IEC (Import Export Code) is required by anyone who is looking to kick-start his/her import/export business in the country. It is issued by the DGFT (Director General of Foreign Trade). IEC is a 10-digit code which has a lifetime validity. Predominantly importers merchant cannot import goods without the Import Export Code and similarly, the exporter merchant cannot avail benefits from DGFT for the export scheme, etc. without IEC.
IEC is required in the following situations
For IEC Code Registration following documents are required:
Individual’s or Firm’s or Company’s copy of PAN Card
Individual’s voter id or Aadhar card or passport copy
Individual’s or company’s or firm’s cancel cheque copy of current bank account
Copy of Rent Agreement or Electricity Bill Copy of the premise
Expansion of Business
IEC assists you in taking your services or product to the global market and grow your businesses.
Availing Several Benefits
The Companies could avail several benefits of their imports/ exports from the DGFT, Export Promotion Council, Customs, etc., on the basis of their IEC registration.
No Filling of returns
IEC does not require the filing of any returns. Once allotted, there isn’t any requirement to follow any sort of processes for sustaining its validity. Even for export transactions, there isn’t any requirement for filing any returns with DGFT.
It is fairly easy to obtain IEC code from the DGFT within a period of 10 to 15 days after submitting the application. There isn’t any need to provide proof of any export or import for getting IEC code.
No need for renewal
IEC code is effective for the lifetime of an entity and requires no renewal. After it is obtained, it could be used by an entity against all export and import transactions.