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Nowadays, doing business worldwide is so easy because of advanced technology and the internet. However, before starting any business worldwide, you must follow several procedures & laws and get different Registrations and Licenses. IEC or Import Export Code is one of such requirements when you are thinking of importing/exporting from India and it is also known as Importer Exporter Code. IEC is a 10-digit unique identification number that is compulsory for import to India or export from India. Unless specifically exempted, any individual shall make no import/export without getting IEC Registration. Hence, IEC Registration Certificate is compulsory for any business involved in the export & import of goods. Therefore, before starting an import of products into India, an importer makes sure that the importing company has GST Registration and IEC Registration Certificates both, of which are required to clear customs.
The following are the benefits of IEC Registration:
There is no need to renew the IEC Code; it will be valid till the existence of the entity. After the winding up of the Company, this IEC Code expires.
One of the basic requirements for the IEC Code is that you need to submit authentic details. Without giving proper details, IEC cannot be obtained. This criterion makes the transportation of illegal products impossible.
After IEC Registration, there are no compliance requirements & hence maintaining the business is relatively simple.
This code is mandatory to avail of growth opportunities through export or import.
It is very easy to get the IEC Code from the DGFT within 10 – 15 days after submitting the application.
Any type of business such as Private Limited Companies, Partnership, Sole Proprietorship, or charitable organisations dealing with Imports and Exports in India can apply for IEC Registration, irrespective of the business size. However, IEC Number is not needed for import or export of products for personal use, which aren’t connected with manufacture, agriculture, or trade and there is no need for business set up.
To apply for IEC Registration online, the following prerequisites are required:
The following are the documents required for IEC Registration in India:
Following is the online step-by-step procedure for IEC Registration in India:
As per the latest circular by DGFT, the Import Export Code is not compulsory for all traders registered under GST. In all such instances, the Trader’s PAN shall be constructed as a new IEC Code for the purpose of Import & Export. IEC does not need to be taken in case the products exported/imported are for purpose purposes and are not used for any commercial purpose. Import or export is done by the Departments of Indian Government & Ministries and Notified Charitable Institutions to need not require getting IEC.
IEC registration is a 10-digit code issued by the Directorate General of Foreign Trade (DGFT) in India. It is required for individuals or businesses engaged in import and export activities.
Any individual or business entity involved in import/export activities in India must obtain an IEC registration, except for those exempted by the government.
You can apply for Import Export Code registration online through the DGFT website by filling out the prescribed application form and submitting the required documents.
The documents typically required for IEC registration include PAN card, Aadhaar card, bank certificate, cancelled cheque, passport-size photographs, and other supporting documents as needed.
The processing time for Import Export Code registration is usually 2-3 working days from the submission of the application, assuming all the documents are in order.
Yes, a fee is charged for IEC registration. The fee structure may vary based on the type of entity (individual or company) and can be found on the DGFT website.
No, as per the current regulations, an individual can obtain only one IEC. However, a business entity can have multiple branches or divisions, each with a separate IEC.
No, IEC registration is not required for the export of services. It is primarily needed for the export and import of goods.
The IEC registration does not have an expiration date. Once obtained, it is valid for a lifetime unless cancelled or surrendered.
Yes, certain changes like address, contact details, or addition/removal of partners can be updated by submitting the required documents to the DGFT.
Yes, failure to comply with IEC regulations may result in penalties, including suspension or cancellation of the IEC registration, and can affect import/export operations..
No, IEC registration is non-transferable. If there is a change in ownership or the entity undergoes restructuring, a new IEC registration must be obtained.
Yes, an IEC registration can be cancelled or surrendered by submitting an application to the DGFT, along with the required documents.
Yes, an IEC registration allows an entity to engage in both import and export activities in India.
Yes, it is mandatory to mention the IEC on shipping bills, invoices, and other import/export documents as a means of identification.
No, IEC registration is meant for commercial purposes and cannot be used for personal imports of goods.
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