The Full Form of UBIN is Unique Business Identification Number.

There are several statutory formalities that must be completed when you have decided to setup a new business. The itinerary of initiating a business in this premise includes.

Executing the compulsory registration process required for exports with various government and regulatory agencies and obtaining :

• PAN
• Sales Tax
• Central Excise Registration
• Import Export Code – IEC
• REGISTRATION CUM MEMBERSHIP CERTIFICATE- RCMC
• Obtaining IEC from Director General of Foreign Trade (DGFT) is mandatory for companies and organizations aspiring to enter into export and import.
• You will be allotted a Business Identification Number – BIN, which is based on PAN issued by IT authorities.
• These both ID codes form the core of all export transaction documentation.
• This registration must be requested in prescribed format and must be accompanied with all mandatory supportings detailing all office locations and branches of the organization;

Directorate General of Foreign Trade has started operationalising online filing of Importer Exporter Code (IEC) applications, online processing and issue of e-IECs in digital format.

• Now new entrepreneurs/exporters/importers can apply online for issue of new IEC from the comfort of their home/IT Kiosk with no more visits to the Regional Authority’s (RA) office required, and upload the documents and pay the required fee through Net banking.
• Even the processing of such applications by Regional Authority of DGFT would be done online (no paper work in the office; less storage space required and no misplaced documents) and the digitally signed e-IEC (no more IECs in physical form) would be issued/emailed to the applicants within two working days.
• In case the application is incomplete or otherwise ineligible, the same shall be rejected and an auto generated Rejection letter/email (with reasons for rejection) would be sent to the applicant – within two working days only.
• There would not be any ‘Deficiencies letters’ now (no more discretion at the level of RAs and consequent elimination of possible delays and corruption).
• Efforts are underway to allow/enable payment of fee through Debit/Credit cards, which would further facilitate this process.
• Once implemented the Online system would be made mandatory. However, till such time payment through Debit/Credit cards is enabled, the existing offline/manual system has also been allowed side by side, in order to facilitate those applicants who do not have Net banking facility.
• Efforts are also underway for message exchange/integration of our system with Income Tax department and Ministry of Corporate Affair for verification of PAN and DIN/CIN details respectively. Once implemented, this would further reduce the processing time of e-IEC applications at RA level (possibly one day only).
• This is an important and path breaking initiative by Department of Commerce/DGFT towards “Digital India” vision of Prime Minister of India and “Ease of Doing Business”.
• For More Details please google for National centre For trade information (NCTI) and be guided accordingly;