Import Export License:
Table of Contents:-
If a person wants to import and export goods from or to India, then an Import Export License is required or in shorter form IEC (Import Export Code) is required to carry on the imports and exports. This license is issued to any business organization operating in the international trade sector, by Directorate General of Foreign Trade (DGFT). The Import Export License contains a ten digit unique code for every business in export and import.
Documents required for IEC application:
There is an extended list of documents required in application of Import Export License or IEC. The document to be submitted, mainly depends on the nature and type of the company. Here is the list of required documents for IEC Registration as per different business types-
- For Sole-proprietorship: The required documents are photographs of partners, PAN Card, identity proof of the partner who has signed the application- AADHAAR Card/ Voter ID Card/ Passport/ Driving License, Bank Certificate or Cancelled Cheque with applicant firm’s name and account number, Address Proof- Sale Deed, Rent Agreement in case of rented or leased property, Electricity bill, utility bills.
- For Limited Liability Partnership: The required documents for Import Export License are photographs, PAN Card of Applicant LLP, identity proof of partner who has signed the IEC application- AADHAAR Card/ Voter ID Card/ Passport/ Driving License, Bank Certificate or Cancelled Cheque with applicant LLPs name and account number, Address Proof- Sale Deed, Rent Agreement in case of rented or leased property, Electricity bill, utility bills.
- For Partnership Company: The required documents are photographs, PAN Card copy of the partners, identity proof- AADHAAR Card/ Voter ID Card/ Passport/ Driving License, Bank Certificate or Cancelled Cheque with applicant’s name and account number, Address Proof- Sale Deed, Rent Agreement in case of rented or leased property, Electricity bill, utility bills.
- For Private Limited Company: The required documents are photographs, PAN Card of the directors of the company, identity proof of the director whose signature is on the application form for IEC- AADHAAR Card/ Voter ID Card/ Passport/ Driving License, Bank Certificate or Cancelled Cheque with applicant Private Limited Company’s name and account number, Address Proof- Sale Deed, Rent Agreement in case of rented or leased property, Electricity bill, utility bills.
- For Public Limited Company: The required documents for Import Export License are photographs, PAN Card of directors, identity proof of Director whose sign is on the IEC application- AADHAAR Card/ Voter ID Card/ Passport/ Driving License, Bank Certificate or Cancelled Cheque with applicant Public limited company’s name and account number, Address Proof- Sale Deed, Rent Agreement in case of rented or leased property, Electricity bill, utility bills.
Setting-up business with Import Export License in India:
To set up a business in India specially in the import export sector one needs Import Export License. These are the five conditions to be fulfilled for the same-
- IEC Registration or Import-Export License is granted only to the category of product that an applicant chooses. Therefore, choose the product and that too in the right category. One can get additional Import Export License for different category products but for each one of them applicant has to pay a fee.
- If you have not yet registered the company, then decide a name for it. Any new import export company should end its business name with exports for getting Import Export License.
- If the company is not registered, then register it as soon as possible.
- Apply for the Import Export Code with the DGFT. One has to pay Rs. 250 for the application through electronic mode.
- Register the company with the nearest airport and sea port and get the EDC registration done.
