Import Export License

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What is an Import Export Code?

An Import Export Code (IEC) is a unique 10-digit number provided by the Ministry of Commerce, Government of India's Directorate General of Foreign Trade (DGFT). It is necessary for companies or people engaged in the import or export of products and services from India.

The IEC is necessary to clear products through customs, transfer money from overseas, and take advantage of other government incentives and privileges. For Indian entities engaged in foreign trade, it functions as the key identifying number.

When is an IEC Required?

There are certain specific situations where it is mandatory for the businessman to have the IEC Registration. These situations are as follows –

  • The importer must provide the customs authorities with the IEC registration certificate when the customs need to clear the shipment.
  • The banks require the IEC in cases where the importer transfers money outside India.
  • The customs port requires the IEC in case the exporter wishes to dispatch its shipments. 
  • In a case where the exporter receives money from foreign land in their bank, it is made mandatory to provide an IEC registration number.
  • The code is required to obtain food licensing and FSSAI Registration.
  • The code is required by the exporters in case they must avail of any government subsidy.
  • The code is required for APEDA registration.

Benefits of IEC Registration in India

Lifetime Validity : There is no need to renew the IEC Code; it will be valid till the existence of the entity. After the winding up of the Company, this IEC Code expires.

Reduces illegal or unlawful goods transportation :One of the basic requirements for the IEC Code is that you need to submit authentic details. Without giving proper details, IEC cannot be obtained. This criterion makes the transportation of illegal products impossible.

No Compliance :After IEC Registration, there are no compliance requirements & hence maintaining the business is relatively simple.

Business Growth :This code is mandatory to avail of growth opportunities through export or import.

Easy Processing :It is very easy to get the IEC Code from the DGFT within 10 – 15 days after submitting the application.

As mentioned above, IEC Code registration is permanent and valid for a lifetime. Hence, there will be no hassles with updating, filing, and renewing the IEC registration. It is valid till the business exists or the registration is not 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 requirements like annual filing.

As IE code registration is one-time and requires no additional compliance, it is recommended for all exporters & importers to obtain IE code after incorporation.

Nature of the Firm obtaining an IEC

The nature of the Firm obtaining an Import export license/registration may be any of the follows:

  • Proprietorship Firm
  • Partnership Firm
  • Limited Liability Partnership
  • Limited Company
  • Trust
  • Hindu Undivided Family (HUF)
  • Society

Eligibility to get IEC Registration

Import export code registration is a crucial requirement for businesses involved in trading globally. Given below are the eligibility criteria for importers, exporters, and proprietors to obtain IEC registration-

1- Importers

  • One should register for the Importer Exporter Code (IEC) to import any goods to India.
  • IEC should be mentioned during customs clearance
  • For international money transfers, the IEC Code is demanded by banks.

2- Exporters

  • Exporters should register for IEC to export goods from India.
  • For shipments, IEC codes must be quoted.
  • For receiving foreign money, banks require IE Code.

3- Proprietors

  • Individual business owners can obtain IE Code in their name.
  • Forming a company is not compulsory to get an IE Code.

    Documents Required for IEC Registration

    The documents required for IEC Registration based on the type of business are as follows –

    1- A Partnership Firm

    • A copy of the Partnership Deed
    • Applicant’s Digital Photographs (9)
    • PAN Card
    • Personal Identification (A copy of passport, Voter ID, Driving License, Aadhar card)
    • Proof of Official Address (Rent/Lease Agreement, Sale Deed, utility bills, etc)
    • Bank Certificate in ANF 2A Form

    2- Sole Proprietorship

    • Applicant’s Digital Photographs
    • PAN Card
    • Personal Identification (A copy of passport, Voter ID, Driving License, Aadhar card)
    • Proof of Official Address (Rent/Lease Agreement, Sale Deed, utility bills, etc)

    3- Private Company & LLPs

    • Applicant’s Digital Photographs (9)
    • PAN Card
    • Partnership Deed for LLP & MoA and AoA for a private limited company
    • Personal Identification (A copy of passport, Voter ID, Driving License, Aadhar card)
    • Proof of Official Address (Rent/Lease Agreement, Sale Deed, utility bills, etc)
    • Bank Certificate in ANF 2A Form

    4- Hindu Undivided Family

    • Applicant’s Digital Photographs (9)
    • Karta’s PAN Card
    • Personal Identification (A copy of passport, Voter ID, Driving License, Aadhar card)
    • Proof of Official Address (Rent/Lease Agreement, Sale Deed, utility bills, etc)
    • Bank Certificate in ANF 2A Form

    5- A Trust

    • Trusts Registration Certificate
    • Trust Deed Copy
    • Applicant’s Digital Photographs (9)
    • PAN Card
    • Personal Identification (A copy of passport, Voter ID, Driving License, Aadhar card)
    • Proof of Official Address (Rent/Lease Agreement, Sale Deed, utility bills, etc)
    • Bank Certificate in ANF 2A Form