REQUIREMENTS FOR IEC REGISTRATION

There is only one requirement for IEC code in India i.e. your business name should be printed on the copy of a canceled cheque. If it is not printed then your application will be liable to be rejected. Here are some other few important points:

IEC code can be applied on savings bank account, however it is recommended to have a current account as the bank sometimes deny to give Authorized dealer code on a Savings account.

If you are exporting goods through courier Like FedEx or DHL, then also you should register for IEC Code as they mandatory demand the IEC.

If you are Importing goods from a different country in large quantities, then having the Import Export code is necessary otherwise the custom authority will not clear the goods

 

PROCEDURE

Submission of Documents to us

Preparation of IEC Application

Filing of Application with Govt. Fees

Follow up and IEC Allotment

 

DOCUMENTS REQUIRED

For Individuals / Proprietorship

PAN Card

Aadhar Card / Voter ID / Passport / DL

Cancelled Cheque of Current Account

Passport Size Photo

For Company / LLP / Partnership

Pan Card of Establishment

Pan Card of Authorized Person

Aadhar Card / Voter ID / Passport / DL of Authorized Person

Passport Size Photo

Cancelled Cheque of Current Account

 

REASONS TO REGISTER IEC

Importers Require IE Code – All Importers who import goods into India require an IE Code. The IE Code must be quoted while clearing customs. Also, banks require the importers IE Code while sending money abroad.

Exporters Require IE Code – All Exporters who export goods or services from India require an IE Code. The IE Code must be quoted while sending shipments. And banks require the exporters IE Code while receiving money from abroad.

Proprietors can have IE Code – Even individuals who are proprietors of a business can obtain IE Code in their name. It is not necessary to incorporate a business entity for obtaining IE Code.

No Return Filing – IE Code does not require the filing of any return. Once, an IE Code is issued there are no further procedures required to maintain validity of the IE Code. Even if import or export transactions occur, there are no filings required to DGFT.

Lifetime – NO Renewal – IE Code is issued for the lifetime of the entity and requires no renewal. So once a IE Code is obtained, it can be used by that entity for all its import or export transactions without any further hassles.

 

FAQ’s

Q. What is IEC Registration?

IEC registration is required by a person for exporting or importing goods. It is a 10 digit code which is issued by the Directorate General of Foreign Trade (DGFT). All businesses which are engaged in Import and Export of goods require registering Import Export Code. IE code has a lifetime validity. Importers are not allowed to proceed without this code and exporters can’t take benefit of exports from DGFT, Customs, Export Promotion Council, if they don’t have this code.

Q. Who must obtain Import Export Code Registration?

Any person who intends to import or export goods and services from or to India must obtain Import export Code

Q. Whether Import Export Code (IEC) is mandatory for import of goods?

Import Export Code (IEC) is compulsory for all imports and exports of goods and services in India. However, certain categories of importers are exempted from obtaining IEC.

Obtaining Import Export Code (IEC) is the first step to be in import Export Business in India.

Q. What is the time taken to acquire Import Export Code?

After submitting all the requisite documents IEC is typically allotted by DGFT in 5-10 days. It is not necessary to show proof of any import or export to obtain IE Code. Now a days, as IEC can be partially applied online with the help of digital signature, IEC can be obtained in less than a week.

Q. How can I get the Duplicate copy of IEC?

You need to login on DGFT website, and from there you can easily download the copy of the IEC allotted to you.

Q. Do any compliance need to be done after taking IEC?

No Compliance needs to be done in the case of Import Export Code (IEC). Once IEC issued by DGFT, it is valid for a lifetime period. IEC is a compliance free document.

Q. In what cases IEC is not mandatory?

To start an import/ export business in India, the first thing is to obtain an IEC or Import Export License. An IEC is necessary for importing and exporting of goods.

* In case the import/export is of services or technology, IEC is required in only limited circumstances, when import/export is in ‘specified services’ or ‘specified technologies’, i.e. services or technologies in which international trade is restricted by Government of India as they pertain to national security, such as dealing in nuclear weapons, automatic guns ext.

* Import Export Code is also not necessary to be taken if the goods imported or exported is for personal use and not to be used for commercial purpose. on saving account is 2% plus rate provided by nationalized bank on saving a/c. E.g. SBI rate is 4% then max rate will be 6%.

* Import / Export done by Government of India Ministries and Departments, Notified Charitable organizations also not required to have Import Export Code.