Commerce Ministry have Reduced the Number of Documents for IEC
If you are in need to taking your produce to an international market, you would need to initiate an import and export business. However, this can only be done within the legal confines. Therefore, to get the rights to export or import goods, you would need to apply for an IEC or Import/export Code. Once you have gotten this code, only then you can begin with your international business.
Earlier required documents for IE Code registration
Earlier the documents required for the grant of Import and export code were the following:
1. Address proof of the proprietors, directors, members, managing trustees of the entity seeking IEC.
2. Residential and Identification proof of the same individuals.
3. Details of the signatory applicant.
However, accumulating all of these documents used to take a lot of time and during some conditions, it was not viable to access all these information. However, now, there are only two documents required for the same.
Documents that are required now for the grant of IEC License
With the new concept of digitization on the rise, the ministry have now sought to keep only the absolute essential documents for the purpose of IE code registration . These documents are as follows:
1. The photograph of the applicant
2. The Online IEC registration form.
3. The digital signature of the applicants.
This entire legislation was made back in 2016 and it started with the start of that financial year on April 1.
Reason for the reduced IEC number of documents
The reason that the amount of documents has been reduced can be summed in the following two points:
1. To decrease the costs related to transaction.
2. To improve the ease of doing business for the individual engaged with international commodities.
3. To improve the ranking in the World’s bank report. As of now, India stands at 100.
If you seek the IE Code, you should get in touch with Registrationwala and your code would be granted to your in the shortest time possible.