What is Import Export Code and Registration Process

 

What is the Import Export Code and Registration Process

Import Export Code (also known as IEC) is a 10-digit identification number that is issued by the DGFT (Director General of Foreign Trade), Ministry of Commerce, Government of India, and needs no filing or renewal. IEC is required by importers to clear customs and shipments and to transfer money to foreign banks. Exporters require an IEC to send shipments and receive money from foreign banks. In short, no importer/exporter can operate in India without getting the IEC.

Why need to register for IEC?

The IEC registration helps traders open the doors to venture into the global market, including registration in online e-commerce operators.

Businesses can avail of government schemes like the Merchandise Export from India Scheme (MEIS), Service Export from India Scheme (SEIS), and others from the Customs and Export Promotion.

The process of obtaining an IEC is not tedious and can be obtained with minimal, basic documents.


Complete Procedure for IEC registration?

To get your Import Export license online, you will need to do the following simple IEC registration procedure.

The online IEC application form in the format import/export Form no. 2A is filed with the Directorate General of Foreign Trade. Alternatively, it could also be done offline at the Regional office of DGFT.

All the required documents, including bank details and DSC, have to be submitted.

The Import/Export code will be allotted, and the application will be processed further.

Once the documents and application are verified by the authorities, the import-export license will be granted.

These Documents are required for the Import Export Code registration

Which Are Listed Below:-

PAN card of the individual or company

Copy of the entity’s government ID (Driving license/Aadhar/Voter ID)

Incorporation certificate/Partnership deed

Personal or the company’s current bank account statement

Address proof (Electricity bill/rent agreement/sale deed of the office location

Copy of the canceled cheque of the current account of your entity


Who Can Apply For an Import/Export Code?

Any type of business registration: sole proprietorship, partnership, private limited companies, charitable organizations dealing with the import and export of goods, can register for the import-export code, irrespective of the size. However, IE code is not required for the Import/export of goods for personal use, which is not connected with trade, manufacturing, or agriculture. There is no need for a business setup.

What is the Validity of the IE Code?

Once registered, the Import Export Code is permanent and becomes valid for a lifetime. Hence, there is absolutely no need for renewal or update. It lasts until the business ceases to exist or the registration is surrendered. Also, the business does not have to do any monthly or annual filings like GST, etc.

Why LawSathi?

Our professional team will execute the import-export code registration process smoothly online at the best rates. It will take about ten days. We will definitely help you to get your Import Export license online and easily.


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