IEC Code : First step of export/import process.
Embark on the journey of International Trading by getting your IEC Code.
Is it actually required?
Certainly! Acquiring your IEC Code kicks off your Export-Import Venture.
IEC Code is required to import or export in India. Unless explicitly exempted, no person or business may import or export without first obtaining an IEC Code Number.
It can be obtained by an individual or a firm that want to do international commerce. Individuals can apply for IEC using the name of their firm or their own name.
What is it?
Importer Exporter Code (IEC) is a unique 10-digit alpha numeric code assigned to an entity based on its PAN. It is a registration with the Indian Customs Department for import and export enterprises that import and export goods from India.
It is a registration with the Indian Customs Department for import and export enterprises that import and export goods from India. The Directorate General of Foreign Trade (DGFT), Ministry of Commerce and Industries, Government of India, issues the IE Code. An application for the IE Code must be submitted to the Directorate General of Foreign Trade, together with all required supporting documentation.
Requirements for filing an IEC
- Digital Photograph (3x3cms) of Applicant signing the application.
- Copy of applicant PAN card.
- Applicant’s copy of Passport/Voter’s I-Card /UID (Aadhar Card) /Driving Licence/ PAN (any one of these).
- Certificate of incorporation as issued by the RoC
- Sale deed in case business premise is self-owned or Rental/Lease Agreement, in case of office is rented/ leased office – latest electricity Copy of the Trust Deed.
- Bank Certificate as per ANF 2A (I)/Cancelled Cheque with the preprinted name of the Company.
- Valid Mobile Number and Email ID.
- Application has to filed online (ANF 2A format) for grant of IEC at DGFT portal.
Well Its Great if you understood each and every detail mentioned above but if not
then also, DON’T WORRY
EximAnything will help you file and get you your First Ever IEC Code. You just need to provide us your documents and we’ll handle the rest . Once, the application is submitted, DGFT will issue the IE Code in 15 – 20 working days or less.
Now, you are good to proceed further with the export-import process
Is IEC mandatory for service exporters?
IEC is not required unless the service provider is receiving advantages under the Foreign Trade Policy.
Validity of IE Code
IE Code registration is permanent registration which is valid for a lifetime. Hence, there will be no hassles for updating, filing and renewal of IE Code registration.
It is valid until the business exists or the registration is revoked or surrendered. Further, unlike tax registrations like GST registration or PF registration, the importer or exporter does not require to file any filings or follow any other compliance requirement like annual filing.
An IEC allotted to an applicant shall have permanent validity but it is mandatory to update the IEC annually so that the IEC is not deactivated. If the IEC is updated between April-June period each year, no fee shall be charged for updation of IEC.
As IE code registration is one-time and requires no additional compliance, it is recommended for all companies and LLPs to obtain IE code after incorporation.
IE Code Exemption
An Import Export Code is required for import of any type of goods by a business. However, the following category of persons are exempted from obtaining an IE Code:
Importer and export by central Government or agencies or undertakings for defence purpose or other specified lists under Foreign Trade (exemption from the application of Rules in certain cases) Order, 1993.
Import or Export of Goods for personal use.