IEC (Import Export Code)

IEC (Import Export Code)

In today’s dynamic world when you want to make your business a globally competant business. This expansion is possible only when you have fulfill certain requirements before hand to get some licenses/ certificates. For this the business should mandatorily required to have Import Export Code, commonly referred as IEC.

What is IEC?

An Importer Exporter Code is a unique 10-digit code, which is requisite for every import/export business owner in India. The code is issued by the Director-General of Foreign Trade (DGFT), Ministry of Commerce and needs no filing or renewal.

Why IEC is required?

IEC is required by importers to –

  • Clear Customs and Shipments, and.
  • Transfer money to foreign banks

IEC is required by exporters to –

  • Send Shipments, and
  • Receive money from foreign banks.

Eligibility

Any type of business registration:

  • Sole Proprietorship
  • LLP
  • Partnership
  • HUF
  • Private or Limited Company
  • Charitable organization like Trust or Society
  • dealing with the export and import of goods should register for Importer Exporter Goods.

Exemption Of IEC

Import Export Code (IEC) isn’t required to be taken in case the goods exported or imported is for personal purposes and not connected to trade, agriculture and manufacture. Export/ Import done by the Government of India Departments and Ministries, Notified Charitable institutions need not require getting Import Export Code.

How To Get IEC

Procedure Of IEC Application

  1. Application Form – Need to prepare an application form in the specified format – Aayaat Niryaat Form ANF-2A format and file it with the respective Regional office of DGFT.
  2. Documents – Need to prepare the required documents with respect to your identity & legal entity and address proof with your bank details & the certificate in respect of ANF2A.
  3. Filing Application And Payments – Once your application is completed, we need to file with DGFT via DSC (Digital Signature Certificate) and pay the required fee for the IEC Registration.
  4. IEC Code – Finally, once your application is approved then you would receive the IEC Code in a soft copy from the government.

Benefits Of IEC

  1. Expansion Of Business – The IEC registration helps traders open the doors to venture into the global market, including registration in online e-commerce operators.
  2. Availing Several Benefits – Businesses can avail government schemes like Merchandise Export from India Scheme (MEIS), Service Export from India Scheme (SEIS) and others from Customs and Export Promotion.
  3. No Filing Or Return – No compliance requirements pos registration and hence maintaining the business is relatively simple.
  4. Easy Processing – The process of obtaining IEC is not tedious and can be obtained with minimal, basic documents.

Documents Required

  • PAN – Individual’s or Firm’s or Company’s copy of PAN Card.
  • Identity Proof – Individual’s voter id or Aadhar card or passport copy or driving license.
  • Bank Details – Individual’s or company’s or firm’s cancel cheque copy of current bank account.
  • Address Proof – Copy of Rent Agreement or Electricity Bill Copy or sale deed of the premise.
  • Business Proof – Incorporation certificate/Partnership deed.
  • GSTIN – GST Registration number of the entity.