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Every businessman would like to grow their business beyond the boundaries of the domestic market to generate more profit. A few decades ago, it was really tough to do business globally but nowadays, it’s pretty easy. However, various registrations and licenses need to be obtained before making a business global. IEC is one of such prerequisites.
If you want to conduct an import and export business for your company, you need to get your hands on an IEC or to be precise, an import export code. There is no way to take part in an import and export business without this code. To that end, obtaining an import and export code is not necessarily an easy task. You would have to make sure that your business adheres to the rules and regulations that have been set up by the department.
In this blog post, we will guide you through the process for obtaining Import Export Code online.
The IEC (Import Export Code) license is a code which is required by a person for exporting or importing goods. It is a 10-digit code which is issued by the Directorate General of Foreign Trade (DGFT), Ministry of Commerce and Industries, GOI.
It is a prerequisite for a businessman who is into a business of import and export. IEC is also known as Importer-Exporter Code.
The IEC becomes necessary in the following situations:
When an importer is required to clear his shipments from the customs, IEC is asked for by the customs authorities.
When an importer transfers money abroad through his bank, IEC is then needed by the bank.
When an exporter has to send his shipments, IEC is required to be provided to the customs port.
When an exporter receives money in foreign currency directly into his bank account, then the bank asks the exporter for IEC.
To obtain IEC Code Online, you need to ensure you have the following documents:
PAN card of business entity
List of partners in case of Partnership Firm or Limited Liability Partnership
List of Directors in case of Company
Details of the Directors/Partners:
Residential Address
ID Proof
Passport Size Photograph
PAN card
Articles of Association & Memorandum of Association, in case of a company
LLP agreement, in case of an LLP
Partnership Deed, in case of Partnership Firm
Bank Account Statement
Certificate from Banker as per the format given in Appendix 18A
For obtaining an IEC, the following procedure must be followed:
Visit the official website of DGFT.
Now, on the homepage, click on the ‘services’ tab.
With the help of the drop-down list, you must select the ‘IEC Profile Management’ option.
Now, a new page will be displayed. Here, you must click on the ‘Apply for IEC’ option.
Click on the ‘Register’ option, and then enter all the required details for registration. Once all the details are entered, check them carefully and then click on the ‘Send OTP’ button.
Once you receive the OTP, enter it and then proceed to click on the ‘Register’ button.
Upon the OTP’s successful validation, you will receive a notification containing a temporary password. Using this password, you must log onto the DGFT portal and then change it with the password of your choice.
Now, log onto the website with the user name and the password you chose.
On the website’s dashboard, locate the ‘Apply for IEC’ option and then click on it.
Afterwards, click on the ‘Start Fresh Application’ button.
Now, enter general information, details of proprietor/partner/Karta/managing trustee/director, bank account details and attach DSC.
Now, make the payment for the IEC application fee. After successful payment, the receipt for the same will be displayed. For future reference, you can download it.
The IEC certificate will be sent on your registered email address. You can download it after logging onto the DGFT portal by clicking on the ‘Print IEC’ option available under the ‘IEC Profile Management’.
Some of the benefits of IEC registration are the following:
Expansion of Business: Import Export Code helps you to take your products or services to the international market which can help you to grow your business dramatically and reach new heights.
Helps avail several benefits: It can help you to avail benefits of your imports or exports from the DGFT, Customs, Export Promotion Council and more, on the basis of your registration.
Return filing not required: It does not require you to file any returns. Once IEC has been allotted, there’s no requirement to follow any kind of process for sustaining its validity. Even in the case of export transactions, there is no requirement filing any returns with DGFT.
No need for renewal: IEC code comes with a lifetime validity. Hence, renewal is not required. Once this code is obtained, it can be used by any business for all the transactions regarding export and import.
Easy processing: Obtaining IEC from DGFT is an easy process which takes about 10-15 after the application is submitted. There’s no need to provide any proof of export or import to get this code.
It is crucial for businesses that are planning to get into international trade to obtain the Importer Exporter Code (IEC). IEC is a 10-digit code issued by the Director General of Foreign Trade (DGFT) and serves as a gateway to the global markets by allowing export and export operations. It helps with custom clearance and ensures that the businesses are in compliance with the international trade rules and regulations. IEC comes with a lifetime validity, so you don’t have to worry about renewal.
Looking for assistance in obtaining IEC for your business? You’re on the right page. Now, it’s time for you to connect with our Registrationwala team, so that you can sit back and relax while we do the hard work for you so you can obtain the IEC license without any hassle!
Hey there, I'm Dushyant Sharma. With the extensive knowledge I've gained in past 8 years, I have been creating content on various subjects such as banking, insurance, telecom, and all the important registration and licensing processes for various companies. I'm here to help everyone with my expertise in these areas through my articles.
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