The DGFT (Director General of Foreign Trade), Department of Commerce, Government of India, issues an Import Export Code (also known as IEC code), a 10-digit identification number. Importer Exporter Code is another name for it. To launch a business that deals with import and export in the Indian Territory, the companies and organizations must receive this code.

When is IEC Required?

• The customs authorities require it when an importer needs to clear his shipments through customs.
• When an importer sends money abroad through a bank, the bank requires it.
• The customs port requires it when an exporter needs to send his shipments.
• The bank requires it when an exporter receives money in foreign currency immediately into his bank account.

Documents Required for IEC Registration

Here are the following documents that are required to get an IEC code registered:

• Individual’s or Firm’s or Company’s copy of PAN Card.
• Individual’s voter ID or Aadhar card or passport copy.
• Individual’s or company’s or firm’s cancel cheque copies of current bank accounts.
• Copy of Rent Agreement or Electricity Bill Copy of the premise.
• A self-addressed envelope for registered mail delivery of the IEC certificate.

Benefits of acquiring an IEC registration

Business Expansion

IEC can help you expand your business by bringing your services or products to a global market.

Several other Benefits

Based on their IEC registration, the companies could receive many incentives for their imports/exports from the DGFT, Export Promotion Council, and Customs.

No need of Filing on Returns

The IEC does not need any returns to get filed. Once assigned, there is no necessity to follow any form of process to maintain its validity. There is no requirement to file any returns with the DGFT for export transactions.

Easy Processing

It is relatively simple to get an IEC code from the DGFT within 10 to 15 days of applying. It is not necessary to submit proof of any export or import to obtain an IEC code.

There is no requirement for renewal.

IEC codes are valid for the life of an entity and do not need to get renewed. After obtaining it, an entity might apply it to all export and import transactions.