Import Export Code

Overview

IEC or the Import Export Code is the code used by the business entities in order to export or import its goods and services. This code consists of 10 digits and is issued by the Director General of foreign trade, ministry of commerce and industries and the Government of India. This code comes with the lifetime validity.

Documents required for this code

• Sole proprietorship:
  • Digital photograph of the proprietor
  • PAN card copy of the proprietor
  • Passport/ driving license/ voter ID/ UID copy of the proprietor
  • Sales deed if the business is self-owned
  • Rental/ lease agreement if in case the business is rented
• Partnership firm:
  • Digital photo of the managing partner.
  • Partnership deed copy
  • Passport/ driving license/ voter ID/ UID copy of the signing partner
  • Sales deed if in case the firm is self-owned
  • Rental/ lease agreement if in case the business is rented
  • Certificate from bank as per ANF 2A/ cancelled cheque of the firm having the blueprints of the name of the organization.
• LLP:
  • Designated partner's digital photo or the photo of directors signing the application.
  • PAN card copy of the applicant
  • Passport/ driving license/ voter ID/ UID copy of the managing partner or the directors.
  • Sales deed if in case the firm is self-owned
  • Rental/ lease agreement if in case the business is rented
  • Certificate from bank as per ANF 2A/ cancelled cheque of the applicant entity and the account number.

When is IEC code required?

• IEC code is required to get the shipment cleared form the custom authorities if the shipment is imported from any other country.
• This code is needed by the bank to transfer the funds in exchange of the imported goods.
• This is required by the exporter to export the goods and services to other countries.
• After the exports are made, then the code is required to receive the payments in foreign currency. These funds are directly transferred into the bank account of the exporter.

Features of IEC

• Business growth: IEC code helps a business to sell its goods and services into the international markets. This further helps a business to expand its operations in international markets and grow.
• Export subsidies: according to the IEC, companies/ firms/ business entities get their imports and exports subsidies and have benefits from the DGFT, customs and other export promotion council of India.
• Lifetime validity: IE code is issued to serve a company or business entity for lifetime. There is no need to renew it regularly or time to time. Once the registration process gets completed, the code is ready to use until the business organization stops its business operations.
• No return filing: as mentioned in the above feature that the IEC does not require time to time renewal after the registration is completed. There is also no need to file any kind of return by the business to maintain the code.