Import Export Code
Import Export Code
IEC registration is required by a person for exporting or importing goods. It is a 10 digit code which is issued by the Directorate General of Foreign Trade (DGFT). All businesses which are engaged in Import and Export of goods require registering Import Export Code. IE code has lifetime validity. Importers are not allowed to proceed without this code and exporters canâ€™t take benefit of exports from DGFT, customs, Export Promotion Council, if they donâ€™t have this code.
The IE Code must be quoted by importers while clearing customs. Also, banks require the importers IE Code while sending money abroad. For exporters, IE Code must be quoted while sending shipments. And banks require the exporters IE Code while receiving money from abroad.Â
IEC Documents In Respect Of Entity
- Copy of PAN Card firm/company
- Copy of Property papers (If owned property)
- Copy of Rent agreement (If rented property)
- Landlord NOC (Format will be provided by us)
- A canceled cheque of firm
- Electricity/ water bill (Business Place)
- Telephone Bill in the name of the business
- Copy of Service Tax returns (In case of Proprietorship)
- Certificate of incorporation (In case of a company)
- Bank statement of the firm/company
- AOA and MOA (In the case of a company)
- 1 letterhead of the company (In the case of a company)
What is Import Export Code?
IEC(Import Export Code) is known by many names such as importer-exporter code, import export code, import-export license, import-export number, IE code, IEC license, IE license etc. In simple terms, IE CODE NO. is a 10 digit code which is provided by DGFT required for import-export transactions. You can take IE code in your personal name or company name.
An IEC number issued to an applicant shall be valid for all its divisions/ units/ factories/ branches. IEC is valid for lifetime and there is no need to renew the same.
Features of Import Export Code
Taking your services or products to the international market will enlarge your businesses. IEC enable you to sell products outside India.
On the basis of IEC, companies or firms can benefits and subsidies their exports/ imports from DGFT, Customs and export promotion council.
Once you are done with IE Code Registration and submit all the required documents, IE Code is issued for the lifetime of the entity and requires no renewal.
No Return Filing
IE Code does not require the filing of any return. Once, an IE Code is issued there are no further procedures required to maintain the validity of the IE Code.
Individuals can have IE Code
Even individuals who are proprietors of a business can obtain IE Code in their name. It is not necessary to incorporate a business entity for obtaining IE Code.
Steps to Apply Import Export Code
One can file the FSSAI application directly with the government. The process is long and requires 60 days to get completed :
Step 1: Application Preparation
In order to get the code, an application must be made in the Aayaat Niryaat Form 2A format to the DGFT in that region where the registered office of the company is established. The government has also arranged an online filing facility for obtaining IEC CODE ONLINE.
Step 2: Application Processing
Details of the business and its proprietors, directors or partners, bank account details and a bank certificate are the basic requirements of ANF 2A. All the required documents for IEC need to be submitted with ANF 2A. A digital signature is required on the ANF2A form.
Step 3: IEC fee payment
Once the application is complete, it should be filed with DGFT and an application fee needs to be paid to the government. IEC department may send back your application for correction/change. You need to reply back to the DGFT in 15 days.
Step 4: IE Code Issuance
Once the application is completely verified by the department, the Directorate General of Foreign Trade will allow an IE Code for your business. This IE code comes in both soft copy and hard copy. You receive the soft copy via email and can start the import-export transaction with this.