IEC [Import/Export Code]

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    IEC [Import/Export Code]

    Overview

    Import Export Code (IEC) is a unique 10-digit number issued by the Director-General of Foreign Trade (DGFT) under the Ministry of Commerce and Industry, Government of India. IEC registration is mandatory for any business that wants to start import or export of goods and services from India.

    IEC registration is essential for engaging in import-export activities in India. Without it, such activities are illegal. The Import Export Code (IEC) is a ten-digit code issued by the Directorate General of Foreign Trade (DGFT) upon application and payment of prescribed fees.

    This code acts as legal clearance for exporters and importers in India, and it must be affixed on various shipping documents for customs clearance. Obtaining IEC registration is mandatory for entities starting an export-import business, as well as for manufacturers who export their products or import raw materials for manufacturing. It’s a crucial requirement that cannot be overlooked.

    The Directorate General of Foreign Trade requires the following entities to obtain IEC registration in India:

    1. Exporters and importers
    2. Export houses
    3. Manufacturer cum exporters
    4. Production facilities importing raw materials
    5. Importers of goods seeking special authorization from DGFT
    6. Entities intending to engage in EXIM business

    It’s important to note that IEC registration is only available to registered entities in India. Therefore, ensure that you have a business certificate before starting the IEC registration process

    Benefits of IEC registration:

    • Enables businesses to start export/import of goods and services.
    • Avail various benefits from the DGFT, customs and export promotion councils.
    • Avail various benefits from the banks and financial institutions.
    • Avail various benefits under the Foreign Trade Policy.
    • Helps in expanding the business globally.

    Documents required for IEC registration

    When applying for IEC registration online via the DGFT portal, applicants must submit the following documents:

    • PAN Card of the Proprietor or the Company
    • Aadhaar Card/ Voter ID/ Passport/ Driving License of the Proprietor or the Company
    • Bank Account Statement
    • Photograph of the Proprietor or the Company
    • Cancelled Cheque
    • Digital Signature Certificate (DSC)

    IEC registration process:

    Obtain a Class-2 Digital Signature from a certified agency, which includes details like the owner’s public key, name, expiration date, issuer’s name, serial number, and issuer’s digital signature.

    • File an Application Form on the DGFT online portal after creating a legitimate account. Provide accurate details and address the registration formalities.
    • Submit the requested paperwork in the prescribed format during the application process. Ensure all necessary documents are uploaded as prompted.
    • Pay the application fees through the designated payment section upon submitting the application form.
    • Upon submission, the concerned authority will inspect the application and paperwork for legal compliance.
    • If everything is in order, the authority will grant the IEC registration, allowing you to engage in import-export activities legally.

    IEC registration remains valid indefinitely without the need for renewal. However, it can be canceled under specific circumstances, including:

    1. Exporting or importing prohibited items.
    2. Providing false information to customs authorities through fabricated shipping documents.
    3. Failure to comply with customs directives.
    4. Violating regulations outlined in the Foreign Trade Policy.

    How Corporate Raasta Consulting can help you with the process

    Corporate Raasta Consulting, a legal and tax compliance company, offers comprehensive assistance to businesses seeking IEC registration. Leveraging our expertise, we guide businesses through the entire registration process, ensuring a clear understanding of requirements and procedures. We also assist in preparing and organizing the necessary documents, including business certificates, identification papers, and proof of address, and handles the submission of the IEC registration application.

    • IEC registration is mandatory for any individual or entity looking to engage in import or export activities in India. It serves as a unique identification code for customs clearance and is essential for legal compliance.

    • Any individual, partnership firm, company, LLP, or any other entity involved in import or export activities can apply for an IEC registration.

    • The processing time for IEC registration varies but typically takes around 1-2 weeks from the date of submission of the application, assuming all required documents are in order.

    • The required documents include proof of identity, proof of address, PAN card, bank certificate or canceled cheque, and other relevant business documents.

    • Yes, certain details can be modified in the IEC registration, such as address changes or addition/deletion of directors/partners. However, significant changes may require surrendering the existing IEC and obtaining a new one.

    IEC [Import/Export Code]