Import /Export Code abbreviated as IEC is a ten digits code mandatory for those who wants to import or export goods from India. It's issued by the Directorates General of Foreign Trade (DGFT). Once you get IE Code you can use it throughout that particular business, it doesn't require any filing or renewal.
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What is IE Code?
In this age of competitiveness, everyone wants to develop their company beyond the constraints of the home market. But doing business internationally isn't just a cup of tea for all. Before you move globally, you need to follow a number of procedures and laws in place and get a different registration and license. IEC (Import Export Code) license is one such pre-requisite when you're going to think of trying to import or export from India.
Why Register for IEC?
If your Business is indulged in any kind of import/export IE code is favourable for you.
It is beneficial for getting Duty drawbacks and other Govt. Benefits.
Here are some benefits for Import Export Code:
Global Market Reach
It is the primary requirement for the import into and export from India for the goods and specified services which enables the businesses to unlock the opportunities across the globe in international business market. It increases the global reach of the business and hence opens door for growth and expansion. It helps to promote the importance of standardization around the world and to coordinate any potential overlaps in work.
Life Time Validity
IEC registration is permanent registration which is valid for life time. Hence there will be no hassles for updating, filing and renewal the IEC registration. It is valid till the business exists. But if company or firm relocate or change in management then IEC modifications are required.
The importer or exporter does not require to fulfil any specific compliance requirement such as Annual Filings or return filings. The code possesses no need of compliance after registration. It is one time formality and no other formality are required. To be eligible for importer or exporter you just need to apply for IEC Registration.
No Annual Maintenance
As there is no compliance listed, there is no requirement of annual maintenance fees to be paid after obtaining this code. There is no requirement of filings or renewal of the registration for each Financial Year.
VALIDITY OF IE CODE
Once registered the Import Export Code is permanent and becomes valid for lifetime. Hence, there is absolutely no need for renewal or update. It lasts until the business ceases to exist or the registration is surrendered. Also, the business does not have to do any monthly or annual filings like GST, PF, etc.
Import Export Code Registration Procedure
First, you need to prepare the application form in the specified format – AayaatNiryaat Form No. 2A format and file it with the respective DGFT Regional Office.
Second, you need to prepare the required documents with regard to your identity & legal entity and address proof with your bank details & certificate with respect to ANF2A.
Once your application has been completed, you need to file with DGFT via DSC (Digital Signature Certificate) and pay the necessary fee for IEC Registration.
Finally, once your application has been endorsed, you will receive the IEC Code in a soft copy from the Government.
Application for Import Export Code online can be done here
FAQs (Frequently Asked Questions)
What is IEC?
Before you move globally, you need to follow a number of procedures and laws in place and get a different registration and license. IEC (Import Export Code) license is one such pre-requisite when you're going to think of trying to importing or exporting from India.
Who requires an Importer Exporter Code?
In the following situations, IEC is required:
If the importer has to clear his shipments from customs, the customs authorities will have to do so.
When an importer sends money through banks overseas, the bank needs it.
When the exporter has to send his shipments, the customs port need it.
When an exporter receives money in foreign currency directly into his bank account, it is required by the bank.
How long does it take to obtain IE Code?
It is quite easy to obtain the IEC code from the DGFT within 10 days of the submission of the application.
Do I have to file any returns for IE Code?
IEC does not require any returns to be filed. Once assigned, there is no requirement to follow any kind of process to maintain its validity. There is no requirement to file any returns with DGFT, even for export transactions.
What is the validity of an IE Code?
IEC is a 10-digit code that is valid for a lifetime.
How many IECs a person can get?
Only one IEC would be issued against one PAN number. Any owner may have only one IEC number and, in the event that more than one IEC is assigned to the owner, the same may be surrendered to the Regional Office for cancellation.