Import Export Code (IEC)- Brief
- Guaranteed IEC application submission to DGFT within 2 business days.
- Start Importing & Exporting Legally – Unlock global trade opportunities with your government-authorized IEC registration.
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Import Export Code (IEC)- Brief
In this era of competitiveness, everyone wants to expand their company beyond the constraints of the domestic market. But doing business internationally isn’t just a cup of tea for all. Before moving globally, you must follow specific procedures and comply with relevant laws, obtaining the necessary registration and licenses. An IEC (Import-Export Code) license is one such prerequisite when you are considering importing or exporting from India.
IE Code is a 10 10-digit unique code issued by DGFT that enables the applicant to import & export anything in India or outside India. IE code can be applied by anyone, irrespective of the type of business constitution, whether proprietorship, partnership, LLP, or a company. The process of getting the IE code is fully online, and it takes merely 2 to 3 days to get it from the DGFT website. The validity of the IEC certificate is for a lifetime, and there is no need to renew it. However, one can apply for a change in particulars in the IE code.
We at Tech Munshi guide you through the entire process of getting the IE code. Our expert advice saves time in getting the IE code by guiding you on the correct documentation and procedures.
Why Register For IEC?
If your business is involved in any kind of import/export activity or you are planning to expand your overseas market IE code is a must for you.
It is also necessary and beneficial for getting Duty drawbacks and other Govt. Benefits.
Here are some benefits of the Import Export Code:
Global Market Reach
It is the primary requirement for the import and export from India of goods and specified services, which enables businesses to unlock opportunities across the globe in the international business market. It increases the global reach of the business and hence opens the door for growth and expansion. It helps to promote the importance of standardization around the world and to coordinate any potential overlaps in work.
Lifetime Validity
IEC registration is a One-time registration that is valid for a lifetime. Hence, there will be no hassles for updating, filing, and renewal of the IEC registration. It is valid till the business exists. But if a company or firm relocates or changes in management, then IEC modifications are required
No Compliance
The importer or exporter is not required to fulfill any specific compliance requirement, such as Annual Filings or return filings. The code possesses no need for compliance after registration. It is a one-time formality, and no other formality is required. To be eligible for import or export, you just need to apply for IEC Registration.
No Annual Maintenance
As there is no compliance listed, there is no requirement for annual maintenance fees to be paid after obtaining this code. There is no requirement for filing or renewal of the registration for each Financial Year.
VALIDITY OF IE CODE
Once registered, the Import Export Code is permanent and becomes valid for a lifetime. Hence, there is 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, PF, etc. However, users need to update their profiles once a year to keep their IE code activated
Import Export Code Registration Procedure
First, you need to prepare the application form in the specified format (Aayaat Niryaat Form No. 2A format and file it with the respective DGFT Regional Office.
Second, you need to prepare the required documents with regard to your identity & legal entity, and address proof with your bank details & certificate concerning ANF2A
Once your application has been completed, you need to file with DGFT via DSC (Digital Signature Certificate) and pay the necessary fee for IEC Registration.
Finally, once your application has been endorsed, you will receive the IEC Code in a soft copy from the Government.
Documents required for Import Export Code
The requirement for documents depends on the constitution of the Business. Document selection must be done very carefully. Uploading incorrect documents may result in the rejection of the IEC application and the waste of application fees. Here is the list of documents required for IEC registration
- PAN: The permanent account number (PAN) of a business or individual is a mandatory document for IEC registration.
- Identity proof:- Proof of identity can be your Voter ID, passport, or driving license.
- Proof of Bank Account: A cancelled cheque can be used as proof of a Bank account.
- Address Proof:- An Electricity bill, rent agreement, or property papers can be used as address proof.
- Proof of Establishment:- In case the applicant is other than an individual, Proof of Establishment is required. Like in the case of a Partnership firm, a Partnership deed is required, in case of pvt. Ltd. Company, a Letter of Incorporation is required.
- Digital Signature:- DSC is mandatory to apply for IE Code.
- Passport size photo: A Recent passport size photo of the applicant is required during the process of submitting the IEC application.