Import Export Code Registration in Gurgaon - Documents, Fees, and Process

The first step of starting an international trade business is obtaining an Import-Export code in Gurgaon. This code legalizes your import-export business in Gurgaon and comes with several other benefits that we will discuss later.

However, running an import-export business without an IEC code is illegal and you will face a lot of hurdles while clearing your goods from the ports and also, while making transactions in foreign currency.

In this article, you will learn everything about IEC code registration, documents required and the entire process of obtaining an IEC code in Gurgaon.

IEC Certificate [Sample]

IEC code is a 10-digit code issued by the Directorate General of Foreign Trade (DGFT) to ease the foreign trade in India.

Import Export Code registration in Gurgaon is mandatory for every import-export business. You are not allowed to import or export goods in Gurgaon without IEC code registration.

While an IEC code allows you to operate an import-export business in Gurgaon, It comes with some additional benefits. Let’s take a look at how obtaining an IEC code will help your import export business :

Legalize Overseas Trade

The IEC code facilitates your overseas trade and legalizes your import and export business. It makes your trade across borders easy and legal.

Global Business Expansion

• Import-export code allows your product to reach the global market, which results in huge business expansion.
• Obtaining an IEC Code Opens your door to the online international marketplace like Alibaba and Amazon.

Import/Export Subsidies

• An exporter can claim a refund on taxes imposed while exporting goods
• If you promise to import goods within a specific time, The government even waives some import duties as well.

Easy Registration Process

• You can get an import/export code registered by providing some basic documents like a PAN card, Address proof, Bank details, etc.
• There is no need to fulfill any compliances like annual filings or return fillings. It is a hassle-free process.
• The entire registration process is online. There is no need to go anywhere to obtain an IEC.

Facilitates Electronic Fund Transfers (EFTs)

EFT is a new service offered to exporters that allows them to pay the license fee online via the internet rather than visiting a bank to make the payment.

• When an importer has to clear his shipments from the customs, then an Import Export code is required by the customs authorities.
• The IEC code is required by the banks when the money is sent abroad through banks by the importer.
• The Import Export license is required by the customs port when the shipment has to be sent by the exporter.
• The IEC code is required by the banks when the money is received in foreign currency directly into the exporter’s bank account.