Joint Venture Agreement: Benefits, Types & Documents
On 27 Feb 2025A Joint Venture (JV) Agreement is a legally binding contract between two or more parties to collaborate on a business initiative while maintaining their separate legal identities.
Everyone wants to expand their company outside the boundaries of the domestic market in this era of cut-throat competition. But doing business worldwide isn't just a cup of tea for everyone. In India, for making export or import to another country the concern must have the license (registration certificate) of Import-Export code for making such transactions.
It is issued by DGFT (Director General of Foreign Trade). It’s a 10 code (PAN of concern) issued by the authority which is valid for lifetime. Neither the Importers merchant import goods without the Import Export Code nor they can take advantage of DGFT for the export program, etc. without IEC.
This is a prerequisite criterion that concern needs to follow before making the import or export.
➲ Customs Clearance
When Importer import goods from other countries then at the custom port he needs to produce the IEC certificate for clearing the goods from the custom port. Goods will remove from custom port only when all the required documents along with duty will be paid by the importer and IEC is one the document which will be required here. Similarly when Indian trader exports its goods to outside the country then IEC will be needed.
➲ For Importer banking purpose
When an importer sends money into a foreign country through the banking channel then banks ask for an IEC certificate from the importer for such transactions. Without IEC certificate importer can’t transact (transfer of money) to a foreign county.
➲ Exporting of goods
When Indian trader wants to export its goods to a foreign country, then at the time of export Indian custom department will ask for IEC certificate, without it trader can’t make the export. It is one of the important documents while making export.
➲ Exporter Banking Purpose
When the exporter receives money from the foreign importer in the bank account then the exporter has to submit the IEC certificate to the bank for clearing the transaction.
➲ Business expansion
Everyone wants to expand their company outside the boundaries of the domestic market in this era of cut-throat competition and for this, every trader want to do trade with a foreign country, which will lead to increase in customer’s base and branding in foreign countries
➲ Other Benefits
After getting an IEC certificate, the registered entity can avail of the several benefits of their importers/exporter from the DGFT, exporter promotion council, customs, etc. It will also help in banking transaction settlement when foreign currency is involve at the time of export/import. Banks ask for the IEC certificate for such transactions.
➲ No further compliances
Unlike other license or registration IEC is a one-time process, means no further compliance is needed to be done once after getting the registration certificate. This is one time and lifetime registration and after registration, no annual returns or compliances need to be fulfilled.
➲ No renewal
IE Code is valid over an entity's lifespan and does not require renewal. An individual/ business will be entitled to use it against all export and import transactions after it is acquired.
Import Export Code or IEC is a 10-digit code for importation/export of goods/services by a company or person. DGFT (Director General of Foreign Trade), Ministry of Commerce and Industry, Government of India issues this code. This code is valid for a lifetime, that is, no need to renew it. This code is created within 5-7 working days of submission of the documents and all the correct information as required.
This code has many names, such as importers exporter code, import-export code, import license for exports, import number for exports, IE code, IE license, etc. You may issue this code either under your name or under the name of the business. Once issued it will be valid for all divisions/units/factories/branches thereof.
➲ 10-digit code (PAN number)
➲ One time registration
➲ No renewal
➲ One code for one business
➲ One code is valid for all branches/ factory/units with the same PAN
Step1. Verify PAN detail on DGFT site
Visit DGFT’s website and go for enrolment of IEC, Over their fill your PAN detail and verify with CBDT data, once it verifies then it will proceed further.
Step 2. Verify through OTP
After CBDT verification DGFT will redirect for OTP verification, you have to verify your email and mobile through OTP.
Step 3. Fill the Form
Once verification will be done the IEC form will be open in which manufacturer/seller/trader details need to fill. Put the name of the business, then business detail and address, then on next owners detail, then required attachment like business address proof and bank canceled cheque copy need to be uploaded in PDF form.
Step 4. Attach the attachments
After filing the details of Business and its owner the next step is to upload the required document that is business address proof (Electricity bill/ rent agreement/ lease agreement/ other ownership proof) and bank detail (canceled cheque/bank certificate)
Step 5. Make the government fee payment
After all this scrutiny your form once and after this makes the payment of government fees that is of INR 500 (for registration) or INR 200 (for making modification in IEC).
Step 6. Submit the form
After all please submit the application after submission department will verify the information and within 2-3 days certificate will be issued
➲ PAN card of Entity
➲ PAN and Aadhar of Company’s Directors/Partners/Proprietor
➲ Address Proof of Entity (any one of the following)
Import not involve remittance of foreign exchange.
In India import and export are governed under customs act 1962, this act tells us about when custom duty will be levied, how to calculate customs duty when to pay the duty, the procedure of import-export, consequences of non-payment of duty and others provisions related to export and import of goods.
Whereas the government has made customs tariff act 1975, under which the rate of duty for different products is specified. In customs tariff act two schedules are mentioned, schedule-1 deals with the rate of import duties and schedule II deals with the rate of export duties, there are only 49 items on which government charge export duty, which mentioned under schedule II.
Customs duty applies to the tax levied when shipped across international boundaries on the goods. The goal behind the levying of customs duties is to safeguard the economy, employment, environment, citizens, etc. of each nation by regulating the movement of goods, especially prohibited and restrictive goods, into and out of any country.
Each good has a predefined duty rate, which is calculated on the basis of various factors, including where such goods were obtained, where such goods were manufactured, and what such goods are made from. Also, whatever you first carry to India should be declared in compliance with the customs law. For example, you must report the goods purchased in a foreign country and any gifts that you purchase
Restricted products can only be imported after the relevant regional licensing authority has issued an import licence. The goods covered by the license shall be disposed of in the manner specified by the licensing authority, which the license itself should clearly indicate. ITC (HS) includes a list of the restricted products. For capital goods, an import license is valid for 24 months, and for all other goods, 18 months.
For importing such products prior approval from DGFT is required under importing restricted products.
Application category |
Mandatory information(Scanned copy) |
Live animals and bovine semen for breeding purpose |
|
Horses for Sportsmen |
- Recommendation from Equestrian Federation |
Import of Pets |
(if applicable) and any other relevant document |
Import of live animals for R & D purpose |
|
Import of tyre scrap/lead scrap/battery scarp |
|
Import of Slag |
|
Import of Ozone depleting substance |
|
Import of Wild animals under Animal Exchange Programme |
|
Import of Arms and ammunition |
For Supply to govt. Deprtts. Including police and defence furnish
|
Aircraft/Helicopter/Hot Air Balloons/UAVs |
|
Transmitter or communication device |
|
Refurbished electronic item |
|
Import of Gold Dore |
|
Import of Silver dore |
|
Importer-Exporter Code (IEC) numbers are not required for the following groups of importers or exporters:
The following permanent IEC number shall be used by the categories of importer/ exporters mentioned against them for import/ export purpose.
S.NO. |
Code number |
Categories of importer/ exporter |
1 |
0100000011
|
Departments or Ministries of the central or State Government and agencies wholly or partially owned by them
|
2
|
0100000029
|
Departments or Ministries of the central or State Government and agencies wholly or partially owned by them
|
3
|
0100000037
|
Indian diplomatic counsellor officers in india and officials of uno and its specialised agencies
|
4 |
0100000045 |
Indians who are returning from abroad and claiming benefits from baggage rule |
5 |
0100000053 |
Institutions /personnel/ hospitals exporting or importing goods for personal benefits and not for trade commerce or manufacturing |
6 |
0100000061 |
Person importing or exporting goods from Nepal to India and India to Nepal |
7 |
0100000070 |
Person importing or exporting goods from Myanmar through indo – Myanmar border
|
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