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Why AD Code is Essential for KYC at ShipGlobal.in

kyc ad code

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Table of Content

  1. What is an AD Code?
    1. Why Do You Need an AD Code for KYC with ShipGlobal.in?
    2. Importance for Exporters
    3. How to Use Your AD Code for KYC?
    4. Tips for a Smooth KYC Process
  3. How to Get an AD Code if You Don’t Have One?
    1. Steps to Apply for an AD Code
    2. Documents Required

What is an AD Code?

An Authorized Dealer (AD) Code is a 14-digit code provided by your bank, which is registered with the Directorate General of Foreign Trade (DGFT). This code is mandatory for businesses involved in export and import activities, facilitating the realization of export proceeds and enabling customs clearance.

Why Do You Need an AD Code for KYC with ShipGlobal.in?

  • Customs Clearance: Required for smooth customs clearance of your export shipments.
  • Financial Transactions: Ensures your export proceeds are received in your bank account.
  • Compliance: Helps comply with Indian foreign trade regulations, ensuring legal and efficient export operations.

Importance for Exporters

  • Mandatory for Exports: Essential for completing export customs procedures.
  • Facilitates Transactions: Ensures smooth financial transactions related to export proceeds.
  • Efficiency: Simplifies the process of setting up your account and starting your export journey with ShipGlobal.in.

How to Use Your AD Code for KYC?

  • Log into ShipGlobal.in: Access your account and go to the KYC section.
  • Upload AD Code: Upload a clear photo or scan of your AD Code registration letter from your bank.
  • Verification: Our team will verify your details.

Tips for a Smooth KYC Process

  • Clear Image: Ensure the photo or scan of your AD Code document is clear and readable.
  • Match Details: Ensure the business name on your AD Code matches the information on your ShipGlobal.in account.

How to Get an AD Code if You Don’t Have One?

Steps to Apply for an AD Code

1. Contact Your Bank

  • Go to the branch where you hold your current account.
  • Inform the bank officials that you need an AD Code for your export activities.

2. Submit Required Documents

  • Fill out the AD Code application form provided by the bank.
  • Submit the necessary documents such as your IEC (Import Export Code) certificate, GST registration certificate, PAN card, and address proof.
  • The bank will verify your details and process your request.

3. Receive Your AD Code

  • The issuance of the AD Code usually takes a few working days.
  • Once processed, the bank will provide you with an AD Code registration letter.

4. Register AD Code with Customs

  • Go to the official DGFT website (dgft.gov.in).
  • Follow the procedure to register your AD Code with customs, enabling you to use it for export activities.

Documents Required

  • IEC Certificate: Copy of your Import Export Code certificate.
  • PAN Card: Copy of the PAN card of the business owner or the business entity.
  • GST Registration Certificate: Proof of GST registration.
  • Address Proof: Utility bills (electricity, water), rent agreement, or bank statement.
  • Bank Account Details: Proof of bank account in the name of the business entity.

Start your export journey smoothly with ShipGlobal.in by completing your KYC with your AD Code today!