IEC (Import Export Code) is a ten-digit number, which also contains alphabets and numbers. IEC is a mandatory prerequisite to starting a business of Import and Export in India which is issued by the Directorate General of Foreign Trade (DGFT). All kinds of businesses which are engaged in Import and Export of goods require registering for Import Export Code. It has a validity of a lifetime. There are different uses of this code for Importers and Exporters. 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. If IE code once issued can be used by the entity throughout its existence and do not require any renewal or filing. Therefore, it is recommended for most of the organizations to obtain IE Code.
Features of Import Export Code
Here are the main traits of Import Export Code like;
- This Import Export Code is mandatory for any person involved in the business of Import & Export Business.
- The holder of this Import Export Code does not require filing any returns.
- This Import Export Code is issued for the lifetime so that’s why there is no required any kind of renewal of this code.
- Those people who are proprietors they can obtain this code in their name then after that, it’s not necessary to set up a business for the same.
Eligibility of Import and Export Code Registration
This Import and Export Code Registration is mandatory for Sole Proprietors, Partnerships or Private Limited Companies which are dealing in Import and Export of goods. It is not necessary to set up a business for the same. All sellers need to register for the IEC number. However, the IE Code is not required for Import/Export of goods for personal use. Government Ministries and certain Charitable Organizations can also Import and Export the goods without IEC registration.
Benefits of IEC Code
These are the advantages of the Import Export Code like;
- Business Growth
- Export Subsidies
- Lifetime Validity
- No Return Filing
- Individuals can have IE code
Documents Required for Getting IE Code
There are the following documents which are must for making the application to getting the Import Export Code:
- PAN Card.
- Photocopy of the Government identity proof.
- Incorporation Certificate / Partnership Deed.
- Copy of the cheque of the current bank account of the personal/company/firm.
- Address Proof.
Process of Getting Import Export Code
This is a procedure to register and getting IE Code;
- To getting an IE code registration an online application has to be made to the directorate general of foreign trade along with the required supporting documents.
- Once, the application is submitted, the department will issue the IE Code for the entity within 10-15 business days.
- One important thing to be kept in mind is that the Permanent Account Number (PAN) is pre-requisite for grant of an IEC. The Department issues one IEC against a particular PAN only.
You can clear you all kind of queries related to Import and Export Code Registration at Tradenfill only. Here you can take advice from our experts by mail at email@example.com and also call at +91-9654533433 from 9:30 AM to 6:00 PM.