IEC REGISTRATION PROCESS IN DEHRADUN, UTTARAKHAND
Undoubtedly, rapid Industrialization linked with globalization has changed the world for better by making the world smaller and accessible for each and every thing. It has also made it easier for the businesses to offer and sell its products and service to customers throughout the world, generate better revenues, and expand their businesses globally and to access better raw materials for manufacture of products through imports and cheaper and better prices, creating a win-win situation for them. However, when businesses in Dehradun, Uttarakhand do require to either export products/services or import them on a regular basis, they need to obtain an Import Export Code registration online as per the applicable provisions in Dehradun, Uttarakhand. Any failure to obtain the same can make the person or the concerned business entity subject to prosecution as well as hefty penalties in Dehradun, Uttarakhand.
Uttarakhand took birth in November 2000 as the 27th state of India, after it was carved out of Uttar Pradesh. Located at the foothills of the Himalayan mountain ranges, Uttarakhand It is mainly a hilly state. Uttarakhand shares its international borders with Nepal in the east and with China in the north. Since its birth Uttarakhand has emerged as one of the fastest growing states and is a significant investment destination in manufacturing industry, infrastructure and tourism. With the inflow of 34.36 Mn domestic tourists and 0.13 Mn foreign tourists in 2017, Uttarakhand is the most visited hilly states in India.
Uttarakhand has a locational advantage due to its proximity to National Capital Region (NCR). It also has excellent connectivity with neighbouring states. The State has two domestic airports at Dehradun and Pant Nagar. The State of Uttarakhand has well developed industrial infrastructure that include various sector parks, Integrated Industrial Estates and other industrial estates with private and joint sector. Abundant natural resources are found due to its hills and forests. Climatic conditions of Uttarakhand support horticulture based industries.
The vast water resources are helping Uttarakhand to be developed as an ‘energy state’. Uttarakhand has potential of over 25,000 MW electric generation by tapping the hydropower. Out of which, 1,815.69 MW of hydropower generation capacity has already been installed in the state as on April 2019. The state offers huge opportunities in tourism sector. By the presence of spiritual destinations and owing to its pristine natural beauty 34.36 Mn domestic and over 0.13 Mn foreign tourist visited Uttarakhand. The State is also rich in mineral deposits like marble, limestone, dolomite, rock phosphate, copper, magnesite, gypsum etc. Uttarakhand is the 2nd largest producer of magnesite in India. The state is a leading fruit producing state in India and has 2 mega food parks. Uttarakhand is the largest producer of peaches, pears and plums; the second largest producer of walnuts and the third largest producer of apples in India.
In the assessment for Ease of Doing Business, Uttarakhand has been consistently a top ranked state by DPIIT while scored top rankng amongst hill states in India. Uttarakhand also stood at the 1st rank in Export Preparedness Index of 2020 under the category of Himalayan states. Uttarakhand has the literacy rate of 78.80% which is higher than the national average. It also has presence internationally reputed institutes such as IIT Roorkee. Uttarakhand has abundance of quality human resources. The State provides a strong foundation for establishing knowledge-based industries with the help of leading academic & research organisations.
Not only this, as per the latest report by World Bank, Uttarakhand ranked 11th out of 36 states in terms of ease of doing business.
So, what is import-export code or IEC? An IEC code registration is the formal permission given by the Directorate of Foreign Trade in Dehradun, Uttarakhand to any individual person or business entity to undertake and carry on export-import related activities within certain limits either from outside country to Dehradun, Uttarakhand or from Dehradun, Uttarakhand to a foreign country in the form of licenses. Activities such as export of goods produced in the country and import of unavailable raw material in the country could be of crucial importance for the economic development of the nation. Therefore, it is necessary that the exports need to be given adequate encouragement and ultimate support to put a curb on illegal transactions. Thus, IEC gives the necessary identification to the individual or business to be identified for the purpose of availing benefits of government incentives and aid for export-import purposes.
What is IEC Registration?
IEC Registration in Dehradun, Uttarakhand is an online process through which the applicant is provided a unique ten digit identification number which is required to be quoted by every importer and/or exporter for the purpose of undertaking the business of export-import.
The IEC code could be obtained by any individual or business entity undertaking the role of an exporter or importer or both irrespective of the size, annual turnover or the profitability of the business. For obtaining the permission regarding the same, the applicable person or business entity needs to make an application to the Directorate General of Foreign Trade (DGFT). Once obtained, the license shall be valid for lifetime and shall not be required to be renewed.
Who needs to obtain IEC registration in Dehradun, Uttarakhand?
However, it is generally recommended for every individual or business entity that intends to undertake either export or import of goods or both, to obtain IEC registration. But, it is mandatory for the following persons and business entities to obtain an IEC registration –
- In cases where an importer wishes to get Custom Department clearance for the purpose of clearance of shipments from the Custom.
- In cases where an importer wishes to clear payments for the import of goods or raw materials purchased from a country outside Dehradun, Uttarakhand.
- In cases where an individual or business entity makes exports of goods through shipments to a foreign country.
- In cases where an individual or business entity making exports of goods wishes to receive sale consideration in his bank account which is not in Dehradun, Uttarakhandn currency.
When IEC Code is not necessary to be obtained in Dehradun, Uttarakhand?
It has been expressly notified that any individual or business entity who holds registration under the provisions of the Goods & Services Act 2017 and holds the unique GST Identification number. In such cases, the PAN number of the business entity shall hold good as IEC unique registration number.
Further, the Government of Dehradun, Uttarakhand or any Departments and Ministries under the Government of Dehradun, Uttarakhand or any notified charitable institutions by the Government of Dehradun, Uttarakhand shall be exempted from the requirement of obtaining IEC code for the purpose of export or import of goods.
Documents Required for IEC License in Dehradun, Uttarakhand
Before the process of the application of the IEC code is initiated formally, it is necessary to ensure the collection and preparation of the following documents-
- PAN card of the concerned individual/business entity.
- Passport sized photograph of all the officers of the company;
- Scanned Copy of Voter ID/Aadhaar Card/ Passport etc.;
- Scanned copy of Rent agreement or Electricity Bill of the business premises;
- Copy of NOC (No-objection Certificate) in case where the business premises have been taken on rent or lease from the owner of the premises.
- Scanned copy of authorization letter, in case the business entity is a partnership firm;
- Cancelled cheque of the bank account of an individual or business entity;
- Scanned copy of partnership deed, where business entity is a partnership firm
- Copy of board resolution, where the business entity is a company;
- Any other documents as required;
Online Process of IEC registration in Dehradun, Uttarakhand-
Following is the step-by-step process of obtaining IEC registration in Dehradun, Uttarakhand-
- Go to the online portal of the Directorate General of Foreign Trade and click “Quick Links”, on clicking the same, you will find the option stating ‘Apply for New Import Export Code (IEC)/Modify existing IEC.’
- Create a login id and password for login purposes by providing an authorized mobile number and e-mail for receiving OTP purposes.
- After logging in, the applicant shall be required to submit basic details such as name, address, and city, place of residence, bank details, and preferred activity, PAN details and other details and click “Save Details”.
- Once all information is filled in the form and upload all attachments such as cancelled cheque, address proof, identification proof, NOC from owner of property etc. in pdf format
- After all attachments have been uploaded, the applicant shall be required to submit the requisite fee. Make fee payments and once it is submitted, verify the amount paid as application fee.
- Before final submission, verify the form once by going through the details one by one and finally click “Submit”. The PAN number of the individual or business entity could be used as a reference for checking the status of the application as provided at the time of application.
Advantages of obtaining IEC registration in Dehradun, Uttarakhand-
Following are the benefits of obtaining IEC registration are as follows-
- Global Recognition- Any individual or business entity holding IEC certification shall have the benefit of global recognition as the goods exported shall be recognized globally. Thus, such business entity allows the brand to be more competitive, build consumer trust and credibility.
- Simplified Process-The process of application of IEC code has been specifically made simple and easy to be suitable for every applicant in Dehradun, Uttarakhand. The registration process is online without any hassle and could be easily obtained within 10-15 days, without the requirement to submit any physical report of any actual export/import undertaken by the applicant.
- Lifetime Validity- IEC Code comes with the benefit of life-time validity in Dehradun, Uttarakhand, which means that once registration is obtained, the applicant is free from the requirement of renewal process or any unnecessary fee in Dehradun, Uttarakhand. And the same registration number is applicable for all the branches of the all the business units of the business entity.
- Benefits & Subsidies-Export of the goods produced/manufactured in Dehradun, Uttarakhand brings foreign reserves in the country. Therefore, for the purpose of encouraging production of quality goods and their export outside Dehradun, Uttarakhand, the Government of Dehradun, Uttarakhand offers various benefits and subsidies to individuals and/or business entities such as tax benefits, rebates, subsidies etc. That could only be only received by a person holding a valid IEC.
- Lesser Compliances- Another greatest advantages of holding a valid IEC includes much lesser legal fillings or compliance procedure which is mandatory in case of other licenses. Thus, an individual or business entity holding an IEC and undertaking any import and/or export work is not required to submit any periodical returns or any unnecessary fees or renewal fees of the license from time to time.
- Legal Credibility- For every individual or business entity applicable to obtain registration in Dehradun, Uttarakhand, the IEC code brings consumer trust and legal credibility in the relevant market. As, failure to obtain registration on time , may make such individual or business entity, subject to intense scrutiny, prosecution and further, subject to payment of hefty penalty.
- Elimination of Illegal Cross-border Transactions- There have been instances in past in Dehradun, Uttarakhand where goods have been taken for export-import purposes illegally across borders. However, with IEC code, it becomes easier for the Government authorities as well as the administration to keep a check on every transaction subject to either export or import.
Therefore, it is important for each and every individual intending to expand his business globally by undertaking export-import related activities. The process of registration has been made easier and online for easier completion of the process and compliance of the applicable procedures. While applying and obtaining IEC code, can make the individual or business entity a beneficiary of several Government schemes, failure to obtain the same can have hefty fines and penalties in Dehradun, Uttarakhand. However, it is always advisable to take assistance from any reliable sources which hold years of professional knowledge in undertaking the same and start your journey today!