IMPORT EXPORT REGISTRATION (IEC)
IEC stands for Import Export Code. Anyone who wants to start Import/Export business, Import export code is required. IEC is a 10 digit number issued with a lifetime validity. IEC is issued by Director General of Foreign Trade. IEC is also known as “Importer-Exporter Code”.
Where IEC required?
For an Importer-
- Clear the shipments from Customs authorities.
- Transaction (sending) money to abroad through banks.
For an exporter-
- To send shipments required at Custom ports.
- To receive the money in foreign currency.
Steps for Import Export Registration
- Application Form filling
- Documents attachment
- Filling application
- Get your IEC code after approval by the government.
Documents Required
- Copy of Pan Card of Individual or Company.
- Copy of Aadhar Card or passport.
- Rent agreement or Electricity Bill copy.
- Cancel cheque or Bank passbook statement.
Benefits of IEC registration
Business Expansion- IEC can help you take your services or products to global markets and grow your business.
No requirement of Return filling- IEC doesn’t require any particular set of rules to be followed. Once issued, there isn’t a requirement to follow any sort of processes for maintaining its validity – even for export transactions there isn’t a requirement for filing returns with DGFT.
Easy Process- Obtaining an IEC code from the DGFT is fairly easy, but it takes a while to have the application approved. There aren’t any requirements for documents concerning export or import which makes things easier to get done.
Several Benefits- The companies are no longer required to deposit the security amount with DGFT before obtaining registration under IEC. One can even avail several benefits by getting registered under the Export Promotion Council of India (EPCI) on the basis of their IEC Registration.