After the completion of all research and analysis, the next step is to get registered with the various government authorities. Registration is must for every importer. In India every importer must obtained Importer Exporter Code (IEC) from DGFT.
Though in case an importer importing goods from Nepal or Myamar through Indo-Myanmar border or from China, through Gunji, Namgaya, Shipkila or Nathula ports provided that the value of a single consignment does not exceed Rs. 25,000/- then no such business registration is necessary. In case of Nathula port, the applicable value ceiling will be Rs.1, 00,000/-.
urther, exemption from obtaining IEC shall not be applicable for export of Special Chemicals, Organisms, Materials, Equipments and Technologies (SCOMET).
Registration with Director General of Foreign Trade (DGFT) – Registration with DGFT, ministry of commerce, Government of India is mandatory for every new importer. DGFT issued an IEC Code which is unique 10 digit number. IEC Code is mandatory to import or export in India. No person or entity shall make any Import or Export without IEC Code Number.
Necessary requirements for apply for IEC Code number:
Documents required applying for IEC Code:
An electronic procedure has been created to upload various documents in exporter importer profile. Once uploaded, there will be no need to submit these documents / copies of these documents to Regional Authority repeatedly with each application. Its aim is to reduce the transaction cost, time and it is also a step towards paperless processing of different applications in DGFT. On-line form has been designed to ensure feeding of all the required information by prompting user wherever a field is left blank. Application has to submit scanned copies of PAN (Permanent Account Number) and bank certificate of deposits along with their application. Demand Draft and Electronic Fund Transfer are the two options for payment of fee.
The number of mandatory documents required for exports and imports of goods from/into India have been reduced to three each.
Only one IEC shall be issued against a single PAN. Multiple IECs against a single PAN stands deactivated suo-motu after 31.03.2015.
In case IEC Number is lost by importer or exporter they can obtain a duplicate copy. For this they are required to submit an affidavit and a fee of Rs.200/-.
In case an importer discontinues his importing business, can surrender his allotted IEC to the issuing authority. After that, the issuing authority shall immediately cancel the IEC and electronically transmit it to DGFT and Customs authorities.