Import Export Code Registration in Rajasthan

Import Export Code Registration in Rajasthan - An Overview

Import and export businesses contribute to Rajasthan’s economic growth. The state has a diverse range of industries like textiles, handicrafts, and gemstones. It has fueled the import and export activities. Rajasthan has a well-connected transportation infrastructure, including ports, airports, and rail networks. This facilitates the easy transfer of goods.

To engage in import and export activities, businesses in Rajasthan should have an Import Export Code (IEC). The IEC is a unique identification number issued by the Directorate General of Foreign Trade (DGFT). It enables businesses to carry out international trade transactions. It is crucial for both importers and exporters in Rajasthan, regardless of operations. The IEC registration process ensures compliance with regulatory requirements. It streamlines documentation and helps businesses access various government schemes and benefits.

Benefits for IEC Registration in Rajasthan

• Global Market Expansion

  IEC registration empowers businesses in Rajasthan to expand their operations globally. It enables them to import and export goods and services to other countries. It creates new market opportunities and expands its customer base.

• Established International Identity

  Acquiring IEC registration provides businesses with a distinct identity in the international market. It establishes them as authorised importers and exporters. Boosting their credibility and reputation among foreign clients, suppliers, and financial institutions.

• Access to Government Benefits

  Valid IEC registration grants businesses access to a range of exclusive government schemes. These may include financial incentives, export promotions, customs privileges, and other trade-related programs. By obtaining IEC registration, businesses can take advantage of these beneficial government initiatives.

• Streamlined Customs Clearance

  IEC registration simplifies the customs clearance process for businesses involved in import and export activities. It helps streamline documentation requirements and expedites customs procedures. It ensures smoother transactions and reduces delays or complications at ports.

Documents Required for IEC Registration in Rajasthan

• Identity proof (passport, voter ID, Aadhaar, PAN card)
• Address proof (telephone/electricity bill, rent agreement, sale deed)
• Bank certificate or cancelled cheque
• Passport-size photos
• Partnership deed or Certificate of Incorporation
• Letterhead
• Digital Signature Certificate (DSC). Verify requirements with the local DGFT office for accuracy.

Eligibility Criteria for Import Export Code Registration in Rajasthan

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

• Companies: Private limited companies, public limited companies, and one-person companies (OPCs) are eligible to apply for IEC
• Limited Liability Partnerships (LLPs): LLPs engaged in import and export activities can obtain an IEC
• Partnership Firms: Partnership firms, where multiple partners collaborate in trade activities, are eligible for IEC registration
• 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 Rajasthan

• Individuals, companies, partnerships, LLPs, or any other legal entity can apply
• No requirements for a minimum or maximum turnover
• There is no requirement for a certain level of education or experience
• Must have a valid PAN card
• Should have a current bank account in India
• The applicant should not be a proprietor or partner of a firm that is on the caution list of the Reserve Bank of India
• The Foreign Trade (Development & Regulation) Act or other related laws should not have resulted in a conviction for the applicant
• The applicant shall abide by all applicable import and export rules and regulations.

Various Situations Where IEC is Required in Rajasthan

• Individuals, companies, partnerships, LLPs, or any other legal entity can apply.
• IEC required for customs clearance & compliance with import regulations
• Essential for export compliance, govt. benefits & credibility with foreign buyers
• Needed for foreign payments & complying with service export regulations
• Often required by banks for international transactions
• IEC registration necessary for export promotions & financial assistance
• Mandatory for registration & participation in international events
• IEC needed for documentation & compliance
• Requires IEC registration for market access & networking.

Who Can Apply for an IEC Code in Rajasthan?

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

• Proprietorship firms
• LLP companies
• Trusts
• LUFs (Limited Undertaking of Funds)
• Entities involved in commercial import and export of goods
• Entities seeking benefits 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 Rajasthan

• 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 Rajasthan and will accurately fill out the application form with the information you provide.

• Step 4: Fee Payment and Submission

  Fee Payment and Submission

Import Export Code Validity and Renewal

The Import Export Code (IEC) has a lifetime validity. It does not have an expiration date and remains valid as long as the business exists. It is important to ensure that the IEC details and other business information are kept up to date with the DGFT.

However, the IEC code must now be updated each year 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.

Why Vakilsearch

Choose Vakilsearch for your IEC registration in Rajasthan and experience a seamless process. Our expert team ensures a hassle-free process, guiding you every step of the way. With IEC registration you can import and export goods, and expand your business. Let us handle the complexities while you focus on growing your business.