Import Export Code (IEC): Benefits and how to obtain it

Import Export Code (IEC): Benefits and how to obtain it

Export Sector

CS Navneet Dhiman

CS Navneet Dhiman

219 week ago — 4 min read

The first requisite when you start an import/ export business in India is to obtain an IEC (Import Export Code). 

What is IEC?

Import export code is popularly known as IEC code, which is a 10-digit number issued by the Directorate General of Foreign Trade (DGFT), Ministry of Commerce, Government of India to Indian companies that import or export.  IEC is a mandatory requirement to import or export from India.

Import export code is popularly known as IEC code, which is a 10-digit number issued by the Directorate General of Foreign Trade (DGFT).

 

Benefits of Import Export Code (IEC)

  • Export Benefits: In India we have policy, export the goods not the taxes. Therefore, we can avail various refunds of taxes paid while exporting the goods.
  • Complete Online Process: IEC Registration is an online process, no need to fear bureaucratic red tape anymore.
  • Easy Documentation: Only a few documents required such as PAN Card, copy of ID proof, passport size photo and cancelled cheque.
  • Permanent Registration: No renewal required. IEC once issued is issued for lifetime basis, like PAN Card.
  • No Annual Compliance: There is no annual maintenance fees for IEC, as there is no legal compliance.
      

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Documents required for IEC Code for Proprietorship:

  • Digital photograph of the proprietor.
  • Scanned copy of PAN (front and back page) card of the proprietor.
  • Any of these – Scanned copy of Passport (first & last page)/Voter’s Card/ Driving License/Aadhaar card.
  • Bank certificate in prescribed format as per ANF 2A (I) or cancelled cheque bearing pre-printed name of applicant and account number.


Documents required for IEC Code for Partnership:

  • Digital photograph of the managing partner.
  • Scanned copy of PAN Card of the applicant partnership entity.
  • Any of these of the Managing Partner of the application – Scanned copy of Passport (first & last page)/ Voter’s Card/ Driving License/ Aadhaar card.
  • Copy of Partnership Deed.
  • Bank Certificate /Cancelled cheque with name of the applicant entity and account number.

 

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Documents required for IEC Code for LLP / Government Undertaking/ Public Limited Company/ Private Limited Company/ Section 25 Company:

  • Digital photograph of the designated partner/ Director of the Company signing the application.
  • Scanned copy of PAN Card of the applicant entity
  • Any of these of the Managing Partner/Director signing the application – Scanned copy of Passport (first & last page)/Voter’s Card/ Driving License/ Aadhaar card.
  • Certificate of incorporation as issued by the RoC.
  • Bank certificate as per prescribed format/ Cancelled cheque having name of the company and Account number.

 

Timeline4-5 working days for all

 

Note: All documents should be signed and stamped by authorised person.

 

Also read: How to start an export business

Image courtesy: shutterstock.com 

 

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Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the views, official policy or position of GlobalLinker.  

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CS Navneet Dhiman

His Passion has been over the years to help inject techno-legal innovation and compliance strategy into Mylex Infotech Pvt Ltd. With the expertise in the compliance and legal...