What is IEC? and Required Documents for IEC Registration

Obtain an IEC is the important one to start Import / Export Business in India. A person / company / firm / entity cannot import / export without IEC. Here I am going to tell about What is IEC and required documents to get it.

What is IEC?

IEC stands for Importer Exporter Code. It is a ten digit number issued by DGFT (Directorate General of Foreign Trade), Ministry of Commerce and Industry, Government of India. It is also known as Import Export License. It is mandatory to import/export of goods.

IEC has lifetime validity. There is no need to renew it. It is the biggest advantage of IEC. It needs to be furnished along with other documents at the time of sending (export) or receiving (import) goods. When you do export or import business through Online Shopping sites/Marketplaces, you should occur IEC.

Click here to apply for IEC through DGFT website. After submitting an application, DGFT will issue the IEC within 15 – 20 working days. You can use it for import and export transaction.

Who needs IEC?

  1. All Importers who are importing goods and services into India from abroad require IEC. Banks need IEC of the importer for sending money to abroad.
  2. All Exporters who are exporting goods and services from India to abroad need IEC.
  3. If the company/firm is doing import or export business, it also needs IEC.

IEC is not required in the following circumstances

  1. Import / Export by government departments & ministries, and notified charitable organizations.
  2. Import / Export of goods for own (personal) use, which are not connected with manufacture, trade, and agriculture.

Required documents for applying IEC

1. Sole proprietorship

  • Voter ID / Aadhaar Card / Driving License / Driving License (any one of these)
  • PAN Card of the proprietor
  • Residential address, phone number, pin code, and email ID
  • 4 Passport size photographs
  • Current Bank Account (any National or International Bank)
  • Bank statement as per attached annexure
  • 2 company’s letterhead
  • Date of formation of company as per PAN Card
  • Telephone / electricity bill; or Rental / Lease Agreement
  • Cancelled cheque with preprinted name of the applicant and account number

2. Partnership

  • PAN Card of the company
  • Company address, phone number, pin code, and email ID on Letterhead
  • Partnership Agreement
  • Current Bank Account (any National or International Bank)
  • Bank statement as per attached annexure
  • Copy of partnership
  • 2 company’s Letterhead
  • Date of formation of  company as per Deed Agreement

3. Private limited

  • List of directors with their address, phone number, email ID, and pin code on Letterhead
  • PAN Card of the company
  • Current Bank Account (any National or International Bank)
  • Bank statement as per attached annexure
  • Memorandum and articles of association
  • 4 passport size photos
  • Letterhead of 2 companies
  • Date of formation of company as per registrar of companies

Advantages of IEC

  • IEC is the main proof for a person / firm / company / entity as an Exporter / Importer in India.
  • It also decreases the transport of illegal goods
  • Holders of IEC don’t need the filling of any returns.
  • IEC is used for clearing the goods from the Custom Department
  • It is permanent registration for all exporters and importers. It doesn’t need renewal
  • Entire process of obtaining IEC is made online
  • Through IEC, you can claim refund of different taxes paid while importing/exporting the goods
  • Through IEC, you can occur many benefits on your Export/import from Customs Department, DGFT, Export Promotion Council.

If you have any idea to start export or import business, first get IEC.

11:15 am

Leave a Reply