WHAT IS IMPORT AND EXPORT REGISTRATION? DO YOU KNOW HOW IS REGISTERED AND DOCUMENTED?
WHAT IS IMPORT AND EXPORT REGISTRATION
Import and export registration refers to the process of obtaining licenses and registering with the relevant authorities to conduct international trade. In India, entities engaged in import and export activities are required to obtain certain registrations and licenses to ensure compliance with the applicable laws and regulations.
The main registrations required for import and export activities in India are as follows:
1. Import Export Code (IEC): The Import Export Code is a 10-digit code issued by the Director General of Foreign Trade (DGFT) to entities engaged in the import and export of goods and services. IEC is mandatory for any business involved in the import or export of goods and services from India.
2. Registration with the Export Promotion Council: Entities engaged in exports may need to register with the relevant Export Promotion Council to avail of various benefits and incentives, such as duty drawback, financial assistance, and access to market intelligence.
3. Registration with the Board of Trade: Entities engaged in import and export activities may need to register with the Board of Trade to avail of various benefits, such as access to market intelligence, networking opportunities, and trade-related information.
4. Registration with the Director General of Foreign Trade: In some cases, entities engaged in import and export activities may need to register with the Director General of Foreign Trade to avail of various benefits and incentives, such as duty drawback, financial assistance, and access to market intelligence.
5. Other Licenses: Depending on the nature of the goods being imported or exported, entities may need to obtain additional licenses, such as the Plant Quarantine License, Animal Quarantine License, and the Drug License.
It is important to note that the import and export regulations and requirements vary depending on the nature of the goods being imported or exported, the destination country, and the mode of transport. Therefore, it is advisable to seek the guidance of a professional consultant or the relevant authorities to ensure compliance with the applicable laws and regulations.
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WHAT IS THE REGISTRATION PROCEDURE:
The registration procedure for import and export registration in India is as follows:
1. Import Export Code (IEC) Registration:
Step 1: Visit the Directorate General of Foreign Trade (DGFT) website and fill out the application form for IEC registration. Step 2: Submit the required documents, such as proof of identity, address proof, and bank account details, along with the application form. Step 3: Pay the required fee and submit the application online. Step 4: Once the application is processed, the IEC code will be issued and sent to the applicant via email.
2. Registration with the Export Promotion Council:
Step 1: Identify the relevant Export Promotion Council for your industry. Step 2: Fill out the application form for registration with the Export Promotion Council. Step 3: Submit the required documents, such as proof of identity, address proof, and bank account details, along with the application form. Step 4: Pay the required fee and submit the application. Step 5: Once the application is processed, the Export Promotion Council will issue the registration certificate.
3. Registration with the Board of Trade:
Step 1: Visit the Board of Trade website and fill out the application form for registration. Step 2: Submit the required documents, such as proof of identity, address proof, and bank account details, along with the application form. Step 3: Pay the required fee and submit the application. Step 4: Once the application is processed, the Board of Trade will issue the registration certificate.
4. Other Licenses:
Step 1: Identify the relevant licenses required for the goods being imported or exported. Step 2: Fill out the application form for the relevant license. Step 3: Submit the required documents, such as proof of identity, address proof, and bank account details, along with the application form. Step 4: Pay the required fee and submit the application. Step 5: Once the application is processed, the relevant license will be issued.
It is important to note that the registration procedure and requirements may vary depending on the nature of the goods being imported or exported, the destination country, and the mode of transport. Therefore, it is advisable to seek the guidance of a professional consultant or the relevant authorities to ensure compliance with the applicable laws and regulations.
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WHAT ARE THE DOCUMENTS REQUIRED
The documents required for import and export registration in India may vary depending on the type of registration and the nature of the goods being imported or exported. However, some common documents that are required for import and export registration in India are as follows:
1. Import Export Code (IEC) Registration: · PAN card · Proof of identity (Aadhaar card, passport, voter ID, or driver’s license) · Proof of address (utility bill, bank statement, or rent agreement) · Bank account details · Passport size photograph · Digital signature certificate 2. Registration with the Export Promotion Council: · PAN card · Proof of identity (Aadhaar card, passport, voter ID, or driver’s license) · Proof of address (utility bill, bank statement, or rent agreement) · Bank account details · Copy of the IEC code · Copy of the export order · Export invoices 3. Registration with the Board of Trade: · PAN card · Proof of identity (Aadhaar card, passport, voter ID, or driver’s license) · Proof of address (utility bill, bank statement, or rent agreement) · Bank account details · Copy of the IEC code · Copy of the export order · Export invoices 4. Other Licenses: · PAN card · Proof of identity (Aadhaar card, passport, voter ID, or driver’s license) · Proof of address (utility bill, bank statement, or rent agreement) · Bank account details · Copy of the IEC code · Invoice for the goods being imported or exported · Bill of lading or airway bill · Packing list · Insurance certificate · Technical write-up and product literature · Certificate of origin
It is important to note that the list of documents required may vary depending on the specific requirements of the authorities and the nature of the goods being imported or exported. Therefore, it is advisable to seek the guidance of a professional consultant or the relevant authorities to ensure compliance with the applicable laws and regulations.
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FAQS RELATED TO EXPORT AND IMPORT REGISTRATION
Here are some frequently asked questions (FAQs) related to export and import registration in India:
1. What is an Import Export Code (IEC)?
An Import Export Code (IEC) is a 10-digit unique code issued by the Director-General of Foreign Trade (DGFT) to the importers and exporters in India. It is mandatory for any person or entity involved in the export or import of goods and services to have an IEC.
2. How to apply for an Import Export Code (IEC)?
An application for IEC can be made online on the DGFT website. The application needs to be accompanied by the required documents such as proof of identity, address proof, bank account details, etc. Once the application is processed, the IEC code will be issued and sent to the applicant via email.
3. What is the validity of an Import Export Code (IEC)?
The Import Export Code (IEC) is a one-time registration, and there is no requirement to renew it. Once the IEC is issued, it remains valid unless cancelled or surrendered.
4. What is the Export Promotion Council (EPC)?
The Export Promotion Council (EPC) is a government agency that promotes and develops exports from India. It provides various services and support to the exporters, such as market research, product development, training, and assistance in obtaining various export-related licenses.
5. Why is registration with the Export Promotion Council (EPC) necessary?
Registration with the Export Promotion Council (EPC) is necessary for availing various benefits and services offered by the EPC. It also helps in getting financial assistance and subsidies provided by the government for the promotion of exports.
6. What is the Board of Trade?
The Board of Trade is a statutory body established by the government of India to advise on matters related to trade policy and regulation. It aims to enhance the competitiveness of Indian exports and promote sustainable trade practices.
7. Why is registration with the Board of Trade necessary?
Registration with the Board of Trade is not mandatory for all importers and exporters. However, it can be beneficial for those who want to have a say in the formulation of trade policies and regulations. It also provides a platform to voice concerns related to trade and seek redressal of grievances.
8. What are the other licenses required for import and export?
The licenses required for import and export may vary depending on the nature of the goods being imported or exported. Some of the common licenses required are the Certificate of Origin, Bill of Lading or Airway Bill, Insurance Certificate, and Technical Write-up and Product Literature.It is important to note that the import and export registration procedures and requirements may vary depending on the specific circumstances of the transaction. Therefore, it is advisable to seek the guidance of a professional consultant or the relevant authorities to ensure compliance with the applicable laws and regulations.
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