The Ministry of Commerce issued a notice on August 31. 2020 on the procedures and standards for exporters to apply for export licenses for the supply of N95/FFP2 masks. Accordingly, online applications submitted by the exporters from 7 to 9 September will be considered subject to export license approval by the Directorate General of Foreign Trade (DGFT).
To start a business in India, you must meet a number of requirements. This can range from obtaining permits from the government to raising funds and obtaining the necessary licenses to operate. In this blog, we will share some facts about export licensing in India.
If you want to start an import/export business in India, you must first obtain an import/export permit from the government. Registration plays an important role in ensuring this.
When you receive an approved license, you will receive an import/export code, a 10-digit code. The Directorate General of Foreign Trade (DGFT) issues this code. DGFT belongs to the Ministry of Trade and Industry. You need this license to do a smooth import and export business in India.
Steps to obtain an import/export license
The following steps guide you through the entire process of getting your import-export code
1. One of the first things to consider is that you need to choose the product you want to export. You will receive an IEC for the product category you applied for.
2. The next thing you need to decide on is your company name. The company name must end in Export.
3. You must register your company even if you haven’t already.
4. You can apply for IEC online and the fee You have to pay is Rs. 250.
5. Next, you need to register with EDC. You must register your company at the nearest airport or port.
IEC Online Application
· Gather all necessary documents and obtain a digital copy before starting the online application process.
· Log on to the official portal and submit the form for registering your firm.
· To begin this, Requires PAN to get started. After entering the PAN, you will be guided to create a new IEC application or open an existing one.
· Once you have entered the IEC Master Document, you need to fill other details like location, PAN details, bank account, date of establishment of the firm, and other details. Once you have filled in all the details, you will be directed to make the payment. Here you will have to pay a fee of Rs 250. This payment is made online from designated banks. After entering the IEC main document, you will need to enter other details such as location, PAN details, bank account, establishment date, and other details. After entering all the details, you will be prompted to pay. Here you have to pay a fee of Rs 250. This payment is made online at certain banks.
· After paying the fee, all documents related to the IEC application must be uploaded.
· After you have successfully uploaded your documents and filled out the form, you can print the completed IEC form and send it to the DGFT office indicating your location. Once submission of the document, you will get a screen in which you will have your Ecom Ref. as well as the name of your company and the DGFT office where your request is sent for processing.
· Follow these few steps to easily complete your IEC online application and get your IEC code
· The entire process takes 3 days to 1 week.
Documentation for IEC Application
As mentioned above, certain documents are required to successfully process IEC forms. We have compiled a list of these documents, but you should be aware that they may vary depending on your type of company.
Proprietorship
· A 3*3 picture is required.
· Identification, such as voter ID, driving license, passport, or Aadhaar card.
· Proof of address, such as utility bills.
· You can provide a bank statement or cancellation check showing the applicant’s name and account number.
Partnership
· Requires management partner’s photo 3*3
· partnership firm Pan card
· ID such as Aadhaar card, passport, or driving license
· Proof of address, a sales contract is required if you own the property, or a lease agreement with utility bills if you are renting.
· You can provide a bank statement or cancellation check showing the applicant’s name and account number
LLP and Company (both public and Pvt ltd)
· You need the director’s photo 3*3.
· PAN card of the applicant LLP firm.
· Certificate of incorporation.
· ID proof like Aadhaar card, passport, driving license id such as Aadhaar card, passport, and driving license.
· Proof of address, a sales contract is required if you own the property, or a lease agreement with utility bills if you are renting.
· You can provide a bank statement or cancellation check showing the applicant’s name and account number.
With these basic steps and documentation, you will receive your export permit in 3 days to 1 week.
