Company registration process for accepting international payments
Hi, I'm a freelancer. I sell software services and do software consulting. I'm trying to use Stripe (a Payment gateway) in one of my website. My website provides a software service to which now I'm adding payments and subscriptions.
My expected annual turnover is less than 20 lacs.
Stripe says I need an IEC code (Import / Export Code) to be able to accept international payments on my website.
When I researched on how to get an IEC code, I think there are following requisites,
- I should have a sole proprietorship registered in the local government.
- I should have a GST number.
- I should have a current account.
- I should get a **letterhead from the bank** addressed to the DGFT , which will be used ini applying for IEC.
I have none of the above. I used to have a GST number which I cancelled last year to avoid compliance (since my turnover expected was less than 20 lac).
Right now, I feel confused if all of these steps are necessary for me to accept international payments, and what should be right order in which to obtain all these registrations. Some articles say that I don't need X, some say I don't need Y, some say I need X before Y.
If you can please tell me the exact process, I'm happy to pay for someone to help me with the registration part (or do it for me preferably).
I have researched about it a lot and I'm still confused, any help will be highly appreciated, thanks in advance!