The Importer -Exporter Code (IEC) registration online is a key business identification registration which is mandatory for Exports or Imports. No person shall make any import or export except under an IEC Number granted by the DGFT. In case of import or export of services or technology, the IEC shall be required only when the service or technology provider is taking benefits under the Foreign Trade Policy or is dealing with specified services or technologies
What is an Import Export Code (IEC)?
Importer-Exporter Code also known as IEC. IEC is 10 digit code number, which is issued by the Director General of Foreign Trade (DGFT). IEC is considered as a key business identification number which is mandatory for the purpose of export from India as well as for import into India. No export and import should be done by any person without IEC registration online.
The nature of the firm obtaining an IEC registration may be any of the follows- “Proprietorship, Partnership, LLP, Limited Company, Trust, HUF and Society.” Consequent upon introduction of GST, IEC number is the same as the PAN of the firm. The IEC would be separately issued by DGFT.
What is the validity of IEC Registration?
The validity of IEC Code remains for its lifetime unless and until one’s cancelled it but it is mandatory to update the IEC annually so that the IEC is not deactivated.
How much time to obtain IEC?
Obtaining IEC code from DGFT within 10-15 days of submission of application is not a difficult process but an easy process. Once the IEC code is received, the code is used for the purpose of import as well as export.
Applicability of IEC Registration
An Importer Exporter Code is mandatory for export as well as import of goods. IEC code is essential for those who want to start their import/export business. The IEC code is issued by DGFT and is a 10 digit code with a lifetime validity. IEC code registration online is mandatory for commercial and commercial purposes only.
Government Fees for Online IEC Registration
The government fee for applying to DGFT for allotment of Import Export Code is Rs 500/- which can be paid online through e-wallets/Net Banking/Credit or Debit Cards.
Documents Required for IEC Registration
Proprietorship – Aadhar, PAN, Mobile number, Email Id, Business Place Electricity Bill & Cancel Cheque.
Partnership – All Partners Aadhar, PAN, Mobile Number & Email Id, Partnership PAN, Partnership Deed, Cancel Cheque of Partnership Firm.
Pvt Ltd/OPC/LLP – All Directors Aadhar & PAN, Company PAN, Incorporation Certificate, Cancel Cheque of Company.
Benefits of IEC Code Registration
Businesses have great options through import and export business to unlock the international market for their product or services. The IEC code is the main requirement to enter into international market which supports the growth and development of the business to a certain standard. Here are the Benefits or Advantages of IEC Registration for Businesses.
- You can grow your business by initiating it in the international market -
IEC enables businesses to access the worldwide market and grab opportunities to establish business in international markets through exporting their products globally.
- Custom Clearance- with IEC Number, Goods are easily get Custom Clearance.
- Sell your product on international E-Commerce Platforms.
- On Exports claim tax benefits.
- No need to renew-There is no requirement of filings or renewal of the registration for each Financial Year or otherwise.
- No Compliances and annual maintenance -There is no need to file returns for IEC as there are no post registration specific compliances or any requirement of annual maintenance fees after registration.
- IEC not required for personal Import/Export Use.
Procedure for Online IEC Registration
- Visit DGFT Website
- Click on Apply for IEC
- Click on Register for first time and enter required details and then click on Sent OTP
- Enter Mobile and Email OTP and click on Register button
- After successful validation, you will receive a notification having the temporary password which you can change after logging into the website
- After Registering on DGFT Website, Login by entering user name and password
- Click on Apply IEC in Dashboard then Start Fresh Application
- Fill the Application Form
- Fill General Information and attached document
- Fill Details of Proprietor/Partners/Directors
- Fill Bank Account Details and attached bank cancel Cheque
- Fill other details Import/Export/Other product & Service
- Submit Declaration and Save/Next
- Sign Application by Aadhar E-Sing or DSC
- Proceed to Payment and pay the required fees and click on the ‘Submit and Generate IEC Certificate’ button
- The IEC code will be generated by the DGFT. You can take a printout of your certificate once the IEC code is generate