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Every import/export business owner in India needs an import export code, which is a unique 10-digit code. The code is issued by the Director-General of Foreign Trade (DGFT), Ministry of Commerce and does not require filing or renewal.
Importers need IEC to clear customs and export their goods, as well as to transfer money to overseas banks. Exporters must have an IEC in order to send shipments and receive funds from overseas banks. In a nutshell, no importer or exporter can do business in India without first obtaining an IEC.
NO RETURN FILING: The IEC does not need any returns to be filed. There is no necessity to follow any form of protocol to maintain its validity once it has been assigned. There is no requirement to file any returns with the DGFT for export transactions.
BUSINESS EXPANSION: IEC assists you in taking your services or product to the global market and growing your businesses.
SEVERAL BENEFITS: On the basis of their IEC registration, the companies could receive many incentives for their imports/exports from the DGFT, Export Promotion Council, Customs, and others.
EASY PROCESSING: It's relatively simple to get an IEC code from the DGFT within 10 to 15 days of submitting an application. It is not necessary to submit proof of any export or import in order to obtain an IEC code.
NO RENEWAL REQUIREMENT: The IEC code is valid throughout the life of the entity and does not need to be renewed. An entity could utilise it against all export and import transactions once it has been obtained.
LLP or Private Limited Company or Section 8 Company
Society or Trust
IE Code registration is a one-time registration that is good for the rest of your life. As a result, updating, submitting, and renewing IE Code registration will be a breeze. It remains in effect until the business ceases to exist or the registration is withdrawn or relinquished.
Furthermore, unlike tax registrations such as GST or PF, the importer or exporter is not required to complete any filings or adhere to any other compliance requirements such as annual filing.
Step 1: All the required documents, including bank details and DSC, have to be submitted
Step 2: The online IEC application form will be filed with the Directorate General of Foreign Trade (DGFT)
Step 3: Once the documents and application are verified by the authorities, the import export code will be granted as a soft copy to the entity.
No. Only 1 IEC is issued to a person/entity. So if more than 1 IEC code is issued, then the same should be surrendered to the Regional Office for cancellation.
Yes. You need to inform the issuing authority about such decision. And they shall immediately cancel your IEC number after electronically transmitting it to DGFT for onward transmission to the Customs and Regional Authorities.
Yes, individuals acting as proprietors of a business can obtain IEC registration. Individuals can use either the name or the name of their company to apply for IEC registration.
Once the online application is submitted by paying the appropriate fees and requisite documents, IEC will be auto-generated. The DGFT will send an intimation regarding the allotment of IEC to an applicant through an SMS and e-mail along with a hyperlink through which the e-IEC can be downloaded and printed.
A Digital Signature Certificate (DSC) is not compulsory to apply for an IEC. The IEC application can be signed through Aadhaar authentication. DSC has been introduced in IEC to strengthen the IEC issuance and modification processes.
Yes. An Importer-Exporter Code (IEC) is a significant business identification number that is mandatory for import to India or export from India. A person/entity cannot export or import without obtaining an IEC unless specifically exempted. However, IEC is not necessary for services exports, except when the service provider is taking benefits under the Foreign Trade Policy.
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