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Import Export Code, commonly known as IEC is a 10 digits code allotted by Directorate General of Foreign Trade (DGFT) to the applicants to allow the cross boarder business from India. It is a centralised registration with the life time validity. For the businesses, the need of IEC Code registration lies in the compulsion to provide the code to bring goods in India or to sell outside India.The code allotted implies a certificate to business to engage into international transactions. Itmust be disclosed before accepting the imports or processing the exports from India as part of business activity or any transaction in relation thereto. The requirement to make an application for IEC online registration does not arise in following cases: Goods are imported or exported for the personal use and will not be used for any business or related purpose; or Import or export by government ministries and departments, and certain notified charitable organizations. The Import Export Code registration is beneficial to businesses in many ways in addition to the mandatory requirement of registration in situation prescribed. Unlocking the international market, business can expand the scope operation and market reach. IEC code is a license for import and export businesses, which is submitted to appropriate authority as and when required. The registration helps Government to administer the transportation of restricted or prohibited or illegal goods and regulation of all international transactions. The registered business entities can avail benefits in form of subsidies or otherwise declared by the Customs, Export Promotion Council or other authorities. The application for import export code is made online which makes the process hassle free for the business owners with simple documents requirement. It is a code is allotted with lifetime validity and is based on Permanent Account Number of the business organization. Therefore, no renewal is required once the registration is obtained to

Import Export Code, commonly known as IEC is a 10 digits code allotted by Directorate General of Foreign Trade to the entities engaged in international business. Application for IEC code registration is online and centralised process under DGFT. With simple documents requirements, the application is made on the web portal. The steps to file the application are mentioned below in brief: The very first step and of course necessity is the business set up and its registration such as GST registration or Shop & Establishment Registration, etc. The applicant is required to make an application for allotment of PAN in case other than sole proprietorship. Once the PAN card is allotted, current bank account in name of business is opened. On collection of requisite documents (mentioned in later part of the answer), the applicant can proceed to next step. The applicant must obtain Digital Signature Certificate (DSC) to sign the online application. Upon obtaining DSC and requisite document, the application for Import Export Code registration is made online on the portal allotted. The competent officer will review the application filed. If the application and the documents are founds satisfactory, the officer may allot the code or ask for additional information or documents. General documents list for import export code registration online: PAN Card of the Applicant Passport Size photograph of the applicant Cancelled Cheque Address proof of the Business (Constitutional documents such as Partnership Deed, MoA AoA or LLP Agreement, as the case may be should be furnished in addition to above.) The IE Code is PAN based with lifetime validity. Therefore, the concerned business entity is not required to either renew or make separate applications for the branch offices. Also, the registration does not require any further compliance or return filing. For further information, please contact our experts at 1800 313 4151 or through mail at support@legalwiz.in

A sole proprietorship business is not governed by a specific law and does not require any registration. However, the basic requirement is to open a current account in business name. Therefore, the business must obtain the registration so as to provide supportive KYC document. Necessary or incidental registration requirements are following: MSME Registration GST Registration Shop & Establishment Registration Professional Tax Registration Activity based registration such as FSSAI or factory registration For more details you may visit Starting Business as Sole Proprietor - Popular Business Type To register you sole proprietorship, visit us at https://www.legalwiz.in/register...

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Legal process outsourcing and the usage of social media for promotion are the major trends in legal industry which have become popular in recent times. We discuss here why law firm management and attorneys outsource legal research and writing.

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Cash flow is one of the most essential part of one's business - It is the money, which comes in & goes out from the business sources, in simple words, generation of income and the payment of expenses. For Example: Payments from customers, interest on savings or investments, employee salary, etc.

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