Import Export Code(IEC)
Import Export Code(IEC):
An import-export code is a one-of-a-kind 10-digit code required for every import/export owner in India. The code is issued by the Ministry of Commerce's Director-General of Foreign Trade (DGFT) and does not require filing or renewal. Importers must use IEC to pass customs, ship their goods, and transfer money to overseas banks. Exporters need an IEC to export shipments and receive funds from overseas banks. In summary, no importer/exporter may do business in India without an IEC.
Any business registration: Sole Proprietorship, Partnership, private limited company, charity organization engaged with import and export of commodities, regardless of size, can register for import-export code. HOWEVER, an IEC is not required for the import/export of products for personal use that are unrelated to trade, manufacturing, or agriculture. There is no requirement to establish a business.
An application for the IE Code must be submitted to the Directorate General of Foreign Trade and the relevant supporting documentation. Once the application is submitted, the DGFT will issue the entity's IE Code.
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Benefits of IEC Registration:
The IEC registration enables traders to enter the worldwide market by registering with online e-commerce providers.
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Recognition
Businesses can use government programs such as the Merchandise Export from India Scheme (MEIS), the Service Export from India Scheme (SEIS), and others in the customs and export promotion sectors.
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No obstacles
There are no post-registration compliance obligations; thus, running the firm is highly straightforward.
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Simple Access
Getting IEC is simple and requires only a few primary papers.
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Lifetime Validity
There is no need for removal as the IEC code is valid throughout the life of an entity and does not need to be renewed. After obtaining it, an entity might apply it to all export and import transactions.
IE Code Registration can be received from the DGFT in 3 working days after submitting all required documents and applications.
Documents required:
PAN CARD
A scanned copy of a PAN card of the applicant or the company
Address Proof
Sale Deed/ Rent Agreement/ Latest Electricity Bill/ Telephone Bill in name of applicant
Cancelled Cheque
A cancelled cheque of current account bearing entity’s pre-printed name or Bank Certificate in form ANF-2A(i)
PAN card
For a company/partnership, PAN card of the Director/Partner is a must
Certificate of Registration
registration certificate with MoA- AoA / LLP Agreement, or a Partnership Deed as applicable