Import and Export Code Registration – The Complete Guide
As the business world is emerging into a single global market, many businesses today desire to push their potential beyond the limits of the domestic market. Nevertheless, it is not a walk through the rose garden; a business has to grow through several procedures in compliance with the law to get the required registration and license. Obtaining IEC (Import Export Code) license is one of such prerequisites and is also known as Importer-Exporter Code. .
This IEC Code is issued by the DGFT (Director General of Foreign Trade). It is a 10-digit code with lifetime validity. It is necessary as without this the importer merchants cannot import the goods, whereas the exporter merchant cannot avail benefits from DGFT for the export scheme, etc.
Cases where IEC Code is required:
- For Importer: To clear shipments from the customs and to transfer money abroad through the banks, in both the cases it is required by customs and banks respectively.
- For Exporter : To send shipments and to receive payment in foreign currency directly into the bank account, is required by customs and banks respectively.
Cases where IEC Code is not required:
- If the traders are registered under GST then the PAN of the trader will be constructed as a new IEC code for import and export.
- If you are exporting and importing the goods for personal purposes.
- Also, if the imports and exports are conducted by the Government of India including its departments and ministries, or notified charitable institutions, then also IEC Code Registration is not required.
Steps for filing an IEC online application
- Visit the DGFT website and select the “Services” tab
- Select the ‘IEC Profile Management’ option from the drop-down list and then the ‘Apply for IEC’ option
- Click on the ‘Register’ option. Fill in the required details and complete the OTP verification process.
- Now use the temporary password that you’ll receive upon the successful validation for the registration on the DGFT website and login to the website with your credentials
- Choose ‘Apply for IEC’ and fill out the application form (ANF 2A format).
- Now upload the required documents and pay the required fees. Then click the ‘Submit and Generate IEC Certificate’ button.
- The IEC code will be generated by the DGFT and you can take a printout of your certificate
Documents required for IEC Code Registration
For IEC Code Registration, the following documents are required:
- Individual’s or Firm’s or Company’s copy of PAN Card and cancel cheque copies of current bank accounts.
- Individual’s voter id or Aadhar card or passport copy.
- Copy of rent agreement or utility bill of the premise
- A self-addressed envelope for delivery of IEC certificate by registered post
How can we simplify the process of getting the Import and Export (IEC) Code?
Amidst the incorporation of a business, it is strenuous to get involved in all these registration processes. Nevertheless, to save your time as well as efforts, we at Muneembhai accomplish the complete process on your behalf.
Our service structure features end-to-end fulfillment under the guidance of our expert.