Importer Exporter Code (IEC Code) Registration

Introduction

Importer Exporter Code (IEC) Registration is a mandatory requirement for businesses engaged in the import and export of goods and services in India. Issued by the Directorate General of Foreign Trade (DGFT), the IEC is a 10-digit code that acts as a unique identification number for businesses participating in international trade.

Key Features:

• Legal Requirement:IEC Registration is a legal requirement under the Foreign Trade Policy of India for individuals and entities involved in import-export activities.
• Global Recognition:The IEC is recognized globally and is essential for businesses to engage in cross-border trade and transactions.
• Single Identification Number:The IEC serves as a single identification number for businesses across all export-import transactions and interactions with customs authorities.
• Lifetime Validity:Once obtained the IEC remains valid for the lifetime of the entity or until surrendered, suspended, or cancelled by the DGFT.
• No Compliance Requirement:Unlike other registrations, IEC does not have any compliance requirements or annual filing obligations, making it a hassle-free registration process.

Benefits:

• Facilitates International Trade:IEC Registration enables businesses to participate in international trade by allowing them to import and export goods and services across borders.
• Access to Government Benefits:Businesses with an IEC can avail themselves of various benefits, incentives, and schemes offered by the Government of India for promoting exports and imports.
• Enhances Credibility:Having an IEC enhances the credibility and trustworthiness of a business in the eyes of overseas suppliers, customers, and financial institutions.
• Global Expansion:IEC opens doors for businesses to explore new markets and expand their operations globally, thereby fostering growth and diversification.

Process:

• Application Submission:Businesses can submit their IEC application online through the ProMunim of India portal by providing necessary details and supporting documents.
• Verification:Upon submission, the application is verified by the dedicated team, and if all requirements are met, the IEC is issued within a specified timeframe.
• Receipt of IEC:Once issued, the IEC is sent to the applicant electronically, and the business can commence import-export activities immediately.

IEC Applicability:

• Importers and Exporters:Any individual or entity engaged in the import or export of goods and services from India is required to obtain an Importer Exporter Code (IEC). This includes manufacturers, traders, merchants, and service providers involved in international trade activities.
• Exemptions:Certain categories of individuals or entities may be exempt from obtaining an IEC, such as importers or exporters of goods for personal use, shipments valued below a specified threshold, or certain government agencies.

Documents Required for IEC Registration:

• PAN Card:A copy of the Permanent Account Number (PAN) issued by the Income Tax Department of India.
• Identity Proof:Self-attested copy of Aadhaar Card, Voter ID Card, Passport, Driving License.
• Utility Bill:Not older than two months.
• Bank Certificate or Cancelled Cheque:A bank certificate or cancelled cheque bearing applicant's name, account number, and IFSC code.
• Digital Photograph:A recent passport-sized digital photograph of the applicant.
• Letter of Authorization:A signed letter authorizing the signatory to submit and sign the application.
• Business Proof:Certificate of Incorporation, Memorandum of Association, Partnership Deed, Trade License.
• Proprietorship Declaration:A declaration declaring the proprietorship of the firm. Digital Signature Certificate (DSC): A valid Digital Signature Certificate (DSC) of the applicant or authorized signatory, as per the requirements of the DGFT.
• IEC Application Form:Duly filled and signed IEC application form as per the format prescribed by the Directorate General of Foreign Trade (DGFT)

Frequently Asked Questions