IMPORT EXPORT CODE (IEC) REGISTRATION SERVICES

What is IMPORT EXPORT CODE (IEC) REGISTRATION SERVICES?

• Import Export Code or commonly known as IEC is a prerequisite license required by any organization which is looking to expand into other market via import or export.
• IMPORT EXPORT CODE (IEC) is issued by Director General of Foreign Trade (DGFT).
• It is a 10-digit code which has a lifetime validity.

Who requires an Import Export Code (IEC)?

• • Any person who/company which is planning to import or export goods commercially requires the mandatory IEC,
  • Any commercial import/export is illegal without IEC.

Process of IEC Registration:

• • Filling up Application form,
  • Uploading Required Documents,
  • Filing the application form and paying the required fees,
  • Resolving any queries,
  • Final issuance of certificate/code by email.

When is IEC required?

• IEC is required by customs authorities when importer must get his/her shipment cleared from customs.
• When importer sends payment to other countries via banks at that time bank requires the IEC code.
• Similarly, when an exporter sends his shipment to other countries the customs authorities require this code.
• The banks also require this code to receive payments on exporter’s behalf.

How to get Import Export Code?

Steps

• Application form
  • The application form for an Import Export code needs to be prepared in a specific format prescribed by the DGFT.
  • After the application form is prepared then it needs to be submitted to regional office of Director General of Foreign Trade (DGFT)
• Documents
  • Various documents are to be prepared according to the list prescribed by the DGFT.
  • This list includes
    • Identity proof,
    • Legal entity proof,
    • Address proof for the Entity,
    • Bank details,
    • Certificate in respect to Aayaat Niryaat Form ANF-2A.
  • Filing Application
    • Once the application is complete, the application is to be filed with DGFT with a DSC (Digital Signature Certificate)
  • IEC code is issued
    • If the above steps are completed and no queries are raised by DGFT then the IEC code is issued in a soft copy format by the Government.

Benefits of IEC registration

• Expansion of business
  • IEC equips an organization to expand their business by enabling them to enter markets outside their home country.
• Avail several benefits
  • The companies can avail of various benefits of their imports/exports from the DGFT, Export Promotion Council, and Customs etc. based on their IEC registration.
• No returns need to file
  • IEC does not require any filing of returns.
  • After IEC is issued there are no procedures that need to be followed to sustain its validity.
  • Even for export transactions, no returns need to be filed with DGFT or IEC Ahmedabad.
• No need for renewal
  • IEC code’s validity is for a lifetime for the Entity that has acquired it and requires no renewal.
• IEC code empowers a company to avail of benefits from various departments such as: –
  • Director of foreign trade
  • Exports Promotion Council,
  • Customs etc.

Still no Sure?

Contact K. M. Gatecha & Co. LLP for expert advice and assistance for Import Export Code registration.