What is import export code
What is import export code ?
Import export code commonly known as IEC is a ten digit code number. It is given to an Importer or Exporter by Director General of Foreign Trade, Ministry of Commerce and Industries, Government of India. Any Entrepreneur who wishes to import something to India or export something from India requires an import export code. It has a permanent validity. There are certain benefits of this code. Though exporters need not necessarily apply for this code, however, they will miss out the otherwise provided benefits. Also, RBI is now making the mention of IEC code mandatory in bank account. This code generally comes in play 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.
Import export code registration
It requires certain documents for the registration, Address proof, Bank Account certificate or Cancelled check book, PAN card, passport size Photo Graph. You need to submit form online directly to DGFT.
In case of a company, a list of directors/partners written on company’s letterhead is to be submitted. Memorandum of association, of the company or LLP and Bank certificate along with above-mentioned documents and prescribed fees is finally submitted to DGFT. Once the verification process completed you will be issued Import export code. You information will be send on the register email address or you may also download from the DGFT website.
Documents required for Import Export Code
- Personal PAN Card
- Residential address, Phone number, Pin code, Father’s Name
- Bank certificate as per attached Annexure
- Passport size photos
- Phone number and email ID and Date of formation of business
Import Export Code is required in following situation:
- When importers have to clear the shipments from the customs then it’s required by the customs.
- When importers send the money to abroad via banks then it’s required by the banks through SWIFT Code.
- When exporters have to send the shipments then its required by the customs port.
- When exporters received the money in foreign currency directly into the bank then its needed by the banks
Import Export Code(IEC) Registration
- International Exposure: IEC Code helps you to grow your business from local market to international market and expand your product or service across the global.
- Government Benefits: Government of India always promote the export activity in India so through IEC Code Registration you can avail all the export scheme benefits from DGFT, Customs and Export Promotion Council.
- No Renewals : IEC Code issued by the DGFT for the lifetime validity so you have not required renew every year so it’s a just one time cost of the registration.
- No Annual Compliance: IEC Code have no annual compliance like returns filings etc. Even you have not showed anywhere the transactions.
- Individual person: IEC Code can be obtained by the individual person also; they have not required registering the legal entity.
Legalcops.com helps your business obtain Import Export Code (IE Code) in 7 to 12 days, subject to Government processing time.