Import/Export Code Registration

In today’s tough competition, everyone wants to expand their business beyond their home market. Thanks to the internet and technology, it’s easier to do business globally now. But before you can go global, you must follow certain rules and get different licenses. One of these licenses you need if you’re importing to or exporting from India is called the Import Export Code (IEC) license, also known as the Importer-Exporter Code.

Anyone aiming to start an import/export venture in the country needs an Import/Export Code (IEC). The DGFT (Director General of Foreign Trade) issues this code, which consists of 10 digits and remains valid for a lifetime. Without the IEC, importers can’t bring in goods, and exporters can’t access benefits from DGFT export schemes.

Situations where IEC is required

• When an importer needs to clear their shipments through customs, the customs authorities require it.
• When an importer sends money abroad through banks, the bank requires it.
• When an exporter needs to send their shipments, the customs port requires it.
• When an exporter receives payment in foreign currency directly into their bank account, the bank requires it.

Documentation needed for IEC (Import Export Code) Registration

You’ll need the following documents to register for an IEC Code:

• A copy of the PAN Card for individuals, companies, or firms.
• Proof of establishment, incorporation, or registration of the partnership, proprietorship firm, society, company, HUF, etc.
• Aadhaar card, voter ID, or passport copy for the proprietor.
• Proof of address of the business premises, such as a sale deed, lease deed, rent agreement, or utility bills (electricity, telephone, or mobile bills).
• Include a self-addressed envelope for the delivery of the IEC certificate via registered post.
• Cancelled cheque copies of current bank accounts for individuals, firms, or companies.

Steps included in IEC (Import/Export Code) Registration

• Visit the DGFT website and navigate to the ‘Services’ tab.
• Choose ‘IEC Profile Management’ from the drop-down menu.
• Proceed to the ‘Apply for IEC’ option on the subsequent page.
• Select the ‘Register’ option and provide the necessary information. Click on the ‘Send OTP’ button.
• Enter the OTP received and click on ‘Register’.
• Upon successful OTP validation, you’ll receive a notification containing a temporary password, which you can later change upon logging in.
• After registration, log in to the DGFT website using your username and password.
• Navigate to the ‘Apply for IEC’ option on the dashboard.
• Click on ‘Start Fresh Application’ and fill in the required information, including general details, proprietor/partner/director/Karta/managing trustee details, bank information, and other necessary details. Attach your Digital Signature Certificate (DSC) and complete the payment process.
• Upon successful payment, you will be redirected to the DGFT website, where you can download the receipt for future reference.
• The IEC Certificate will be sent to your email and can also be downloaded from the DGFT website by clicking on the ‘Print IEC’ option under ‘IEC Profile Management’.

Advantages of Obtaining IEC (Import Export Code) Registration

The following are the advantages of IEC (Import Export Code) registration:

• Availing several advantages: Companies can leverage various advantages for their imports and exports through entities like the DGFT, Export Promotion Council, Customs, etc. based on their IEC registration.
• No return filing: IEC registration does not necessitate the filing of returns. Once obtained, there is no need to adhere to any specific procedures to maintain its validity. Additionally, for export transactions, there is no obligation to file returns with DGFT.
• Expansion of business: IEC facilitates the expansion of your business by enabling you to introduce your products or services to the global market, thereby fostering business growth.
• No need for renewal: The IEC code remains effective for the entire lifespan of an entity and does not require renewal. Once obtained, it can be utilized by the entity for all export and import transactions.
• Easy processing: Obtaining an IEC code from the DGFT is a straightforward process, typically taking around 10 to 15 days after submitting the application. There is no requirement to furnish proof of any export or import activities to obtain the IEC code.