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 IEC

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 ICE 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 also 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 expansion of the business to the global horizons.

Various Benefits

It can help the businesses in availing several benefits of their exports/imports from DGFT, Export Promotion Council, Customs etc.

Process of IEC Registration

There are generally no compulsory registrations required to be taken by the Sole Proprietor. However, following voluntary registrations may be taken if the owner wishes to expand the business:

1. Filing of Application

2. Submission of Application

3. Enquiry by Department

4. Issuance of IEC

1. Filing of Application

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).

2. Submission of Application

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.

3. Enquiry by Department

The application may be sent back for correction/change. The reply needs to be submitted within 15 days of receipt of application for correction.

4. Issuance of IEC

After verification by IEC Department, DGFT will allow IEC for the business. It comes in soft as well as hard copy.

Documents 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 who is authorized to file IEC application.

Letter authorizing a person

Letter authorizing a person to file IEC Application, in case of Partnership Firms.

Authority from Other Directors

Authority from Other Directors on the Letter Head, in case of Company.

Copy of Business Proof

Copy of Business Proof (Partnership Deed, Certificate of Incorporation, Registration Certificate).

Cancelled Cheque

Cancelled Cheque of the entity bank account

Address Proof

Copy of Address Proof – Sale deed in case the premises are self-owned, Copy of Latest Electricity or Telephone bill along with the copy of Rent Agreement or Lease Deed if the premises are rented

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.

How StartUp Movers can help you?

HOW STARTUP MOVERS CAN HELP YOU?

Applying for IEC
Procuring DSC
Obtaining IEC
Replying to department clarifications
Availing various export benefits

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Frequently asked questions

Is there any tax levied on Import Export Code?

No tax is levied on IEC. Customs duty may be levied depending on the category of the products imported or exported.

What is the penalty for not having IEC?

Since IEC is not a mandatory registration except for the importers and exporters, there is no penalty for not having IEC.

How can IEC license be modified?

Modification can be made online in the IEC application. It requires resubmission of application with the DGFT with all the required documents. IEC Modification fees also needs to be submitted with the department.

How can a duplicate IEC Certificate be obtained online?

If the IEC Certificate has been taken in the process of e-IEC, then the certificate can be downloaded anytime by login to the IEC portal with the username details. In case of availing IEC using physical process, application for e-IEC needs to be made again with all the documents and DGFT shall provide a certificate in new online format.

What is the time taken to acquire IEC?

After submission of all the requisite documents, IEC is allotted by the DGFT in 5-10 days. It is not necessary to show proof of any export or import to obtain IEC.

Any monthly returns need to be filed under IEC?

IEC is only a license permitting the import and export of goods. Therefore, no return is required to be filed under IEC code.