IMPORT EXPORT CODE (IEC)
What is Import Export Code (IEC)?
IEC is a code allotted to businesses which is importing goods into or exporting goods from India. It is a 10 digit number which is issued by the DGFT (The Directorate General of Foreign Trade), Department of Commerce, Government of India.
This code generally comes in role when you decide to expand your business globally. Code can be obtained on your name(in case of proprietorship) or on your company’s name.This registration is governed by The Foreign Trade Act, 1992.
Features of Import Export Code (IEC) :
1. It acts as the primary proof that a firm is an importer or exporter
2. A proprietor can also obtain an IEC, without registering his business
3. An IEC exists for a lifetime, it does not need any renewal
It takes 1-5 working days to get your Import Export License registration certificate.
IEC number is reflected in all customs documents related to exports and imports.
The IEC registration helps traders open the doors to venture into the global market, including registration in online e-commerce operators.
Businesses can avail government schemes like Merchandise Export from India Scheme (MEIS), Service Export from India Scheme (SEIS) and others from Customs and Export Promotion
Exemptions of IEC :
1. Importers covered by clause 3(1) [except sub-clauses (e) and (l)] and exporters covered by clause 3(2) [except sub-clauses (i) and (k)] of Foreign Trade (Exemption from application of Rules in certain cases) Order, 1993.
2. Ministries / Departments of Central or State Government.
3. Persons importing or exporting goods for personal use not connected with trade or manufacture or agriculture.
4. Persons importing / exporting goods from / to Nepal, Myanmar through Indo-Myanmar border areas and China (through Gunji, Namgaya Shipkila and Nathula ports), provided CIF value of a single consignment does not exceed Indian Rs.25, 000. In case of Nathula port, the applicable value ceiling will be Rs. 100,000.
REQUIRED DOCUMENTS :
Documents from Directors
• Passport sized photographs of individual director
• Copy of tax returns (in case of proprietorship)
• Copy of property papers (if owned property)
• Copy of rent agreement (if rented property)
• Certificate of incorporation (in case of company)
• 1 letter head of company (in case of company)
• MOA/AOA of a Company
• PAN card of a Company
• Cancelled cheque
FAQS
IE Code stands for Import Export Code. It is required for any person importing or exporting goods and services to or from India.
IEC registration can be obtained from the DGFT in 3-5 working days after submission of all required documents and application form.
Yes, individuals acting as Proprietors of a business can obtain IE Code Registration.
Yes. In order to make changes, you need to raise a request with the DGFT and produce the relevant documents to make the modifications. Some government fees may be charged for the same.
IE code can be cancelled by initiating a formal request to the DGFT online. On receipt of such intimation, the authorities will cancel it electronically.
What is the penalty for not having an IE Code?