IEC means Importer and Exporter Code, which is obtained by the business entity for import into or export from India as part of business transaction. Registration of the code is applied under CHAPTER III of The Foreign Trade (Development and Regulation) Act, 1992. It is issued and allotted by the Directorate General of Foreign Trade (DGFT) as a 10 Digit unique number. The IEC Registration Certificate is deemed as the main document for the business which is into the imports and exports business.
Any business entity including individuals can apply for the registration for import into or export from India. The renewal of Importer – Exporter Code is not required as IEC are allotted and granted with life-time validity i.e. till existent of the business.
Advantages of IEC for Businesses
Businesses have great options through import and export business to unlock the international market for their product or services they are involved in. The IEC code is the main requirement to enter into international market which supports the growth and development of the business to a certain standard. Here are the Benefits or Advantages of IEC Registration for Businesses.
Global Market Reach
As said, it is the primary requirement for the import into and export from India for the goods and specified services which enables the businesses to unlock the opportunities across the globe in international business market. It increases the global reach of the business and hence opens door for growth and expansion.
PAN Based Registration
The Code is provided based on the Permanent Account Number of the business organisation. Therefore, the registration is not required based on place of business rather, a single business entity may require only one registration. As and when the business is dissolved, the registration is also revoked or surrendered.
Life Time Validity
IEC registration is permanent registration which is valid for life time. Hence there will be no hassles for updating, filing and renewal the IEC registration. It is valid till the business exists or the registration is not revoked or surrendered.
Unlike other tax registrations, the importer or exporter does not require to fulfil any specific compliance requirement such as Annual Filings or return filings. The code possesses no need of compliance after registration.
No Annual Maintenance
As there is no compliance listed, there is no requirement of annual maintenance fees to be paid after obtaining this code. There is no requirement of filings or renewal of the registration for each Financial Year or otherwise.
Obtaining the code is the license for importing and exporting goods and services for business purpose. It is a chief legal license that makes the cross border transactions easy and legal.
Kindly send these details to get your Import Export Code (IEC)
A) Personal Aadhar card Number - B) Personal Pan Card number C) Business Place Address. D) Email-id and Contact Number F) Bank account number and IFSC code G) Firm name. H) Date of Commencement/Business Starting.
Cancel Cheque or Current 1 Month Bank Statement
Passport Size Photo
Self Electricity bill
If Rented then provide Rent agreement and Electricity bill of Landlord and NOC from Landlord
Partner Ship Deed and ROC if Partnership Firm And Company