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IEC (Import Export Code): A Vital Document for International Trade
IEC, which stands for Import Export Code, is a mandatory requirement for both exporting goods from India and importing goods into the country. Without a valid IEC, no individual or entity can engage in import or export activities. This 10-digit code is issued by the Director General of Foreign Trade (DGFT) and holds lifelong validity.
Benefits of Having an IEC:
- Business Expansion: Companies seeking to expand their operations into global markets can obtain an IEC to tap into a broader audience, increase market share, and boost profits.
- Simple Documentation: Obtaining an IEC code involves straightforward documentation requirements.
- No Ongoing Compliances: Once you’ve successfully registered and obtained your IEC code, you won’t have to worry about further compliance obligations. No annual filings or additional compliances are necessary.
- Smooth Shipments and Payments: IEC codes play a crucial role in ensuring hassle-free international trade. Customs authorities ask for the IEC code when clearing shipments, and banks typically request it when receiving overseas payments.
Documents Required for IEC Registration:
For Proprietorship:
- Digital Photograph (3x3cms) of the Proprietor.
- Copy of the Proprietor’s PAN card.
- Copy of Passport (first & last page)/Voter’s I-Card/Driving Licence/UID (Aadhar card) (any one of these).
- Sale deed if the business premises are self-owned; or Rental/Lease Agreement if the office is rented/leased; or the latest electricity/telephone bill.
- Bank Certificate as per ANF 2A(I)/Cancelled Cheque bearing the preprinted name of the applicant and A/C No.
For Partnership Firm:
- Digital Photograph (3x3cms) of the Managing Partner.
- Copy of the PAN card of the applicant entity.
- Copy of Passport (first & last page)/Voter’s I-Card/UID (Aadhar Card)/Driving Licence/PAN (any one of these) of the Managing Partner signing the application.
- Copy of the Partnership Deed.
- Sale deed if the business premises are self-owned; or Rental/Lease Agreement if the office is rented/leased; or the latest electricity/telephone bill.
- Bank Certificate as per ANF 2A(I)/Cancelled Cheque.
For LLP or Private Limited Company or Section 8 Company:
- Digital Photograph (3x3cms) of the Designated Partner/Director of the Company signing the application.
- Copy of the PAN card of the applicant entity.
- Copy of Passport (first & last page)/Voter’s I-Card/UID (Aadhar Card)/Driving Licence/PAN (any one of these) of the Managing Partner/Director signing the application.
- Certificate of incorporation as issued by the RoC.
- Sale deed if the business premises are self-owned; or Rental/Lease Agreement if the office is rented/leased; or the latest electricity or telephone bill.
- Bank Certificate as per ANF 2 A(I)/Cancelled Cheque bearing the preprinted name of the company and A/C No.
For Society or Trust:
- Digital Photograph (3x3cms) of the signatory applicant/Secretary or Chief Executive.
- Copy of the PAN card of the applicant entity.
- Copy of Passport (first & last page)/Voter’s I-Card/UID (Aadhar Card)/Driving Licence/PAN (any one of these) of the Secretary or Chief Executive/Managing Trustee signing the application.
- Sale deed if the business premises are self-owned; or Rental/Lease Agreement if the office is rented/leased; or the latest electricity/telephone bill.
- Registration Certificate of the Society/Copy of the Trust Deed.
- Bank Certificate as per ANF 2A(I)/Cancelled Cheque bearing the preprinted name of the Registered Society or Trust and A/C No.
For HUF (Hindu Undivided Family):
- Digital Photograph (3x3cms) of the Karta.
- Copy of the Karta’s PAN card.
- Copy of Passport (first & last page)/Voter’s I-Card/UID (Aadhar card)/Driving Licence (any one of these) of the Karta.
- Sale deed if the business premises are self-owned or Rental/Lease Agreement if the office is rented/leased or the latest electricity/telephone bill.
- Bank Certificate as per ANF 2A(I)/Cancelled Cheque.
What Is an Import Export Code (IEC)?
An Import Export Code (IEC) is a crucial requirement for conducting import and export businesses. This 10-digit identification number is issued by the Director General of Foreign Trade (DGFT).
What Is the Validity of an Import Export Code (IEC)?
An Import Export code (IEC) has lifelong validity. However, in accordance with the latest notification, IEC holders are required to renew their IEC annually to ensure that their details are up-to-date. Even if there are no changes, confirmation is necessary online every year.
When Is an Import Export Code (IEC) Not Required?
An Import Export Code (IEC) is not mandatory under the following circumstances:
When import or export activities are conducted for personal use.
When import or export is undertaken by a Government Ministry or a recognized charitable organization as notified.
Are There Any Post-IEC Obtaining Compliances?
No, there are no compliances to be fulfilled after obtaining an IEC. No returns or filings are necessary.