Importer Exporter Code (IEC) Registration Online
The Importer Exporter Code (IEC) is a crucial business identification number required for anyone involved in importing goods into India or exporting from India. This ten-digit unique number is issued by the Directorate General of Foreign Trade (DGFT) and is essential for conducting international trade. In this article, we will delve into the IEC application process in detail.
What is Importer Exporter Code (IE Code)?
IEC, short for Import & Export Code, is essential for businesses engaged in importing and exporting activities in India. It serves as a primary document and is mandatory for customs clearance. An entity without both a GST registration and an IE code will face delays, demurrage charges, or even risk the destruction of their imported goods.
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Advantages of Having an Import Export Code
- Access to International Markets: IEC facilitates smoother entry into global markets, expanding business horizons.
- Online Registration: The application process for obtaining an IE Code is straightforward and entirely online, requiring minimal document submission.
- Minimal Documentation: Unlike other registrations, IEC demands only a few documents for issuance.
- Lifetime Validity: Import Export Code is a one-time registration with a lifetime validity, making it hassle-free.
- Reduces Illegal Trade: Obtaining an IE code necessitates providing authentic information, reducing the possibility of illegal trade.
- Benefit Access: Registered entities can avail of subsidies from customs and export promotion councils. It enables GST-registered exporters to make tax-free exports or claim tax refunds.
- Minimal Compliance: Unlike other tax registrations, IEC registration does not require annual filings or specific compliance procedures
Validity of IE Code
IEC registration is permanent and valid for the entire lifetime of a business. There is no need for updates, renewals, or additional compliance requirements. It remains in force as long as the business exists or until the registration is revoked or surrendered.
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- Compliance Assurance
- Cost Efficiency
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Nature of the Firm for Obtaining an IEC
Entities eligible for IEC registration include:
• Proprietorship Firm
• Partnership Firm
• Limited Liability Partnership (LLP)
• Limited Company
• Trust
• Hindu Undivided Family (HUF)
• Society
Prerequisites for Applying for IEC
Before applying for IEC, ensure the following:
• Valid login credentials for the DGFT portal.
• The firm must have an active Permanent Account Number (PAN) and valid bank account in its name.
• The firm must also have a valid address.
Documents Required for IEC Code Registration
The scanned documents required for IEC registration include:
- Proof of establishment/incorporation/registration
- Proof of address
- Proof of firm’s bank account
- Active Digital Signature Certificate (DSC) or Aadhaar of the firm’s member
Procedure for Submitting an IE Code Application
- Visit the official DGFT website and click on ‘IEC Profile Management.’
- Click ‘Apply for IEC,’ register with your details, and receive an OTP.
- Log in with your new credentials and fill out the application form (ANF 2A format).
- Accept the terms and conditions, check the application summary, and sign the application.
- Make the payment, and the IEC certificate will be emailed to you.
Frequently Asked Questions
Who needs to obtain an IEC?
Individuals, sole proprietors, partnerships, companies, and Limited Liability Partnerships (LLPs) engaged in international trade activities, including imports and exports, need to obtain an IEC.
Is IEC mandatory for export of software or services?
Yes, even if you are exporting software or services, you are required to obtain an IEC.
What is the validity period of an IEC?
An IEC does not have an expiration date. Once obtained, it is valid for a lifetime unless surrendered or canceled.
How long does it take to get an IEC after applying?
The processing time for obtaining an IEC typically takes 5-7 working days. However, it can vary based on document verification and government processing times.
Can I apply for multiple IECs for different businesses or branches?
No, a single IEC can be used for all branches or locations of your business. You do not need a separate IEC for each.
Can I apply for IEC online?
Yes, the IEC application process is primarily online. You can apply through the DGFT’s online portal.
What documents are required for IEC registration?
Commonly required documents include PAN card, identity and address proofs, bank statements, photographs, and business-related documents. The specific list may vary based on your business type.
Can I modify or update my existing IEC details?
Yes, you can apply for modifications or updates to your existing IEC if needed, such as changes in business details or address.
Is there a penalty for not renewing or surrendering an unused IEC?
While there is no renewal requirement for IEC, failing to renew it on time, if needed, may result in penalties. Surrendering an unused IEC is advisable to avoid compliance issues.
Please note that government regulations and procedures may change, so it’s essential to verify the latest information when applying for an IEC.