Import Export Code Registration
All businesses which are engaged in Import and Export of goods compulsorily require Import Export Code / IEC Registration.
What is Import Export Code?
Import Export Code (in short IEC Code) is a ten digit number with permanent validity granted by Directorate General of Foreign Trade under Ministry of Commerce and Industry, to any bonafide person/ company for carrying out import/export. Importers are not allowed to proceed without this code and exporters can’t take benefit of exports from DGFT, customs, Export Promotion Council, if they don’t have this code.
When will there be requirement of IE code?
At following instances the IE Code would be required:
When an importer has to clear his shipments from the customs then it’s needed by the customs authorities.
When an importer sends money abroad through banks then it’s needed by the bank.
When an exporter has to send his shipments then it’s needed by the customs port.
When an exporter receives money in foreign currency directly into his bank account then submission of IEC is required by the bank.
One doesn’t need to be a registered entity to apply for import export code; you can apply even as an individual. IEC Certificate is also known as Export License, Import License, IE Code, IEC code, EXIM License. All have the same meaning.
Benefits of IEC Registration in India
IEC is valid for lifetime:
An online Import Export Certificate once issued is valid for lifetime and has no expiry date. However, it requires to be renewed / updated online every year. IE code is valid nationwide and across all factories or branches of the organization.
Required by Importers:
All importers who wish to import goods in India need to have a valid IE Code. IE Code must be mentioned in all relevant customs documents. Bankers would require you to have valid IEC registration for making payments abroad.
Required by Exporters:
All exporters who export goods out of India need to have a valid IE Code. It must be quoted in relevant customs documents. Bankers would require you to have an IEC registration while receiving money from abroad from your customers.
Quick Processing :
You need not submit any proof for import or exports for applying for IEC Code. IEC Application is online process.
How to get IEC Registration :
- Complete a Simple Form
- Submit Documents
- Verification of Documents
- Application for IEC Registration
- IE Code Allotted
