How to get Import Export License in India

Import Export License – In today’s era of the internet and technology, many people try to start & expand their businesses globally. However, there are a few procedures you must follow if you are planning to grow your business globally. One of those procedures and registrations is Import Export License Registration. You will require an import-export code if you are thinking of exporting from or importing something to India. This code will be needed by people who are trying to start their import export business in the country. With the help of this article, let us find out what an import-export code is and why this code is required.

Apply for Udyam Certificate to Register your Business in India

Basics of an Import Export License

Import Export Code License is truly vital if you are planning to kick-start your business globally. The Director General of Foreign Trade (DGFT) issues this 10-digit code that will be valid for a lifetime. Usually, merchants cannot import goods without this code, and exporters cannot even avail themselves of benefits from DGFT regarding the export scheme without this Import Export Code License. Overall, all importers and exporters in India cannot operate in the country without this 10–digit Import Export Code.

Why is an Import Export License Required?

• When the importers send money outside India through banks, they need this code.
• When the importers clear goods or shipments from customs, they must show this code.
• Exporters need this license when they receive an amount of money in foreign currency in their bank account.
• While sending the shipments, exporters must show this code to the customs port.

How Is Import Export License Beneficial for Your Business?

Getting your Import Export License (IEC) Registration will help you in several ways. Some of the benefits of this important document are as follows:-

• With the license code, the firms will be able to avail of several benefits from their imports and exports from the Export Promotion Council, DGFT, Customs, etc.
• With the help of the IEC, businesses can take their services and goods to the global market.
• Within just a period of 10 to 15 days after submitting your application, you will get your IEC code. You don’t have to show proof of any import or export to receive your IEC code.
• Once you get your IEC code, being a business/firm, you don’t have to follow any process to sustain its validity.

Documents Required to Get the Import Export License

You need some important documents to complete the IEC registration procedure. Here is the import-export license documents list that you must submit:

• Proprietor’s Aadhaar card or passport copy and Voter ID.
• Company’s, firm’s, or individual’s copy of PAN Card.
• Proof of establishment, registration of the partnership, company, society, HUF, etc.
• Company’s, firm’s, or individual’s canceled cheque copies of existing bank accounts.
• Proof of address of business venue, like lease deed, utility bills, rent agreement, etc.
• A self-addressed envelope to get the IEC certificate by post.

Steps to Follow for Import Export License Registration

You must follow a step-by-step process to complete your IEC registration successfully. Let’s discuss the steps that you must follow to complete the procedure for your import export license registration or how to apply for an import export license.

Step 1: First, you must visit the DGFT Website.

Step 2: Next, click on the option “Services” on the homepage.

Step 3: After that, choose the option “IEC Profile Management” from the given drop-down list.

Step 4: Now, a new page will open; click on the option “Apply for IEC.”

Step 5: Click on “Register” and enter the required details. After that, click on the button “Send OTP.”

Step 6: Next, enter the OTP and click on the “Register” button.

Step 7: Once the OTP gets validated successfully, you will get a notification. This notification will contain the temporary password, which you can use to log in to the DGFT website. Later, you can change this password.

Step 8: After registering on the DGFT website, you must enter your username and password to login to the website.

Step 9: Next, click on the option “Apply for IEC” on the DGFT website dashboard.

Step 10: Now, click on “Start Fresh Application.”

Step 11: Enter the details of business partner/ proprietor/Karta/director, bank information, etc. Then, attach the DSC (Digital Signature Certificate) and complete the payment.

Step 12: After your payment is made, it will be redirected, and you will get the receipt. You must download and retain this receipt for future use.

Step 13: Finally, you will get the IEC certificate through email. You can download this after logging into the DGFT website and choosing the option “Print IEC” under the option ‘IEC Profile Management.’

Conclusion

If you are engaged in an import export business and planning to expand your business globally, you must follow all the necessary rules. Apply for your IEC code, as you now know about the import export license fees in India and the other essential details. Know that it’s time to expand your import-export business! 

FAQs