Sage-Tips

Can an individual get IEC?

So, any person who has a PAN card and wants to start the import/export business can apply IEC code for individuals. It is not necessary to own a company or have a registered company name to obtain IEC from DGFT.

Can proprietor apply for IEC code?

IEC may be applied on behalf of a firm which may be a Proprietorship, Partnership, LLP, Limited Company, Trust, HUF, Society. Firm must have a PAN, bank account in the name of the firm and a valid address before applying. Address may be physically verified by the DGFT on issuance of the IEC.

Can an individual export goods?

All items are freely exportable except few items appearing in prohibited/ restricted list. After studying the trends of export of different products from India proper selection of the product(s) to be exported may be made.

Who is required to obtain IEC?

IEC (Import Export Code) is required by anyone who is looking to kick-start his/her import/export business in the country. It is issued by the DGFT (Director General of Foreign Trade). IEC is a 10-digit code which has a lifetime validity.

Does an individual need IEC code?

To import or export in India, IEC Code is mandatory. No person or entity shall make any Import or Export without IEC Code Number, unless specifically exempted. 3 Who can get IEC? An individual or a company who wants to do international business can get an IEC.

Can I apply for IEC without GST?

IEC Code for Person not registered under GST For persons who are not required to register under GST, the PAN number shall work as a IEC code. Further, for all new applicants who are not required to register under GST, the application shall be made to DGFT and applicant’s PAN will be authorised as IEC.

Can a sole proprietor do export?

how to apply IEC code online for sole proprietor – Import Export (IE) Code is a registration required for persons importing or exporting goods and services from India. Anyone can form a sole proprietorship and get an IEC code in India.

How can I export import business in India?

How To Start Import Export Business In India – The Complete Guide

1. Get a PAN Card.
2. Select type of Business Entity.
3. Open a Current Account.
4. Don’t forget the IEC Code!
5. Choose your export product.
6. Your Registration Cum Membership Certificate (RCMC) is important too!
7. Selecting the Right Export Market.

Which IEC is used by individual importing goods for personal use?

Para 2.07(b)(5) of HBP says that persons/institutions /hospitals importing or exporting goods for personal use, not connected with trade or manufacture or agriculture, must use the IEC IIHIE0153E while importing the goods.

Can an individual import goods in India?

There is no need to obtain any import license or permission to import such goods. Most of the goods can be freely imported in India. Restricted items can be imported only after obtaining an import license from the relevant regional licensing authority. The list of restricted goods is provided in ITC (HS).

How can I apply for IEC online?

The steps for IEC Registration Process are as follows:

1. Step 1: Go to the DGFT Website.
2. Step 2: Go to the Services tab.
3. Step 3: Enter your PAN number.
4. Step 4: Enter the relevant details.
5. One Time Password (OTP) Verification Process.
6. Update Entity Details.
7. Add Branch Details.
8. Step 8: Fill-up the Director/Partner details.

Is import export license required for export of services?

So if you’re dealing with any specified service under foreign trade policy then only you need Importer Exporter code else it is not mandatory. Dealing in software or any consulting services need not require any Import export license.

Is IEC code mandatory for import and export in India?

To import or export in India, IEC Code is mandatory. No person or entity shall make any Import or Export without IEC Code Number, unless specifically exempted. 3 Who can get IEC? An individual or a company who wants to do international business can get an IEC.

Can I apply for IEC code as an individual?

Thirdly, u can apply for IEC as an individual no need to associate urself with a firm, U just need ur Pan card. IEC Code is unique 10 digit code issued by DGFT – Director General of Foreign Trade , Ministry of Commerce, Government of India to Indian Companies.

How to get an IEC code in India for sole proprietorship?

Sole proprietorship is the easiest form to create. Anyone can form a sole proprietorship and get an IEC code in India. The process of getting the IEC code in India is as follows: 1. Register your Proprietorship: Through the sole proprietorship is not the registered form of business, but it has to be registered by seeking the local license.

Who is the issuing authority for IEC?

IEC is issued in electronic form (e-IEC) by Directorate General of Foreign Trade (DGFT) which is under Ministry of Commerce, Government of India. 6 What is the fee for IEC?