What is the process of importing goods and selling in India?

What is the process of importing goods and selling in India?

Hey there

You should first apply for the IEC. As you get the IEC, then you can start importing goods in India.

What is IEC? How can one get IEC?

IEC is known as many names such as importer exporter code, import export code, import export license, import export number, IE code, IEC license, IE license etc. In simple terms, IEC is a 10 digit code which is provided by DGFT required for import export transactions. You can take IE code in your personal name or company name.

An IEC number issued to applicant shall be valid for all its divisions/ units/ factories/ branches. IEC is valid for lifetime and there is no need to renew the same.

STEPS TO APPLY IMPORT EXPORT CODE

Business growth: Taking your services or products to the international market will enlarge your businesses. IEC enable you to sell products outside India

Export Subsidies: On the basis of IEC, companies or firms can benefits and subsidies their exports/ imports from DGFT, Customs and export promotion council.

Lifetime validity: IE Code is issued for the lifetime of the entity and requires no renewal. So once an IE Code is obtained, it can be used by that entity for all its import or export transactions without any further hassles.

No Return Filing: IE Code does not require filing of any return. Once, an IE Code is issued there are no further procedures required to maintain validity of the IE Code. Even if import or export transactions occur, there are no filings required to DGFT.

Individuals can have IE Code: Even individuals who are proprietors of a business can obtain IE Code in their name. It is not necessary to incorporate a business entity for obtaining IE Code.

IEC DOCUMENTS IN RESPECT OF INDIVIDUAL/ PROPRIETOR/ PARTNER/ DIRECTOR

  • Copy of PAN Card
  • Passport size photograph
  • Copy of Aadhaar Card/ Voter identity card
  • Authorization letter (In case of Partnership)
  • Authority from other Directors on letter head (In case of company)
  • Copy of Partnership deed (In case of Partnership)
  • Board Resolution/self declaration (In case of Company)
  • Telephone Bill in the name of the Individual (In case of individual)
  • Cancelled cheque of individual

Hope it will help

Thanks


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