IEC Code is “Importer Exporter Code”. To import or export in India, IEC Code is mandatory. No person or entity shall make any Import or Export without IEC Code Number.
Import Export Code (also known as IEC) is a 10 digit identification number that is issued by the DGFT (Director General of Foreign Trade), Department of Commerce, Government of India. It is also known as Importer Exporter Code. It is mandatory for companies and businesses to obtain this code to start a business that deals with import and export in the Indian Territory. It is not possible to deal with export or import business without this code.
IEC (Import Export Code) License is required by anyone who is looking to kick-start his/her import/export business in the country. It is issued by the DGFT (Director General of Foreign Trade). IEC is a 10-digit code which has validity of lifetime. Predominantly importers merchant cannot import goods without the Import Export Code and similarly, the exporter merchant cannot avail benefits from DGFT for the export scheme, etc. without IEC.
For IEC Code Registration following documents are required
Individual’s or Firm’s or Company’s copy of PAN Card
Individual’s voter id or Aadhar card or passport copy
Individual’s or company’s or firm’s cancel cheque copy of current bank account
Copy of Rent Agreement or Electricity Bill Copy of the premise
A self-addressed envelope for delivery of IEC certificate by registered post
Expansion of Business
IEC assists you in taking your services or product to the global market and grow your businesses.
Availing Several Benefits
The Companies could avail several benefits of their imports/ exports from the DGFT, Export Promotion Council, Customs, etc., on the basis of their IEC registration.
No Filling of returns
IEC does not require the filing of any returns. Once allotted, there isn’t any requirement to follow any sort of processes for sustaining its validity. Even for export transactions, there isn’t any requirement for filing any returns with DGFT.
Easy Processing
It is fairly easy to obtain IEC code from the DGFT within a period of 10 to 15 days after submitting the application. There isn’t any need to provide proof of any export or import for getting IEC code.
No need for renewal
IEC code is effective for the lifetime of an entity and requires no renewal. After it is obtained, it could be used by an entity against all export and import transactions.
The Import Export Code also referred to as IEC, is the first registration required for anybody importing or exporting goods or services from India. The International Economic Code (IEC) is a ten-digit code provided by the Directorate General of Foreign Trade (DGFT). It is a required document in the import and export industry.
Import Export Code is a criterion that may assist you in taking your business to the next level. Once issued, an IEC can be utilized by a business entity for the duration of its existence, with no need for renewal or filing. Importers who bring products into India must register for an Import-Export Code. Similarly, all exporters who ship items out of the nation must have an Import Export Code. In addition to all of this, you’ll need an IEC if you want to send money abroad., reach out to Mark-O-Legal and get your IEC License!
To obtain Import Export Code (IEC) License in India, we need to follow the below-stated process. Have a look!
1) IEC Code Registration: Firstly, you need to send us all the documents such as a copy of PAN card, passport size photographs, Copy of Rent Agreement, Aadhar card, telephone bill, etc., that help acquire Import Export Code (IEC) License in India.
2) Preparation of Application: After receiving all the documents, our expert team members will prepare the application in the prescribed format and attach all the supporting documents.
3) Processing of Application: Now, we will submit the prepared application to the Directorate General of Foreign Trade (DGFT) for further processing.
4) IE Code Allotment: You will receive an Import Export Code (IEC) for your business after the verification of applications and documents.
Import and export code is unquestionably a fantastic choice for those new to the industry who wants to break into the worldwide market with their product or service. Import Export Code, also known as IE Code, is a crucial necessity for such individuals, as it promotes the growth and development of their firm and establishes a particular degree of professionalism.
According to the government’s most recent circular, IEC is not necessary for all GST-registered traders. The trader’s PAN will be considered as a new IEC code for import and export purposes in all of these cases. It is not necessary to have an Import Export Code (IEC) if the things being exported or imported are for personal use rather than the business. For export or import is done by Government of India Departments and Ministries, Notified Charitable Institutions do not require an Import Export Code.
Individuals with a PAN card who wish to start an import/export business can apply for an IEC code. To receive IEC from DGFT, you do not need to operate a business or have a registered business name.
The following documents are required for Import Export Code Registration:
IEC Stands for IMPORTER EXPORTER CODE
Any bonafide person/ company starting a venture for International trade.
No. IEC forms a primary document for recognition by Govt. of India as an Exporter/ Importer.
On the basis of IEC, companies can obtain various benefits on their exports/ imports from DGFT, Customs, and Export Promotion Council etc.
Normally two working days for processing. For cancellation of IEC 15 working days.
No, IEC is a permanent document issued to the Importer/Exporter only once and the same is not item based. The exporter/importer can venture into any item of Import/Export based on the IEC issued.
