IEC (Import Export Code) Registration
IEC Registration is required to be obtained by anyone willing to start an import/export business in India. IEC is a 10-digit code issued by the Directorate General of Foreign Trade (DGFT) online
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Import Export Code
Import Export Code or IEC is a 10-digit code that a business or a person needs to import/export goods/services. This code is issued by DGFT (Director General of Foreign trade), Ministry of Commerce and Industries, Government of India. The validity of this code is for lifetime, that is, there is no need to renew it. This code is generated within 5-15 working days after the documents are submitted and all the corrections required are made.
This code has many names, like importer exported code, import export code, import export license, import export number, IE code, IE license etc. You can issue this code in either your name or under company’s name. Once issued, it is valid for all its division/units/factories/branches.
The documents needed for IEC registration are as follows:-
- Scanned copy of proof of incorporation/establishment/ registration for the specified entity. This supporting document is mandatory for Registered Society, HUF, Partnership, Trust, Others.
- Scanned copy of Photograph (Passport Size)
- Pan of company/individual/ partnership firm/ LLP
- ID proof of individual - Aadhar card, passport, voter id, Mobile no. and email-id
- You must have a Current or Savings bank account in a bank which contracts and transacts in Foreign Exchange.
- You should have scanned copy of rental/lease deed, sale deed, electricity/phone bill for address verification
- You are needed to submit the scanned copy of RBI approval letter if an applicant is Non-Resident Indian (NRI) or there is Non-Resident interest in the Company/firm.
- You should have ‘Bankers Certificate’ in the prescribed format OR he should have a scanned copy of ‘Cancelled Cheque’ with Entity’s or Individual’s name pre-printed on it.
- You should have a ‘Debit/Credit card or Net Banking account’ for Online payment of Government Fees of Rs. 500/- only.
- In case of company as applicable, you must have the details of Proprietor and all partners in case of firm or Director
- User should have an active Aadhaar or DSC of the firm’s member for submission.
Types of DSC permissible for IEC application
|Type Of Applicant||Required Class Of DSC||Requirements|
|HUF & Individual||Individual bases token for Class 2 & 3||Name should match with that of individual and organization|
|Other Type||Organization based tokens for Class 2 and 3||Name should match with that of Director/ Partner/ Managing partner/ Managing Director as in IEC application|
Advantages of IEC (Import Export Code) Registration
Till now it is clear that Import Export Code is a ten digit code which is essential for every business to obtain who wants to indulge in import export activities. In India DGFT issues IEC. IEC Registration is the first thing that businesses need to import or export any item from India to some other nation. IEC registration paves the way for many new opportunities for business personnel.
Here Are The Few Benefits Of IEC Registration:
- Expansion Of Business
- With the help of IEC business can expand its reach in the global market. IEC provide the opportunity to business to export its goods and products outside the nation’s territory and create a name for oneself in the international market.
- Availing Several Benefits
- On the basis of IEC registration businesses can enjoy several benefits given by Export Promotion Council, DGFT, and Customs.
- No Need Of Return Filing
- IEC doesn't include in the filing of return. Once IEC is allocated, there isn't any necessity to follow any kind of procedures for supporting its legitimacy. In any event, of export transaction, DGFT doesn't order for filing any return.
- Hassle-Free Processing
- Acquiring IEC from DGFT is genuinely simple and same can be gotten within a time of 10-15 days in the wake of presenting the application. No evidence of export or import is required subsequent to getting IEC Registration.
- Free For Lifetime
- Once you have obtained IEC you can enjoy its validity till eternity since it is free for lifetime plus there is no need of any renewal.
- Government Authorizes Proof
- Import Export Code is a government identity which is issued by the DGFT. At the time of clearance of shipment one can show this identity number.
IEC (Import Export Code) Registration
IEC can be surrender by intimating the intention to the authority who earlier issued the license. Upon the receipt of an application for license surrender, issuing authority shall cancel the same after noting the reason thereof. Thereafter, DGFT is notified about the same who in return transmit it to custom, RBI or any such other authorities intimating about IEC becomes inoperative.
Import-Export code is not a tax registration; however, depending upon the product, the certain custom duty can be imposed.
No, any individual, company or sole proprietor engaged in the business of import-export needs to obtain an IEC license. It is the necessary recognition provided by the GovernmentGovernment to exporters and importer of goods or services. However, if the value of the good transacted is too low, the authority may permit first export after imposing nominal charges.
You can modify your application numerous times before it is submitted to the next department.
With the help of IEC Registration, you can obtain various benefits from the DGFT, Customs, export promotion council, etc.
Yes, it is mandatory to provide PAN Card. You need to furnish the self-attested copy of your PAN Card along with the application.
You would need to provide proof of address copy of ownership title, registered copy of lease deed, copy of telephone bill, electricity bill, registered copy of rent deed, etc. need to be provided to prove the genuineness of your firm.
You need to provide a copy of both sides of your PAN Card to identify the issuing authority’s address.
No, the validity of IEC Registration is of a lifetime. Therefore there is no requirement to revalidate it.
Cancellation of the allotted IEC can be made by surrendering the same.
No, Import Export Code is a permanent document and is not item based.
You need to check the status of your BIN or Business Identification Number on the official site.
The technical prerequisite for filing an IEC are :- Digital Signatures Token, PAN, Address Details of Branch Office, Bank Account in IEC Holder, Mobile Number and Email ID, Aadhar Card matching the details along with PAN Card.
Login to DGFT website > Proceed with registration process by clicking on Login > Register as user > Register as “Importer/Exporter”, Go to My Dashboard after registration > Importer Exporter Code (IEC) > Apply for IEC.
It enables you to have your own user profile. It helps to Apply / Link IEC and View IEC Dashboard under a single window as well as Apply and track applications easily. It also enables you to receive notifications over the dashboard, mobile and email.
Kindly go through the context as mentioned above for your detailed understanding on this issue.
The Normal time to receive is immediate from successfully submission of the IEC application.
No. For Foreign Directors the PAN details are not mandatory for the application.
You need to please check for the white spaces, if any, needs to be separate or remove to proceed. Moreover, the user needs to upload the supporting document for the Bank Account in accurate manner.