IEC commonly known as Import Export Code, In business context especially those who intend to do Import/Export IEC plays a pivotal role. Let’s understand about IEC

The Importer -Exporter Code (IEC) is a key business identification number which is mandatory for Exports or Imports. No person shall make any import or export except under an IEC Number granted by the DGFT. In case of import or export of services or technology, the IEC shall be required only when the service or technology provider is taking benefits under the Foreign Trade Policy or is dealing with specified services or technologies

The nature of the firm obtaining an IEC may be any of the follows- “Proprietorship, Partnership, LLP, Limited Company, Trust, HUF and Society.” Consequent upon introduction of GST, IEC number is the same as the PAN of the firm. The IEC would be issued by DGFT.

How Ledger Can support you in IEC related matters?

Our dedicated expert team will assist you in obtaining the IEC certificate which enables you to Import or Export of Goods/Services

DOCUMENTS FOR PROPRIETORSHIP FIRM

• Pan Card Copy (Individual) Or Pan Issuing Letter Copy
• Soft copy of photos passport Size
• Banker Certificate or Cancelled cheque bearing pre-printed name of applicant & Account Number
• Sale Deed in Case of Premise Is Self-Owned or Rental/Lease Agreement In Case The Premise Is Rented/Leased
• Copy of Latest Electricity or Telephone Bill

DOCUMENTS FOR PROPRIETORSHIP FIRM

• Photograph (3x3cms) of the Managing Partner.
• Copy of PAN card of the applicant entity.
• Copy of Passport (first & last page)/Voter’s I-Card /UID (Aadhar Card) /Driving Licence/PAN (any one of these) of the Managing Partner signing the application.
• Copy of Partnership Deed.
• Sale deed in case business premise is self-owned; or Rental/Lease Agreement in case office is rented/ leased; or latest electricity /telephone bill.
• Bank Certificate as per ANF 2A (I)/Cancelled Cheque bearing pre-printed name of the applicant entity and A/C No.

DOCUMENTS FOR LLP FIRM/ GOVERNMENT UNDERTAKING/ PUBLIC LIMITED COMPANY/ PRIVATE LIMITED COMPANY/ SECTION 25 COMPANY

• Softcopy of Photograph (Passport size) of the Designated Partner/Director of the Company signing the application.
• Copy of PAN card of the applicant entity.
• Copy of Passport (first & last page)/Voter’s I-Card /UID (Aadhar Card) /Driving Licence/ PAN (any one of these) of the Managing Partner/Director signing the application.
• Certificate of incorporation as issued by the RoC
• Sale deed in case business premise is self-owned; or Rental/Lease Agreement, in case office is rented/ leased; or latest electricity /telephone bill.
• Bank Certificate as per ANF 2 A(I)/Cancelled Cheque bearing pre-printed name of the company and A/C No.

Udhyam Registration commonly known as MSME registration or classifying Micro, Small, Medium Enterprises post July 2020 is based on the said registration

An enterprise shall be classified as a micro, small or medium enterprise on the basis of the following criteria, namely: —

1. a micro enterprise, where the investment in plant and machinery or equipment does not exceed one crore rupees and turnover does not exceed five crore rupees;
2. a small enterprise, where the investment in plant and machinery or equipment does not exceed ten crore rupees and turnover does not exceed fifty crore rupees; and
3. a medium enterprise, where the investment in plant and machinery or equipment does not exceed fifty crore rupees and turnover does not exceed two hundred and fifty crore rupees.

Benefits of Udyam Registration

• Easy Bank Loan upto 1 Cr without Collateral/ Mortgage.
• Udyam Registration is the proof of Proprietorship.
• Udyam Registration can be used to get current account for business.
• Special Preference in Procuring Government Tenders
• 1 percent Exemption on interest rate on Bank Overdraft (OD)
• Concession in Electricity Bills
• Protection against the delay in payment from Buyers
• Tax Rebates
• Special 50 percent discount on Government fees for Trademark and Patent
• Fast Resolution of Disputes
• Government recognition.