Import Export Code (IEC Code)
Ready to expand your business globally? Get your Import Export Code (IEC Code) with SetupFiling.in! Our easy and fast registration process ensures you’re all set to engage in international trade. Don’t miss out—apply for your IEC Code today and take your business to new markets!
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- Documents Preparation
- Application Filing with DGFT
- Issuance of IEC Certificate
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IEC Code Registration: Overview
In today’s interconnected world, businesses are increasingly looking beyond domestic borders to expand their reach and tap into new markets. For Indian enterprises aspiring to engage in international trade, a fundamental prerequisite is obtaining the Import Export Code (IEC Code). This 10-digit alphanumeric code, issued by the Directorate General of Foreign Trade (DGFT), is the primary identification for any person or entity looking to conduct import or export activities in India.
Think of the IEC Code as your business’s passport to the global marketplace. Without it, you cannot legally export goods or services from India, nor can you import them into the country. Therefore, understanding what the IEC is, how to obtain it, and staying abreast of the latest updates is crucial for any aspiring or existing player in the international trade arena.
What is an Import Export Code (IEC)?
The Import Export Code (IEC) is a unique identifier granted to businesses involved in import and export activities in India. It is mandatory for anyone looking to:
- Export goods or services from India.
- Import goods or services into India.
IEC code is issued based on the Permanent Account Number (PAN) of the business entity. This linkage ensures better tracking and regulation of international trade transactions.
Who Needs an IEC Code?
Generally, any person or entity involved in commercial import or export activities requires an IEC Code. This includes:
- Sole proprietorships
- Partnership firms
- Limited Liability Partnerships (LLPs)
- Private Limited Companies
- Public Limited Companies
- Trusts
- Societies
However, there are a few exemptions. According to the latest regulations, the following categories are generally exempt from obtaining an IEC Code:
- Government ministries and departments.
- Certain public sector undertakings.
Individuals importing or exporting goods for personal use (not for commercial purposes).
IEC Code Registration Fees
(Professional Fee Rs. 999+ Govt fee Rs.500)
- Get IEC Certificate within 1 day.
Documents Required for IEC Code
- PAN card of the applicant or business entity
- Proof of business address (e.g., rent agreement, utility bills)
- Bank account details (bank statement or cancelled cheque)
- Passport-sized photographs of the applicants (if applicable)
- Identity proof of the applicant (Aadhaar, Passport, Voter ID, etc.)
- Partnership deed or Certificate of Incorporation (for companies/LLPs)
- GST Registration Certificate (if applicable)
How to apply for IEC with SetupFiling.In?
Place an order above. After receiving your order, our Team will contact you for documentation within 15-30 minutes or email above documents on [email protected]. Once application will get filed you will get certificate within 24hours.
Steps to Apply for IEC Code
Step 1: Check Eligibility
Any business involved in import and export of Good or Service needs to apply for an IEC Code. Both individuals and companies can apply, as long as they meet the necessary requirements set by DGFT.
Step 2: Prepare Required Documents
To apply for the IEC Code, businesses need to submit documents such as a PAN card, bank account details, business address proof, and a passport-sized photograph of the applicant.
Step 3: Apply Online
The application for the IEC Code can be made online through the Govt portal. After filling in the details, upload the required documents and submit the application.
Step 4: Receive IEC Code
Once the application is processed, the IEC Code will be issued. This process is quick and usually takes 1 working days, making it easy for businesses to start international trading.
What is Validity of Import Export License
The IEC is issued as a 10-digit code by the Directorate General of Foreign Trade (DGFT) and is valid for the lifetime of the business entity. Once obtained, it does not require renewal in the traditional sense.
Although the IEC itself does not need to be renewed, it must be updated annually between April and June each years. This update is mandatory to ensure that all information associated with the IEC is correct.
Failure to update the IEC within the stipulated timeframe can lead to deactivation. A deactivated IEC prevents businesses from conducting import or export activities until it is reactivated through the update process.
Importance of IEC Code for Your Business
IEC (Importer Exporter Code) Registration plays a critical role in facilitating international trade. Whether you’re a small business or a large enterprise, having an IEC Code opens up numerous opportunities for global expansion and ensures compliance with legal regulations. Here are some key reasons why IEC Code Registration is important:
Legal Requirement
If you wish to import or export goods and services, obtaining an IEC Code is a mandatory requirement by the Directorate General of Foreign Trade (DGFT) under the Ministry of Commerce, India. Without it, you cannot legally carry out international trade, and your shipments may be halted at customs.
Streamlined Customs Clearance
The IEC Code acts as a business’s unique identifier in the international trade system. When you import or export goods, customs authorities require your IEC Code to verify the legitimacy of the shipment. It ensures smooth processing at customs and avoids unnecessary delays or penalties.
Facilitates Financial Transactions
An IEC Code (Import Export Code) is required for conducting international financial transactions, including the transfer of payments for imports and exports. You will need it to open a bank account for international trade purposes, ensuring smoother and faster payment processing.
Builds Credibility in Global Markets
Having an IEC Code enhances your business’s credibility, signaling to foreign suppliers, customers, and partners that you are a legitimate and reliable player in the global market. This recognition can help you establish trust with international clients, which is essential for successful cross-border trade.
Enhances Business Opportunities
With an IEC Code (Import Export Code), your business has the potential to expand beyond local markets, reaching international customers and suppliers. It opens the door to new business opportunities, helping your company grow and become more competitive on the global stage.
No IEC Code Renewal Required
One of the significant advantages of the IEC Code is that it has a lifetime validity, so once you’re registered, you don’t need to worry about renewals. However, it’s important to update your details with the DGFT if there are any changes to your business address or bank details.
IEC Code vs. Other Licenses Required for International Trade
IEC Code vs. GST Registration
While the IEC Code is specifically required for import and export activities, GST registration is required for businesses conducting domestic transactions. Both registrations are necessary for businesses engaged in global trade but serve different functions.
IEC Code vs. RCMC
The Registration Cum Membership Certificate (RCMC) is necessary for businesses involved in the export of certain goods, particularly agricultural products or services. It is different from the IEC Code but can complement it when dealing with specific goods that require certification.
Apply for IEC Code Today!
At SetupFiling, we make the IEC registration process simple and quick. Our team takes care of all the paperwork, ensuring that you get your IEC code without any delays. Plus, we provide round-the-clock customer support to assist you throughout the process.
Frequently Asked Questions (FAQs)
An Import Export Code (IEC) is a unique 10-digit code issued by the Directorate General of Foreign Trade (DGFT) to businesses or individuals engaged in importing or exporting goods or services. This code is mandatory for conducting cross-border trade.
Any business or individual planning to import or export goods or services needs an IEC. This includes companies, partnerships, proprietorships, and even individuals involved in international trade.
The application for an IEC code can be done online through the DGFT portal by submitting the required documents such as identity proof, address proof, PAN card, and a bank certificate or a cancelled cheque.
The registration process is usually completed within 1-2 days, provided all documents are in order.
An IEC code allows you to:
- Legally engage in imports and exports.
- Clear goods through customs.
- Open a foreign currency account.
- Avail benefits under export promotion schemes.
The following documents are required:
- PAN card of the business or applicant.
- Proof of business address (like rent agreement or utility bill).
- A bank account statement or a cancelled cheque.
- Aadhaar card of the applicant (for individuals).
Yes, individuals, sole proprietors, partnerships, and companies can apply for an IEC Code to conduct import-export activities.
Without an IEC code, you cannot legally import or export goods. Customs clearance and other trade activities will be restricted until you obtain an IEC.