What is Import Export Code ? Documents | Process | Benefits
An import-export code is required for any firm or organization that wishes to expand its operations beyond the boundaries of a single continent. The import-export code for the Indian subcontinent will be discussed here.
Import Export Code – IEC
If a corporation wishes to export or import from India, it must first obtain an IEC, also known as an Importer – Exporter Code. The Director-General of Foreign Trade issues the IEC, which is a 10-digit code with lifetime validity.
When an important has to clear his shipments via customs, the customs officials will ask for it, and when an importer sends money abroad through banks, the bank will require it.
It’s also required when an exporter has to transfer his shipments; custom ports require it, and when an exporter receives money in foreign currency directly into his bank account, the bank requires it.
After introduction of GST, the trader’s PAN will be converted to a new IEC code for importing and exporting.
It is also not required when products are exported or imported for personal use. IEC is also not required when Government of India Departments and Ministers, as well as Notified Charitable Institutions, import and export.
To obtain the IEC, there are a few documents that are required for the code registration process.
- Passport size photo of the applicant
- Copy of PAN Card of the individual, firm, or company
- Copy of Voter ID, Aadhar Card, PAN or passport of the individual, representative of the company
- Electricity bill of the office and the rental agreement if premises is rented
- Cancel cheque copies of the current bank account of the individuals, company, or firm.
To get your IEC certificate, you have to register for that following the prescribed registration process.
Step 1. First of all, prepare an online IEC application form in the specific format and then file it with the respective regional office of the Director-General of Foreign Trade.
Step 2. Then upload the required documents with respect to the identity and legal entity with address proof, cancelled cheque.
Step 3. After you have completed your application form, you need to file with the Director-General of Foreign Trade or DGRT with an otp or through the digital signature certificate in case of an LLP or company and pay the required fee.
Step 4. Now finally, when your application is approved, then you will receive the Importer – Exporter Code in a soft copy from the government.
Benefits Of The IEC
Getting IEC is not only important for importing and exporting for commercial purposes but it also offers various benefits.
- Helps in Expanding Business
When you can export and import throughout your own country and establish contacts with other countries, then you can reach the global market.
When you make an appearance in the global market, it will expand your business and help in earning huge profits.
- No Need of Filling Returns
IEC registration doesn’t need the filling of any returns. After you have obtained the IEC certificate, there are no compliances with the Department of DGFT.
So you are free from the tension of filing returns and following a lot of paperwork.
- Easy Registration Process
The registration process for getting IEC is very simple and can be completed within a few days if the required documents are ready and correct.
- Renewal is not Required
Yes, this code comes with lifetime validity, so once you get this license, you don’t need to apply for its renewal or complete any paperwork.
- Other Benefits
When you have an IEC certificate, you can avail many benefits of imports and export from DGFT, customs, export promotion council, and other benefits.
What are you waiting for when expanding your business is so simple with IEC? Make an application for IEC registration and expand your business internationally. For more details contact Wisefilings.