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Import Export Code Registration - An overview.
An Importer Exporter Code is a unique 10-digit code, which is requisite for every import/export business owner in India.
The code is issued by the Director-General of Foreign Trade (DGFT), Ministry of Commerce and needs no filing or renewal.
IEC is required by importers to clear customs and shipment, and to transfer money to foreign banks.
Exporters require IEC to send shipments and receive money from foreign banks. In short, no importer/exporter can operate in India without getting the IEC.
Lesser interest rates
Excise exemption scheme
Why register for IEC? Benefits
The IEC registration helps traders open the doors to venture into the global market, including registration in online e-commerce operators.
Businesses can avail government schemes like Merchandise Export from India Scheme (MEIS), Service Export from India Scheme (SEIS) and others from Customs and Export Promotion
No compliance requirements pos registration and hence maintaining the business is relatively simple
The process of obtaining IEC is not tedious and can be obtained with minimal, basic documents.
Reservation benefits
Stamp duty and registration charges are waived off
Exemption of IEC
Persons undertaking import and export of goods for personal reasons and not connected to trade, agriculture and manufacture.
As listed in Appendix - 3, Schedule 2 of ITC, exemption from obtaining IEC shall not be applicable for export of materials, organisms, special chemicals, equipments & technologies (SCOMET)
Ministries/Departments of Central and State governments
Documents required for Import Export Code registration
PAN card of the individual or company
Copy of the entity’s government ID (Driving license/Aadhar/Voter ID)
Incorporation certificate/Partnership deed
Personal or company’s current bank account statement
Address proof (Electricity bill/rent agreement/sale deed of the office location
Copy of cancelled cheque leaf of the current account
How to register for IEC? - A detailed IEC procedure
Step 1
The online IEC application form in the format Aayaat Niryaat Form no. 2A is filed with the Directorate General of Foreign Trade. Alternatively, it could also be done offline at the Regional office of DGFT.
Step 2
All the required documents, including bank details and DSC, have to be submitted
Step 3
Next, the Import Export code will be allotted and the application will be processed further
Step 4
Once the documents and application are verified by the authorities, the import export license will be granted as a soft copy to the entity.
Step 2
All the required documents, including bank details and DSC, have to be submitted
Step 3
Next, the Import Export code will be allotted and the application will be processed further
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