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IEC (Import Export Code) licence

An Importer-Exporter Code (IEC) is a key business identification number that is mandatory for export from India or 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. Once the application is submitted, DGFT will issue the IE Code for the entity in 15 – 20 working days or less.

    Validity of IE Code

    IE Code registration 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

    1. When an importer has to clear his shipments from the customs then it’s needed by the customs authorities.
    2. When an importer sends money abroad through banks then it’s needed by the bank.
    3. When an exporter has to send his shipments then it’s needed by the customs port.
    4. 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.
    1. Partnership
    2. Registered Society

    iii. Trust

    1. HUF
    2. Others
    • Proof of Address can be any one of the following documents:
    1. Sale Deed, Rent agreement, lease deed, electricity bill, telephone landline bill, mobile, postpaid bill, MoU, Partnership deed
    2. 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
      1. Cancelled Cheque
      2. 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.

     

    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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