What is IEC Code?
All businesses engaged in importing and exporting goods must have an Importer Exporter Code.
Importers Require IE Code
All Importers who import goods into India require an IE Code. The IE Code must be quoted while clearing customs. Also, banks require the importers IE Code while sending money abroad.
Exporters Require IE Code
All Exporters who export goods or services from India require an IE Code. The IE Code must be quoted while sending shipments. And banks require the exporters IE Code while receiving money from abroad.
Lifetime – NO Renewal
IE Code is issued for the lifetime of the entity and requires no renewal. So once a IE Code is obtained, it can be used by that entity for all its import or export transactions without any further hassles.
No Return Filing
IE Code does not require the filing of any return. Once, an IE Code is issued there are no further procedures required to maintain validity of the IE Code. Even if import or export transactions occur, there are no filings required to DGFT.
Proprietors can have IE Code
Even individuals who are proprietors of a business can obtain IE Code in their name. It is not necessary to incorporate a business entity for obtaining IE Code.
IE Code can easily be obtained from DGFT within 10-15 working days after submission of the application along with all the necessary information. It is not necessary to show proof of any import or export to obtain IE Code.
1 WORKING DAY You need to send in copies of PAN cards, identity, address proofs and four passport-sized photographs of the proprietor/partners/directors. Private limited companies must also submit the Memorandum and Articles of Association, and Certificate of Incorporation, while Partnerships must submit the Partnership Agreement. Details of the entity’s current account and the type of exporter (in case of manufacturer, MSME registration details would need to be provided) need to be sent in. A copy of the company’s letterhead may also be required.5 WORKING DAYS We will file the application in the required Aayaat Niryaat Form 2A (ANF 2A) format to the Regional Authority of the Directorate General of Foreign Trade (DGFT) in the region where the registered office of the company is situated.7 Working DAYS Within two working days, the IEC should be ready. If the documents are not in order or the inspector asks for additional documents, the registration process will be completed as soon as you submit them. You will receive the IEC code at this time.