Import Export Code Registration in Telangana

Import Export Code Registration in Telangana - An Overview

The import and export enterprises in the state of Telangana are growing in number and size. It provides various advantages that make it attractive for international trade. Location, well-developed infrastructure, and abundant natural resources help in flourishing trade.

Telangana's capital Hyderabad - Pharma City is a hub for the pharmaceutical industry. Additionally, Medak District is renowned for its agricultural produce like cotton and turmeric. It also houses various manufacturing industries specialising in steel, cement, and chemicals. Nizamabad stands out for its fruit and vegetable production, and thriving livestock industry.

For businesses engaged in international trade in Telangana, securing the IEC is mandatory. Issued by the DGFT, the IEC has lifetime validity. It serves as a crucial requirement for importing and exporting goods. It provides access for foreign exchange, and participating in government tenders.

Benefits of IEC Registration in Telangana

• Facilitates International Trade

  IEC registration is a mandatory requirement for businesses involved in international trade. It enables them to import and export goods to and from foreign countries. It ensures a seamless flow of goods across borders.

• Global Market Access

  With an IEC, businesses gain access to global markets. It allows them to explore new international opportunities and expand their customer base. This broader reach can significantly enhance their revenue potential.

• Enhanced Credibility

  Possessing an IEC enhances the credibility of the business for foreign clients. It serves as a reliable and authentic identification of the company in the global market. It helps in instilling trust and confidence in potential stakeholders.

• Ease of Compliance

  IEC registration simplifies the compliance procedures for businesses engaged in import-export activities. It streamlines interactions with customs authorities and other regulatory bodies. It ensures smoother and more efficient transactions.

• Participation in Government Tenders

  An IEC is a prerequisite for businesses to take part in international tenders. This opens up opportunities for businesses to secure government contracts and clientele.

Documents Required for IEC Registration in Telangana

To obtain an Import Export Code (IEC), the following essential documents are required:

• The applicant's identification document (PAN card, Aadhaar card, etc.)
• Proof of the applicant's address, such as a rent agreement or utility bill
• Sale deed if the office is self own
• Information about the applicant's bank account, including cancelled cheque and bank statements
• Articles of Association (AOA) and Memorandum of Association (MOA) for the company
• Photographs 3*3cm
• Applicant's digital signature certificate (DSC).

Checklist for Import Export Code Registration in Telangana

• 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
• Online payment of mandatory fees
• 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 Telangana

IEC registration in Kerala 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 Telangana

• 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 Telangana ?

• Proprietorship firm
• 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 Telangana

• 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 Telangana 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 Telangana

The fees for IEC registration in Telangana 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

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

Vakilsearch is a preferred choice for IEC registration in Telangana. We provide a comprehensive approach and commitment to excellence. Businesses looking to venture into the global market can confidently rely on Vakilsearch. Our team possesses an in-depth understanding of the IEC registration process and its implications.

We provide ongoing support and assistance. Our team also ensures that you are well-informed about the benefits of IEC. This level of support empowers businesses to make informed decisions regarding their IEC.