Undoubtedly, the rapid industrialization associated with globalization has changed the world for the better, making the world compact and more accessible to anything and everyone. It has also made it easier for companies to offer and sell their products and services to customers around the world, earn better revenue, expand their business globally, and access better raw materials to manufacture products through imports and cheaper prices, and best of all, make a profit to achieve a win-win situation for them. However, suppose companies in Mumbai need to export or import products/services regularly. In such a case, they are required to apply for import and export license registration according to current regulations in Mumbai.
What is the Import-Export Code or IEC?
Registration of an IEC Code is the formal permission given by the Directorate of Foreign Trade, Mumbai, to any natural person or business entity to undertake and carry out activities related to export and import within certain limits, whether from outside the country to Mumbai or from Mumbai abroad in the form of licenses. Activities such as exporting goods produced in the country and importing raw materials unavailable could be crucial for the country's economic development. Exports must be given the right incentives and last resort to curb illegal transactions.
What is the IEC Registration?
The IEC registration in Mumbai is an online process whereby the applicant is provided with a unique ten-digit identification number which must be provided by an importer and/or exporter for export-import business.
The IEC code can be obtained by any individual or business entity in the role of exporter or importer, or both, regardless of the company's size, annual turnover, or profitability. The relevant person or company must apply to the General Directorate for Foreign Trade (DGFT) to obtain the appropriate permit. Once received, the license is valid for life and does not need to be renewed.
Who Needs to Obtain IEC Registration in Mumbai?
However, it is generally recommended that any individual or business entity intending to export or import goods, or both, obtain an IEC registration. However, the following individuals and companies must obtain an IEC registration:
- In some cases, an importer wishes to obtain a clearance from customs authorities for customs clearance of shipments.
- In cases where an importer wishes to settle payments for importing goods or raw materials from a country outside of Mumbai, Maharashtra.
- In cases where a person or company exports goods to a foreign country through shipments.
- In cases where a person or business entity exporting goods wishes to receive a sale consideration in their bank account that is not held in the currency of Mumbai, Maharashtra.
Required Documents for IEC License in Mumbai:
Before starting the process of formal application of the IEC Code, it is necessary to ensure the collection and preparation of the following documents:
- PAN Card of the natural or legal person concerned.
- Passport photo of all employees of the company.
- Copy of Voter ID/Aadhaar card/Passport etc.
- Scanned copy of lease or electricity bill of business premises.
- Copy of the NOC (Certificate of No Objection) if the business premises are rented or leased by the owner of the premises.
- Scanned copy of the attorney letter if the business entity is a partnership.
- Check canceled from an individual's or entity's bank account.
- Scanned copy of the company's deed if the business entity is a partnership.
- Copy of the board resolution if the business entity is a corporation.
- Any other required documents.
What Is An Online Process of IEC Registration in Mumbai:
Below is the step-by-step process to obtain IEC Registration in Mumbai–
- Go to the General Directorate of Foreign Trade online portal and click "Quick Links." If you click on it, you will find the option, "Request new import and export code (IEC) / change existing IEC.
- Please create a login ID and password for login purposes by providing an authorized mobile number and email address to receive OTP.
- The applicant must provide basic details such as name, address and city, place of residence, banking information and preferred activity, PAN information, and other details and click "Save Details."
- Once you filled all the required information on the form and uploaded all the attachments like a canceled check, proof of address, proof of ID, property owner NOC, etc., in pdf format.
- After all, attachments have been uploaded, and the applicant must submit the fee claim. Make the fee payments and check the amount paid as the application fee after submission.
- Before finally submitting, please check the form once by ticking the information one after the other and then clicking on "Send."The PAN number of the individual or entity could be used as a reference to verify the status of the application given at the time the application was submitted.
Looking for Import Export License Registration in India?
Sarkari Suvidha Official Website/our consultants will assist you in obtaining all the necessary documents and registrations required for Import Export License In Mumbai. We also provide other services such as Rent Agreement, Gumasta License, Income Certificate, Domicile Certificate, Pan Card, Aadhar Card, etc.