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IEC (Import Export Code)
An Importer-Exporter Code (IEC) is a key business identification number that is mandatory for export from India to any other country or to import to India.
Every business wants to grow their business beyond the limits of the domestic market. Before moving worldwide, you need to get an IEC (Import Export Code) license. IEC is mandatory for export from India or Import to India. It is issued by the DGFT (Director General of Foreign Trade). IEC is a 10-digit code that has lifetime validity but updation is to be done every year. Once the application is submitted, DGFT will issue the IE Code for the entity in 2-3 working days or less.
Validity of IE Code
IE Code generation is perpetual registration that is valid for a lifetime. Hence, there will be no hassles for updating, filing and renewal of IE Code registration. It is valid until the business exists or the registration is revoked or surrendered. Further, unlike tax registrations like GST registration or PF registration, the importer or exporter does not require to file any filings or follow any other compliance requirement like annual filing.
As IE code registration is one-time and requires no additional compliance, it is recommended for all companies and LLPs to obtain IE code after incorporation.
● ISO 8601 – Date and time format
● ISO 20121 – Sustainable events
● SO/IEC 27001 – Information security management
When Will Import-Export Code (IEC) is Required
- When an importer has to clear his shipments from the customs then it’s needed by the customs authorities.
- When an importer sends money abroad through banks then it’s needed by the bank.
- When an exporter has to send his shipments then it’s needed by the customs port.
- When an exporter receives money in foreign currency directly into his bank account then it’s required by the bank.
Documentation Required
Scanned Documents for Upload in the System (PDF Only and Max file size of 5 MB).
- Proof of establishment/incorporation/registration.
- Partnership
- Registered Society
iii. Trust
- HUF
- Others
- Proof of Address can be any one of the following documents:
- Sale Deed, Rent agreement, lease deed, electricity bill, telephone landline bill, mobile, postpaid bill, MoU, Partnership deed
- Other acceptable documents (for proprietorship only): Aadhar card, passport, voter id
iii. In case the address proof is not in the name of the applicant firm, a no-objection certificate (NOC) by the firm premises owner in favour of the firm along with the address proof is to be submitted as a single PDF document.
- Proof of Firm’s Bank account
- Cancelled Cheque
- Bank certificate
Benefits of IEC Registration
Expansion Of Business
As said, it is the primary requirement for the import into and export from India for the goods and specified services which enable the businesses to unlock the opportunities across the globe in the international business market. It increases the global reach of the business and hence opens the door for growth and expansion. No person shall make any import or export except under an IEC Number granted by the DGFT. In case of import or export of services or technology, the IEC shall be required only when the service or technology provider is taking benefits under the Foreign Trade Policy or is dealing with specified services or technologies
Life Time Validity
IEC registration is permanent registration that is valid for a lifetime. Hence there will be no hassles for updating, filing and renewal of the IEC registration. It is valid till the business exists or the registration is not revoked or surrendered.
Benefits Of Various Schemes By DGFT
The IEC code has huge benefits for importers as well as exporters. The registered business entities would be able to avail benefits in form of subsidies or otherwise declared by the Customs, Export Promotion Council or other authorities. After filing LUT under GST, the exporters can make exports without the payment of taxes. In case the exports are made with the payment of taxes, the exporter can claim refunds of the amount paid as tax.
Hassle-Free Compliance
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 for 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.
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