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Import Export Code
Import Export Code (IEC) is a form of registration required to be taken by the persons who are importing or exporting goods and services to and from India. IEC is the PAN based code issued by the Director General of Foreign Trade (DGFT), Ministry of Commerce and Industries, Government of India.
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Advantages Of Import Export Code
Custom Clearance
Importers need to quote the IEC while clearance at Customs. Banks also require IEC while sending money abroad. Exporters need to quote the IEC while sending shipments abroad. Banks also require IEC while receiving money from abroad.
No Compliance Requirement
IEC doesn’t require filing of any return. No procedures are required to be performed to ensure its validity. Even during the transactions, no filing has to be made with the DGFT.
Business Entity
Any company, LLP, partnership firm, or an individual’s (Sole Proprietors) can obtain IEC in their name. Existence in the form of a Business Entity is not essential for obtaining IEC.
No Renewal
IEC doesn’t require any renewal and remains in existence for the lifetime of the entity.
Expansion of Business
It helps in the expansion of the business to global horizons.
Various Benefits
IEC can help businesses avail several benefits for their exports/imports from DGFT, Export Promotion Council, Customs, etc.
Who should get IEC Registration done?
Any person who is indulged into importing or exporting goods and services to and from India is required to get itself registered under IEC. A person who proposes or intends to make exports or imports at a later date may also get itself registered.
Process Of IEC Registration
Application for the IEC needs to be made online on the DGFT portal. Offline application can be filed in the format of Aayaat Niryaat Form 2A to the DGFT in the region in which registered office of the company is established (Regional Office of DGFT).
- Details of the business and its proprietors, directors or partners, bank account details and a bank certificate are required for ANF 2A.
- All the required documents with respect to identity, business and address proof along with the bank details need to be submitted with Form ANF 2A. After completing the application, it needs to be filed with the DGFT using Digital Signature Certificate (DSC) on payment of the prescribed fees.
The application may be sent back for correction/change. The reply needs to be submitted within 15 days of receipt of application for correction.
After verification by IEC Department, DGFT will allow IEC for the business. It comes in soft as well as hard copy.
Documents/ Details required for IEC Registration
ID Proof and Photo
ID Proof and Photo –Copy of ID Proof (PAN Card, Aadhaar Card, Voter ID Card) and passport-size photograph of the person authorized to file the IEC application.
Letter Authorizing a Person
Letter authorizing a person to file the IEC application, in the case of Partnership Firms.
Authority from Other Directors
Authority from other directors on the Letter Head, in the case of a Company.
Copy of Business Proof
Copy of Business Proof (Partnership Deed, Certificate of Incorporation, Registration Certificate).
Cancelled Cheque
Cancelled cheque of the entity’s bank account.
Address Proof
Copy of Address Proof – Sale deed in case the premises are self-owned, Copy of the latest Electricity or Telephone bill along with the copy of the Rent Agreement or Lease Deed if the premises are rented.
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How Taxified Can Help You?
- Applying for IEC
- Procuring DSC
- Obtaining IEC
- Replying to department clarifications
- Availing various export benefits