, partnership, LLP, etc.)
• Obtain PAN card and bank account in the business's name
• Gather required documents: address proof, identity proof, business registration, and bank certificate
• Prepare a digital photograph and signature
• Fill out the IEC application form online
• payment of the application cost
• Application and accompanying materials must be submitted
• Online application status monitoring
• Download and print the IEC certificate after clearance
• Keep the IEC code on hand for future compliance and import-export activities.

Various Situations Where IEC is Required in Punjab

Import Export Code (IEC) is required in various situations involving import and export activities:

• It is mandatory for people involved in exporting products abroad or importing merchandise
• It is necessary to mention the IEC code on shipping bills and other export-related documents
• It is crucial for customs clearance
• IEC code is crucial for availing export incentives and benefits
• It is crucial for opening an export-import bank account.

Who Can Apply for an IEC code in Punjab?

The following entities or individuals engaged in various international trade activities are eligible to apply for an Import Export Code (IEC) in Punjab:

• Proprietorship firms
• LLP companies
• Trusts
• LUFs (Limited Undertaking of Funds)
• Organisations that import and export commodities on a business basis
• Organisations that are applying for advantages under the Foreign Trade Policy
• Entities requiring shipment clearance
• Entities requiring custom clearance
• Entities involved in monetary transactions in foreign currency.

How to Apply for Importer Exporter Code Registration in Punjab

• 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 Punjab 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 Punjab

The fees for IEC registration in Punjab 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 the best option for Import Export Code (IEC) registration in Punjab. With our deep-rooted expertise and experience in legal and business services, Vakilsearch simplifies the entire process of obtaining an IEC. Our team of dedicated professionals ensures meticulous preparation of all essential documents, navigating through the intricate regulations effortlessly.