What is an Import-Export Code (IEC)?
The first requirement before you start an import/ export business in India is to obtain an IEC. An IEC is necessary for import/export of goods. It is issued by the DGFT (Director General of Foreign Trade). IEC is a 10-digit code which has a lifetime validity. Ideally, a merchant cannot import goods without the Import Export Code and similarly, the exporter merchant cannot avail benefits from DGFT for the export scheme, waivers, other benefits etc. without IEC.
When is it Important to Register Import Export Code?
We have tailored packages to meet your needs. These include:
- When an importer has to clear his shipments from the customs, customs will need the IE code.
- When an importer sends money abroad through banks, the banks will need the IE code.
- When an exporter has to send his shipments, it will be needed by the customs port.
- When an exporter receives money in a foreign currency directly into his bank account, the receiving bank will need this code.
An IEC is not needed under the following circumstances:
- Import/export of goods for personal use, which is not connected with trade, manufacture or agriculture.
- Import/export by government ministries and departments, and certain notified charitable organizations.
Benefits of an IE Code Registration
- Expansion of Business - IEC assists you in taking your services or product to the global market and grow your businesses.
- Availing Special Benefits and Waivers - 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 registered with an IE code, there is no other compliance measures required to sustain its validity.
- Easy Processing - It is a straight forward process to obtain IE code from the DGFT within a period of 10 to 15 days after submitting the application. There isn’t any need to provide a proof of any export or import for getting IE code. India Tax Help Consultants.in can make the process smooth and hassle-free for you.
- No need for renewal - IE 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.
Validity and Filings for IEC
- The IEC, once issued, is valid throughout the county, in all your branches or factories. It needs to be quoted while your goods go through customs and while sending money abroad or receiving money from abroad.
- There are no filings or taxes to be paid or declared. The Importer-exporter code is just a code to track and simplify any imports or exports from your company.
Documents Required to Obtain the Import-Export Code (IEC)
For an Individual, Proprietor, Partner, or Director
For IE 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.
- Date of formation of company as per the PAN card
For IE Code Registration for an Entity, the same documents as above are needed in addition to the following:
- Two company letterheads
- Cancelled cheque of firm.
- Electricity/ water bill (Business Place)
- Telephone Bill in the name of the business
- Certificate of incorporation
- Bank statement of the firm/company
- Memorandum of Association (MOA) and Articles of Association (AOA)
Applying for an IEC Registration online
Our professional consultants at India Tax Help Consultants.in will help you will all the steps in the process, the process chiefly includes:
- Preparation of the application form in the specified format and file it with the respective Regional office of DGFT
- Preparation of the required documents with respect to your identity & legal entity and address proof with your bank details & the certificate in respect of ANF2A.
- One your application is completed, you need to file with DGFT via DSC (Digital Signature Certificate) and pay the required fee for the IEC Registration. We will assist you with the DGFT filing and other formalities.
- Once your application is approved then you would receive the Import-Export (IEC) Code in a soft copy from the government to your registered e-mail address.
A) We can help you modify the details of your license online and submitting the required documents and fees to the DGFT.
A) Yes, you can download it from the portal, or reapply of you were issued a physical copy.