What Is the Import Export Code?
IEC (Import Export Code) is required by anyone who is looking to kick-start his/her import/export business in the country. It is issued by the DGFT (Director General of Foreign Trade). IEC is a 10-digit code that has lifetime validity. Predominantly importer merchants cannot import goods without the Import Export Code and similarly, the exporter merchant cannot avail benefits from DGFT for the export scheme, etc., without IEC.
Why IEC is required
When an importer has to clear his shipments from the customs then it’s needed by the customs authorities.
When an importer sends money abroad through banks then it’s needed by the bank.
When an exporter has to send his shipments then it’s needed by the customs port.
When an exporter receives money in foreign currency directly into his bank account then it’s required by the bank.
Documents required for IEC registration
For IEC Code Registration, the following documents are required:
- Individual’s, firm’s or company’s copy of PAN Card.
- Proprietor’s voter ID, Aadhaar card or passport copy.
- Proof of establishment, incorporation or registration of the partnership, society, proprietorship firm, company, HUF, etc.
- Proof of address of business premise, such as sale deed, lease deed, rent agreement or utility bills (electricity bill, telephone bill or mobile bill).
- Individual’s or company’s or firm’s cancel cheque copies of current bank accounts.
Benefits of IEC registration
- Overseas Trading
- Easy Custom Clearance
- Business Expansion
- Availing Several Benefits
How much time does it take to get the IEC code?
Once the online application is submitted by paying the appropriate fees and requisite documents, IEC will be auto-generated. The DGFT will send the IEC Certificate to an applicant through the e-mail.
Can individuals obtain IEC?
Yes, individuals acting as proprietors of a business can obtain IEC registration. Individuals can use either the name or the name of their company to apply for IEC registration.