Import-Export Code

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Import Export Code or IEC is a 10-digit code, which is needed by the person or business that wants to do an import/export goods/services. The Import-Export Code is issued by the Director-General of Foreign Trade( DGFT), Ministry of Commerce and Industries, Government of India.

This code has multiple names, like importer exporter code, import-export code, import-export license, import-export number, IE code, IE license, etc. You can get this code either in your name or under the company’s name. Once issued by the DGFT, it is valid for all its divisions/units/factories/branches.

When is the Import Export Code( IEC) code required?

  • In the case of any imports, the customs authorities need to clear the shipments.
  • Also, in case of any imports made, the bank needs to transfer the amount.
  • Vis-à-vis if the shipments are to be sent by an exporter, then this is necessary.
  • Or, if the exporter is to receive foreign currency money and it is credited directly to his bank account.

Features:

  1. Business growth

It will expand your business by bringing your services or products to the international market. IEC helps you to sell the products outside India.

  1. Export Subsidies

On the basis of the Import Export Code (IEC), companies or firms can benefit and subsidize their exports/ imports from DGFT, Customs, and export promotion council.

  1. Lifetime validity

When you have completed IE Code Registration and submitted all the necessary documentation, IE Code is provided for the lifetime of the entity and does not require renewal.

  1. No Return Filing

IE Code does not include return filings. When an IE Code is provided there are no additional steps required to ensure the validity of the IE Code.

  1. Individuals can have IE Code

Even individuals who own a business can get IE Code in their name. To obtain the IE License, you do not need to incorporate a company organization.

Steps involved in obtaining the Import Export Code:

One can file the IEC application directly with the government. The process is long and requires 60 days to get completed :

  1.  Application Preparation

To get code, an application must be submitted to the DGFT in the format of Aayaat Niryaat Form 2A in that region where the company’s registered office is located. The government also provided an online facility for obtaining the IEC code online.

  1.  Application Processing

Details of the company and its owners, directors or associates, bank account information and a bank certificate are the basic requirements of ANF 2A. All documentation needed for IEC must be submitted with ANF 2A. Digital signatures are needed on the ANF2A form.

  1.  IEC fee payment

Once the application is complete, it must be filed with DGFT and an appropriate application fee needs to be paid to the government. The IEC department may send back your application for correction/change. You are required to reply to the DGFT within 15 days from the date of receipt.

  1.  IE Code Issuance

    Once the department has fully verified the application, the Foreign Trade Directorate-General will allocate an IE code for your business. This IE version comes in both soft and hard copy formats. You receive the softcopy via email and thereby you can start the import-export transaction.

Documents Required:

Sole Proprietorship:

  1. Digital photograph
  2. Pan card copy of the proprietor
  3. Copy of voter ID/ Driving license/ passport
  4. Sale deed ( if the business is self-owned)
  5. Rental/lease agreement ( if the business is carried out in rental place)

Partnership firm:

  1. Photograph of the Managing Director(MD).
  2. Copy of partnership deed.
  3. Copy of passport/voter ID/driving license/PAN of the managing partner, who signed the application.
  4. Sale deed ( if the business is self-owned)
  5. Rental/lease agreement ( if the business is carried out in rental place)
  6. Bank Certificate as per ANF 2A/ Cancelled cheque bearing the printed name of the applicant entity and Account number.

Limited Liability Partnership(LLP):

  1. Digital photo of the designated partner/director of the company signing the application
  2. PAN card copy of the partner
  3. Copy of passport/voter ID/driving license/PAN of the Director, who signed the application.
  4. Sale deed ( if the business is self-owned)
  5. Rental/lease agreement ( if the business is carried out in rental place)
  6. Bank Certificate as per ANF 2A/ Cancelled cheque bearing the printed name of the applicant entity and Account number.

Trust:

  1. Digital photograph of the secretary/chief executive/signatory applicant
  2. Registration certificate of society/copy of the trust deed
  3. Copy of passport/voter ID/driving license/PAN of the managing trustee/chief executive, who signs the application.
  4. Sale deed ( if the business is self-owned)
  5. Rental/lease agreement ( if the business is carried out in rental place)
  6. Bank Certificate as per ANF 2A/ Cancelled cheque bearing the printed name of the applicant entity and Account number.

Hindu Undivided Family (HUF):

  1. Digital photo of the Karta
  2. PAN card copy of the Karta
  3. Copy of passport/voter ID/driving license/PAN of the Karta
  4. Sale deed ( if the business is self-owned)
  5. Rental/lease agreement ( if the business is carried out in rental place)
  6. Bank Certificate as per ANF 2A/ Cancelled cheque bearing the printed name of the applicant entity and Account number.

 

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