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Import Export Code (IEC)
The first requirement before you start an import/ export business in India is to obtain an Import export code (IEC). An Import export code (IEC) code is mandatory for any person importing or exporting of goods/ services to or from India. Import export code is a unique 10-digit code, which is requisite for every import/export business owner in India. The code is allotted by the Directorate General of Foreign Trade (DGFT), Ministry of Commerce and needs no filing or renewal as it comes with one-time registration and lifetime validity.
In case the import/export is of services or technology, IEC is required in only limited circumstances, when import/export is in ‘specified services’ or ‘specified technologies’, i.e. services or technologies in which international trade is restricted by the Government of India as they pertain to national security, such as dealing in nuclear weapons, automatic guns, etc. 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.
ComplianceIndia can help you obtain your Import Export Code License quickly and hassle-free.
Advantages of Import Export Code
IEC is not required under the following circumstances:
– Import/export of goods for personal use, which is not connected with trade, manufacture or agriculture.
– Import/export by government ministries and departments, and certain notified charitable organizations.
How we Work?
Documents required for IEC code registration
PAN card of the individual or company
Address proof (Electricity bill/rent agreement/sale deed of the office location)
Copy of the entity’s government ID (Driving license/Aadhar/Voter ID)
PAN card of the Directors/ Partners in case of Company/ Partnership
Incorporation certificate along with MOA & AOA or Partnership deed
Personal or company’s current bank account statement
Copy of cancelled cheque leaf of the current account.
|Parameters||Importer Exporter Code||Professional Tax Registration||MSME Registration||GST Registration||Shop & Establishments Registration|
|Applicable to||All importers and exporters||Applicability defers based on State Act||All Micro, Small and Medium Enterprises||Businesses exceeding a prescribed threshold for turnover||Applicability defers based on State Act|
|Regulatory body||Central Government||State Government||Central Government||State and Central Government||Municipal Corporation|
|GET STARTED||KNOW MORE||KNOW MORE||KNOW MORE||KNOW MORE|
Frequently Asked Questions
1. What is Import Export Code (IEC)?
Import export code is a unique 10-digit code, which is mandatory for any person importing or exporting of goods/ services to or from India. No export or import shall be made by any person without obtaining an IEC.
2. When is IEC code required?
– For Import and export of Goods/ Services to or from India
– To clear the shipments during Import or export
– The bank needs it to transfer the money when imports are made.
– When exporter is supposed to receive money in foreign currency, IEC code is required to transfer the money to his account directly.
3. By having an IEC, can I sell products anywhere in the world?
Yes, absolutely. It gives you the right to sell to anyone, anywhere in the world.
4. Do I need to meet any customs or tax officer to get an IEC?
No, this is not required.
5. What are the documents required for IEC registration?
To obtain IE code registration, a copy of PAN Card, proof of address of business and constitution of the business [Partnership deed, Incorporation Certificate, etc.,] and a cancelled cheque of the current account is required.
6. I do not have a current bank account. Can you help me with this?
Yes, we can connect you to banks and they will help you set up the account.
7. I am a start-up. Do I need to pay a Security Deposit to import products?
No, you need not pay any security deposit to import products.
8. Do I need to file any monthly returns under the Import Export Code?
No, there are no returns to be filed. It is just a license, authorising you to export or import to or from anywhere in the world.
9. What is the validity of import export code registration?
The Import Export Code comes with a lifelong validity unless the same is withdrawn or surrendered. Once the applicant receives the IE Code, there is no need to re-register as it is a perpetual registration.
10. Whether more than one IEC can be issued against one PAN?
Only a single IEC can be issued against a single PAN card. If at all more than one IEC is issued then it has to be surrendered to the regional office.
11. Is there any penalty for not having an importer and exporter code?
No, there is no penalty however, the import or export is not possible without IE code.
12. Is there any compliance after obtaining IEC?
No, there is no compliance to be fulfilled after the import-export license registration is obtained.
13. Can IEC information be modified?
Yes, the IEC information can be modified by providing all the necessary documents even after the code is issued.
14. How to cancel IEC?
IE code can be cancelled by initiating a formal request to the DGFT online. On receipt of such intimation, the authorities will cancel it electronically.