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With the advent of globalization and the free market, India has seen a surge in cross-border trade. In search of cheaper alternatives, more and more businesses are looking beyond the border and engaging in the import-export business. To facilitate the import-export business, the government devised the concept of an import-export code or IEC as it is commonly known. IEC is assigned to all companies engaged in the import and export business in order to keep track of all their activities using a single 10-digit identification number.
After getting the registration of IEC the business can easily start to enter the global market which help in increasing the trade network for them
– Government time to time to promote the trade and business bring different type of scheme which help in growth of business after IEC registration the traders, manufacturers can avail the benefits of such scheme for them
After the registration there is little to no compliances to follow so the business maintenance is relatively easier.
in international market IEC is mandatory to start the business and it represents that there is no illegal goods are used which increases the credibility while making a deal.
Required document differ as per the type of company
Sole proprietor-
• PAN card of proprietor
• Aadhaar card of proprietor
• Proof of place of business-
If rented- electricity bill and rent deed
If rented- electricity bill and rent deed
• Cancelled cheque (if required)
Partnership firm –
• PAN card of partnership firm
• Partnership deed
• PAN and Aadhar card of all the partners
• Address proof of place of business
If owned – sale deed and electricity bill
If rented – rent agreement and electricity bill
• Cancelled cheque of the partnership firm
Private limited or LLP –
• PAN card of company
• Incorporation certificate of company
• Aadhar card and PAN card of all director
• Cancelled cheque of company
• Address proof of place of business
If owned – sale deed and electricity bill
If rented – rent agreement and electricity bill
*Passport size photograph of proprietor/directors/partners of the company
Import Export Code
The processing time for an Import Export Code (IEC) application varies depending on the completeness of the application and the volume of applications being processed by the DGFT. It generally takes around 15-30 days to process the application.
Yes, you can make changes to your Import Export Code (IEC) such as changes in business details, address, ownership, etc. You will need to fill out the necessary application form and submit it along with the required documents.
An Import Export Code (IEC) is valid for lifetime and does not require renewal.
No, an Import Export Code (IEC) is specific to one business and cannot be used for multiple businesses. Each business needs to have its own IEC.
If your Import Export Code (IEC) application is rejected, the DGFT office will provide the reasons for rejection and you can reapply with the necessary corrections and information.
Yes, an Import Export Code (IEC) enables you to engage in both imports and exports.
Yes, an Import Export Code (IEC) enables you to engage in import and export of both goods and services.
Yes, it is mandatory to have a GST registration to apply for an Import Export Code (IEC)
Yes, as long as you meet the required criteria and provide the necessary documents as per Indian laws and regulations, a foreign national can apply for an Import Export Code (IEC).
Yes, non-compliance with the Import Export Code (IEC) regulations can result in fines and penalties. It is important to ensure that your business is compliant with all regulations to avoid any legal action.
An Import Export Code (IEC) is a mandatory requirement for any business engaged in import or export activities in India. It enables the business to claim benefits and incentives under the foreign trade policy, open a letter of credit, apply for licenses and permissions, and register with various government and regulatory bodies.