IEC (IMPORT EXPORT CODE)
Considering the recent trends in the business sector, a gradual shift of businesses is observed from the local market to the international market. To spread reach and conquer the international market, the import and export activities are undertaken which further requires the Import Export Code(ICE).
Import Export Code is a 10 digit unique code allotted to the business entities that allow imports and exports. The code is allotted by the Directorate General of Foreign Trade (DGFT) to the applicants.
Register for IEC code online comes with one-time registration and lifetime validity. The process for import export code registration has become simpler with online IEC application supported by a few documents.
IEC is required in the following situations
1. When an importer has to clear his shipments from the customs then it’s needed by the customs authorities.
2. When an importer sends money abroad through banks then it’s needed by the bank.
3. When an exporter has to send his shipments then its needed by the customs port.
4. When an exporter receives money in foreign currency directly into his bank account then its required by the bank.
IEC Documents In Respect Of Entity:-
- Copy of PAN Card firm/company
- Copy of Property papers (If owned property)
- Copy of Rent agreement (If rented property)
- Landlord NOC (Format will be provided by us)
- Cancelled cheque of firm
- Electricity/ water bill/ Telephone Bill (Business Place)
- Copy of GST Certificate (In case of Proprietorship)
- Certificate of incorporation (In case of company)
- Bank statement of firm/company
IEC Documents In Respect Of Individual / Proprietor / Partner / Director
- Copy of PAN Card
- Passport size photograph
- Copy of Aadhaar Card/ Voter identity card
- Authorization letter (In case of Partnership)
- Authority from other Directors on letter head (In case of company)
- Copy of Partnership deed (In case of Partnership)
- Board Resolution/self-declaration (In case of Company)
- Telephone Bill in the name of the Individual (In case of individual)
- Cancelled cheque of individual
Benefits of IEC Registration
Global Markets at Fingertips:
Unless the entity holds IEC, it is not allowed to import or export goods/services into the foreign market. It is a key to enter the international market and widening the scope of business. With IEC, one can take their products or services to the global market and expand business with ease.
The complete process of applying for importer exporter code is simple and hassle-free with the online Import-Export license application. It merely takes 3-4 working days for obtaining the importer exporter code. The applicant can immediately download the e-IEC through the link provided in the mail after uploading documents and payment of the fee.
Once the import-export code is obtained, there is no adaptation formalities. Unlike other tax registrations, the IE code holder also does not need to comply with any kind of annual filing or return filing. Also, the code is valid for a lifetime so there is no need for renewal
The importers and exporters are eligible to benefit from many Government schemes. The entities are eligible for the schemes under DGFT on their import/export. They can avail the subsidies from Customs and Export Promotion Council or similar government organizations.
Cases where Export Import Code (EIC) is not mandatory
According to theDGFT, IEC is not mandatory for all traders who are registered under GST. In all such cases, the PAN of the trader shall be construed as new IEC code for the purpose of import and export.Import Export Code (IEC) isn’t required to be taken in case the goods exported or imported is for personal purposes and isn’t used for any commercial purpose.Export/ Import done by the Government of India Departments and Ministries, Notified Charitable institutions need not require getting Import Export Code.