What Is Import Export Code (IEC Code)
The Importer-Exporter Code (IEC) is a critical business identification number that is required for both exports and imports. The Directorate General of Foreign Trade (DGFT), Ministry of Commerce, issues IEC Numbers.
Unless specifically exempted, no person shall export or import without first obtaining an IEC. However, IEC is not required for service exports unless the service provider is receiving benefits under the Foreign Trade Policy. When importing or exporting services or technology, the IEC is only required when the service or technology provider is taking advantage of Foreign Trade Policy benefits or dealing with specific services or technologies.
How to Register for an IEC License Online?
To obtain your import export licence online, complete the simple IEC registration steps listed below.
Step 1: All required documents, including bank information and a Digital Signature Certificate, must be submitted.
Step 2: The online IEC application form will be submitted to the General Directorate of Foreign Trade (DGFT)
Step 3: The import export code will be granted to the applicant or entity as a soft copy once the documents and application have been verified by the authorities.
Benefits of Import Export Code Registration
• It acts as the primary proof that a firm is an importer or exporter.
• Import or export cannot be done without first obtaining an IEC.
• A proprietor can also obtain an IEC, without registering his business.
• Once issued, an IEC exists for a lifetime. This means that it does not need any renewal.
• It is not compulsory for import or export of goods for personal or governmental purposes.
• Quoting an IEC is compulsory when importing or exporting goods.
• IEC is compulsory for making foreign bank transfers in relation to business.
• It is valid for all branches of importer or exporter.
or company supplying goods or services in India need to register with GST regardless of turnover.
Situations Where IEC is Required
• The customs authorities require it when an importer has to clear his shipments through customs.
• When an importer sends money abroad via bank, the bank requires it.
• When an exporter needs to send his shipments, the customs port requires it.
• The bank requires it when an exporter receives money in foreign currency directly into his bank account.
Why GST & IT BUDDIES?
• Our experts will guide you throughout the process, from filling up the checklist to processing the documents.
• You will be notified when your application has been approved.
• Our experts will complete the import export code registration process quickly and efficiently.
• We will help you get your Import Export License online.