Import Export Code

Overview

In this age of cut-throat competition, everyone wants to grow their business beyond the limits of the domestic market. However, doing business globally isn't just a cup of tea for everyone. Before going global, you need to follow several procedures and laws in place and get different registration and license. IEC (Import Export Code) license is one of such prerequisites when you're thinking of importing or exporting from India. It is also known as Importer- Exporter Code.

IEC (Import Export Code) is required by anyone who is looking to kick-start his/her import/export business in the country. It is issued by the DGFT (Director General of Foreign Trade). IEC is a 10-digit code which has lifetime validity. Predominantly importers merchant cannot import goods without the Import Export Code and similarly, the exporter merchant cannot avail benefits from DGFT for the export scheme, etc. without IEC.

Advantages of IEC Registration

• Expansion of Business - IEC assists you in taking your services or product to the global market and growing your businesses.
• Availing Several Benefits - The Companies could avail several benefits of their imports/ exports from the DGFT, Export Promotion Council, Customs, etc., on the basis of their IEC registration.
• No Filing of returns - IEC does not require the filing of any returns. Once allotted, there isn't any requirement to follow any sort of processes for sustaining its validity. Even for export transactions, there isn't any requirement for filing any returns with DGFT.
• Easy Processing - It is fairly easy to obtain IEC code from the DGFT within a period of 10 to 15 days after submitting the application. There isn't any need to provide proof of any export or import for getting IEC code.
• No Need For renewal - IEC code is effective for the lifetime of an entity and requires no renewal. After it is obtained, it could be used by an entity against all export and import transactions.

Steps Involved in IEC (Import/Export Code) Registration

• Step 1: Application Form: First, you need to prepare an application form in the specified format -Aayaat Niryaat Form ANF-2A format and file it with the respective Regional office of DGFT.
• Step 2: Documents: Secondly, you need to prepare the required documents with respect to your identity & legal entity and address proof with your bank details & the certificate in respect of ANF2A.
• Step 3: Filing Application: Once your application is completed, you need to file with DGFT via DSC (Digital Signature Certificate) and pay the required fee for the IEC Registration.
• Step 4: IEC Code: Finally, once your application is approved then you would receive the IEC Code i a soft copy from the government.

An Import Export Code (IEC) isn't just a registration — it's the passport that opens doors for businesses to step into the global marketplace.

Documents required by different entities for IEC (Import Export Code) Registration

Sole Proprietorship:

• Digital photograph (3*3) of proprietor
• Copy of pan card of the proprietor
• Copy of passport/voter id/driving license/UID
• If the business is self-owned, then sale-deed
• If the business is rented, then rental/lease agreement

Partnership Firm:

• Digital photograph (3*3) of the managing partner
• Copy of partnership deed
• Copy of passport/voter id UID/driving license/PAN of the managing partner signing the application
• Sale-deed, in the case of self-owned business
• If the business is rented, then rental/lease agreement
• Bank certificate as per ANF 2A/ Cancelled cheque bearing blueprinted name of the applicant entity and A/c no.

LLP:

• Digital photograph (3*3) of the designated partner/director of the company signing the application
• Applicant's copy of pan card
• Copy of passport/voter id UID/driving license/PAN of the managing partner/director signing the application
• Sale-deed, in the case of self-owned business
• If the business is rented, then rental/lease agreement
• Bank certificate as per ANF 2A/ Cancelled cheque bearing blueprinted name of the applicant entity and A/c no.

Trust:

• Digital photograph (3*3) of the secretary/chief executive/signatory applicant
• Registration certificate of society/copy of the trust deed
• Copy of passport/voter id UID/driving license/PAN of the managing trustee/chief executive signing the application
• Sale-deed, in the case of self-owned business
• If the business is rented, then rental/lease agreement
• Bank certificate as per ANF 2A/ Cancelled cheque bearing blueprinted name of the applicant entity and A/c no.

HUF:

• Digital photograph (3*3) of the Karta
• Copy of pan of Karta
• Copy of passport/voter id UID/driving license/PAN of Karta
• Sale-deed, in the case of self-owned business
• If the business is rented, then rental/lease agreement
• Bank certificate as per ANF 2A/ Cancelled cheque bearing blueprinted name of the applicant entity and A/c no.