What is IEC Registration?
IEC Registration in Mumbai, Maharashtra is an online procedure that provides the applicant with a unique ten-digit identification number that must be cited by every importer and/or exporter for the purpose of doing export-import operations.
Any person or corporate entity acting as an exporter, importer, or both might receive the IEC code, regardless of the size, yearly revenue, or profitability of the firm. To receive such license, the relevant individual or business organization must submit an application to the Directorate General of Foreign Trade (DGFT). Once IE Certificate is received, the license is Valid for life and does not need to be renewed.
Who need IEC registration in Mumbai, Maharashtra?
It is typically suggested that any person or corporate organization that plans to export, import, or both, get IEC registration. However, it is mandatory for the following individuals and business entities to obtain an IEC registration:
- In cases where an importer wishes to obtain Custom Department clearance for the purpose of clearing shipments from the Custom.
- If the importer wishes to clear import payments for goods or raw materials purchased from countries other than Mumbai, Maharashtra.
When is it not essential to get an IEC Code in Mumbai, Maharashtra?
It has been specifically stated that any person or business entity that is registered under the terms of the Goods and Services Act 2017 and possesses the unique GST Identity number is exempt from this requirement. In such circumstances, the business entity’s PAN number will serve as the IEC unique registration number.
Moreover, the Government of Mumbai, Maharashtra, or any of its Departments and Ministries, or any registered charity organizations by the Government of Mumbai, Maharashtra, will be excluded from the obligation of acquiring an IEC number for the purpose of exporting or importing products.
IEC Registration Documents Needed in Mumbai, Maharashtra
Before the official application of the IEC code may begin, it is required to assure the gathering and preparation of the following documents:
- The relevant individual’s or business entity’s PAN card.
- Passport-sized photographs of all company Owners;
- Scanned copies of Voter ID/Aadhaar Card/Passport, etc.
- Scanned copy of Rent agreement or Electricity Bill of the registered business premises;
- Copy of NOC (No-objection Certificate) if the business premises has been taken on lease or rent from the owner of the premises.
- Scanned copy of authorization letter, if the business entity is a partnership firm, private limited or other entity.
- Cancelled cheque from an individual or business entity’s bank account;
- Scanned copy of partnership deed, if the business entity is a partnership company.
- A copy of the board resolution, if the business entity is a private limited/LLP Company.
- Any additional papers requested (If Required)
IEC Registration Online in Mumbai, Maharashtra
The procedure for acquiring IEC registration in Mumbai, Maharashtra, is mentioned below.
Image Source: DGFT website
- Proceed to the Directorate General of Foreign Trade’s web site and choose “Quick Links,” where you will see the option saying “Apply for New Import Export Code (IEC)/Modify Existing IEC.”
Image Source: DGFT website
- Register by entering an approved Mobile number and e-mail address for obtaining OTP and then create a username and password.
Image Source: DGFT website
- After logging in, the applicant will be needed to input basic facts such as name, address, and city, place of residence, bank details, and desired activity, PAN details and other details and click “Save Details”.
- After all information is entered into the form, submit all documents in pdf format, such as a cancelled check, address proof, identity proof, NOC from the property owner, and so on.
- After all attachments have been submitted, the applicant must pay the applicable charge. Make fee payments and, after completed, confirm the amount paid as application fee.
- Before final submission, validate the form once by reading over the information one by one and then click “Submit”. The individual’s or business entity’s PAN number might be used as a reference to verify the status of the application was submitted at the time of submission.
The Benefits of Getting an IEC Registration in Mumbai, Maharashtra
The following are the advantages of acquiring IEC registration:
Worldwide Recognition
Any person or corporate organization that has IEC certification will profit from global recognition since the items exported will be acknowledged worldwide. As a result, such a corporate structure enables the brand to be more competitive while also increasing customer trust and confidence.
Simplified Process
The application procedure for IEC codes has been deliberately designed to be straightforward and easy for every applicant in Mumbai, Maharashtra. The registration procedure is simple and may be completed in as little as 10-15 days, with no need to present any physical documentation of the applicant’s actual export/import activities.
Lifetime Validity
The IEC Code has lifetime validity in Mumbai, Maharashtra, which means that once registered, the applicant is free from the need for a renewal procedure or any extra fees in Mumbai, Maharashtra. And the same registration number applies to all branches of the business entity’s business units.
Advantages and Subsidies
Export of commodities produced/manufactured in Mumbai, Maharashtra increases the country’s foreign reserves. As a result, to encourage the manufacturing of high-quality items and their export outside of Mumbai, Maharashtra, the government of Mumbai, Maharashtra provides a variety of advantages and subsidies to people and/or corporate organizations, such as tax breaks, rebates, and subsidies. It could only be received by someone with a valid IEC.
Fewer Compliances
One of the most significant benefits of having a valid IEC is that it requires much less legal filings or compliance procedures than other licenses. As a result, a person or business entity with an IEC who does import and/or export activities is not needed to submit any periodical returns or any superfluous fees or license renewal costs from time to time.
Legal Credibility
The IEC code provides consumer confidence and legal credibility in the relevant market for any person or company entity seeking registration in Mumbai, Maharashtra. Failure to get registration on time may expose such person or corporate entity to intensive scrutiny, prosecution, and the payment of a large penalty.
Eliminating Illegal Cross - Border Trades
In the past, items were illegally transported across borders for export-import reasons in Mumbai, Maharashtra. Yet, with IEC code, it is simpler for government officials and administration to keep track of every transaction pertaining to export or import.
When cross-border exporting food products it is mandatory to take FSSAI central license and Import Export License.