Import Export Code Registration
Get ready to Import and Export from India, within 1 day. We get you IEC (Import Export Code) in a hassle-free manner. You don’t have to move from your office or home; we would take care of filing and follow up with Director General of Foreign Trade (DGFT)
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Import Export Code Registration
Import Export Code (IEC) is a ten digit number, comprising alphabets and numbers. IEC is a mandatory prerequisite to starting a business of Import or Export in India. The IEC code is a pan based registration, hence against one pan number the director general of foreign trade can issue only one IE Code. The IEC is a unique number through which a person is identified at all offices of Customs and DGFT across India. In general all the Imports and Exports can be done without any other authorization, license or permission, However in the national interest or to regulate the trade or any specific commodity, the central government may restrict or prohibit the import or export of certain goods. In case you wish to import any item which is restricted, an application for license or permission to import can be made to the DGFT explaining the specific reasons for the export or import.
An Overview of IEC Registration
With the rapid increase in globalization, nowadays, the opportunity of having a cross border business is also increased. Moreover, an IEC Registration also assists an individual in unlocking the growth opportunities of the international business. Further, every individual who wants to expand their business on a global platform by dealing with the Import and Export business is mandatorily required to obtain IEC Registration Certificate. Hence, having an IEC (Import and Export Code) is one of the basic and essential prerequisites for expanding and running a business at the global level. Moreover, an IEC has various advantages annexed to it. One such benefit of an IEC Code is that it not only assists in unlocking the international market but also helps in increasing the business’s growth level
What is an Import Export Code?
IEC or Import-Export Code is a 10-digit code that an individual or a business needs for the import or export goods or services. Further, this code is allotted by the Director General of Foreign Trade (DGFT), Ministry of Commerce and Industries, Government of India.
Furthermore, the validity period of this code is for a lifetime. This means that there is no need for the IEC code holder to apply for its renewal. Hence, the company having IEC is able to perform all requirements concerning import-export and related issues.
Usually, a period of 12-15 working days is required for the generation of IEC code once all the required documents are submitted and corrections are made. Further, having an IEC is mandatory and compulsory for every commercial importer or exporter in India. Hence, the business not having IEC is not qualified to undertake the category of import and export.
Features of Import Export Code Registration
The following listed are the Features of IEC Registration:
- No business can indulge in the activities concerning Import or Export without obtaining IEC registratio
- IEC works as evidence for the firm involved in the import or export of goods and products
- Once an individual has obtained IEC, then the same remains valid for a lifetime. This means this code does not require any filing or renewal.
- IEC Code is not required for the goods or services imported or exported either for individual or legislative purposes.
- An IEC is obligatory and mandatory for making foreign bank transfers.
- It is considerable for all parts of importers or exporters business.
Benefits of IEC Code Registration
The following listed are the Features of IEC Registration:
Expansion of Business
With the help of IEC code license take your business global and an individual can easily and smoothly expand the business's reach in the global market. Further, an IEC not only provides an opportunity for the business to export goods outside India but also assists in creating a name for oneself in the international market.
Availing Several Benefits
Based on IEC registration, nowadays, businesses can enjoy and avail benefits provided by the EPC (Export Promotion Council), DGFT, and Customs.
No Need to File Return
IEC does not require the filing of return. Hence, once an IEC Code is allocated, there is no need to abide by any procedure for proving its legitimacy. Further, in any event, relating to export transactions, DGFT does not require the filing of any return.
Hassle-Free Processing
The process of obtaining IEC registration from the DGFT (Director General of Foreign Trade) is genuinely simple and easy. Moreover, the same can be acquired within a period of 10-15 working days from presenting the application. Further, no evidence relating to export or import is needed subsequent for obtaining IEC Code.
Free for Lifetime
Once an individual has obtained his or her IEC, he or she can enjoy its validity till perpetuity since it is free for a lifetime, and there is no need to apply for any renewal
Government Authorised
Import Export Code (IEC) acts as a government identity which is issued by the Director General of Foreign Trade. Hence, at the time of shipment clearance, one can show this identification number to the customs authorities.
When is IEC Registration Required?
The following listed are the situations which mandatorily requires IEC Registration:
- When an importer wants to clear his shipments from the customs authorities, this code is required by the customs authorities.
- Whenever an importer sends money abroad by way of banks, then the banks need this code.
- If an exporter wants to send his shipments abroad, this code is required by the customs port.
- Whenever an exporter receives money in the form of foreign currency directly into his bank account, then this code is required by the bank
- For obtaining Food Licensing and APEDA Licensing, having IE Code is a must.
- Whenever an exporter wants to avail of some export subsidy, then this code is required by the export promotion council.
Who can apply for IEC Registration in India?
- Export Houses
- Production facilities importing raw material
- Entities intending to involve in EXIM Business;
- Exporter & Importer
- Importers of goods or products seeking special authorisation from DGFT
- Manufacturer cum exporter
Note: IEC is available to the registered entities only in India. Hence, ensure to secure a Business Certificate in the first place before getting IEC Registration.
Import Export Code Registration
Documents Required for IEC Registration
Following are some vital documents required for IEC Registration in India:
- PAN Card of the company (not applicable in case of the proprietor)
- PAN Card and Aadhaar Card of the applicant such as Voter ID, Driving License, Passport, etc
- Partnership Deed or Certificate of Incorporation;
- Address Proof such as electricity bill or Sale Deed or Rent Agreement of the office location
- Copy of cancelled cheque leaf or Banker Certificate of the current account in the company’s name.
FAQs of IEC Registration
An IEC Branch Code denotes the code issued as per the information filled in the IEC Application Form. Further, an applicant needs the IEC Branch Code only when he/she has business in any other place in India other than the place where its registered office is located
An individual needs IEC code is to operate Import and Export business from India. Further, this code will assist in obtaining goods clearance from the customs authority.
No, a person is not eligible to import goods in India without having an IEC Code.
In India, the authority to issue Import Export Code (IEC) is with the DGFT (Director General of Foreign Trade), Ministry of Commerce and Industries, Government of India.
For acquiring an IEC Certificate, the applicant needs to file an online application form. After that, the authorities will process and verify the details filled in the form. If the DGFT is satisfied with the details provided, he will issue an IEC Certificate to the applicant. Moreover, an IEC certificate has lifetime validity.
A draft certificate is a new concept that provides the benefits, such as one can modify progress without even deleting and re-issuing the certificate as well as can allow incrementally modify progress over various multiple sessions.
Usually, it takes around a period of 12 to 15 days.
No, obtaining DSC (Digital Signature Certificate) is not mandatory for getting an IEC Code.
Any individual who is having a registered business such as a Company, Partnership Firm, LLP, etc., and who wants to engage in the business of Import and Export is eligible to apply for IEC code.
The exporter can cancel his/her allotted IEC (Import Export Code) only by surrendering the same.
No, only one IEC is issued to a single person or entity. Hence, if anyone wants more than one IEC code, then he/she needs to surrender the previous one at the Regional Office for Cancellation
Yes, one can surrender his or her IEC Code. For surrendering an IEC code, one needs to inform about the decision to the issuing authority. After that, the authorities will immediately cancel the applicant’s IEC number and will electronically transmit it to the DGFT for onward transmission of the same to the Customs and Regional Authorities.
An IEC (Import Export Code) is just a license authorising the import and export of goods. Therefore, there is no need to file a Monthly Return under an IEC code.
Yes, an NRI can apply for obtaining IEC Code, as per the standard prescribed procedure. However, in some exceptional cases, permission from RBI is also required.
