Import Export Code or IEC is a 10-digit code that a business or a person needs to import/export goods/services. This code is issued by DGFT (Director General of Foreign trade), Ministry of Commerce and Industries, Government of India. The validity of this code is for lifetime, that is, there is no need to renew it. This code is generated within 5-15 working days after the documents are submitted and all the corrections required are made.
This code has many names, like importer exported code, import export code, import export license, import export number, IE code, IE license etc. You can issue this code in either your name or under company’s name. Once issued, it is valid for all its division/units/factories/branches.
Documents required to get IEC:
- photograph of the proprietor/partner/designated partner/director of the company signing the application
- Copy of pan card of the proprietor/company/llp/firm
- Registration certificate of Firm/Company/LLP
- Copy of passport/voter id Aadhar/driving license/PAN of the managing partner/director signing the application
- Sale-deed/rental/lease agreement.
- Bank certificate as per ANF 2A/ Cancelled cheque bearing blueprinted name of the applicant entity and A/c no.
Uses of IEC:
- For Custom authorities to clear the shipments in the case of any imports
- By Banks to transfer the amount in the case of any imports made.
- When Exporter needs to send the shipments
- If the exporter is supposed to receive money in foreign currency and it is transferred directly into his bank account.
Steps to apply:
- Application Preparation
- Application Processing
- IEC fee payment
- IE Code Issuance
Benefits of IEC:
- Business growth
- Export Subsidies
- Lifetime Validity
- No Return Filing