Rajkumar is running a business of handicraft in Jaipur. He has explored some opportunities for handicraft products abroad and he wants to encash the huge demand outside India for such products. He seeks your advice wheth
CS Executive · Setting up of Business Entities and Closure · PYQS · June 2019
Rajkumar is running a business of handicraft in Jaipur. He has explored some opportunities for handicraft products abroad and he wants to encash the huge demand outside India for such products. He seeks your advice whether he would be required to get himself registered with Directorate General of Foreign Trade (DGFT) for exporting goods, if yes what are all the documents required for such registration ? And also enlighten him the features/benefits available from such Registration.
Answer & Explanation:
Yes, Rajkumar can export the Handicraft goods by registering himself for obtaining Importer Exporter Code (IEC Code). Rajkumar have to arrange for following documents for obtaining IEC Code Registration through online. For making online application the following documents are required: Personal Pan Card Copy. Bank Certificate/ Pre-printed cancelled cheque, Personal Aadhar Card or Voter ID or Passport Copy. Address Proof of the firm Any of the Following Documents: Sale deed, Rent agreement, Lease Deed, Electricity Bill, Telephone Land Line Bill, Mobile Postpaid Bill, MOU, Partnership Deed, Other acceptable documents (for Proprietorship only): Aadhar Card, Passport, Voter Id. In case the address proof is not in the name of the applicant firm, a No Objection Certificate (NOC) by the firm premises owner in favour of the firm along with the address proof is to be submitted as a single PDF document. Following are the benefits or features, Rajkumar will derive from IEC Registration: International Exposure: IEC Code helps you to grow your business from local market to international market and expand your product or service across the global. Government Benefits: Government of India always promote the export activity in India so through IEC Code Registration you can avail all the export scheme benefits from DGFT, Customs and Export Promotion Council. No Renewals: IEC Code issued by the DGFT for the lifetime validity so you have not required to renew every year. Further, it is just a one-time cost of the registration. Individual Person: IEC Code can be obtained by the individual person also. They are not required to register as a legal entity.
Topics: Foreign Trade Policy
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