What is IEC code ? IEC stands for Import and Export code and is alloted to persons or business issued by the DGFT (Director General of Foreign Trade), Department of Commerce, Government of India. It is important for businesses to obtain this code before starting the business dealing with import or export processes in the territory of India. Its a mandatory step and one cannot deal in export or import without this code. There are certain guidelines and regulations for obtaining this code one has to follow to get their codes from DGFT Offices having various regional offices throughout the country.
Feautres of IEC Code registration –
IEC code has following features and benefits.
- IEC Code acts as the main evidence that a firm is an importer or exporter.
- Importing and exporting cannot be executed without having this code.
- A business proprieter can also obtain an IEC , without registering his business.
- The IEC code never expires after being obtained and is for lifetime. It doesn’t require any renewal.
- Showing or quoting is important when doing import export business.
- This code is also useful in doing foreign bank transactions in business terms.
- It is valid for all branches of importer or exporter.
- Having an IEC code can benefit companies in several ways in import and export from DGFT , Promotion council , Customs , etc. Solely on basis of their IEC registration.
Documents for IEC Code Registration –
For an easy registration process, please keep the following documents and details ready:
- A certificate from your banker.
- Self-attested copies of your PAN card (company’s or partnership’s PAN card in case of company or partnership).
- Your passport sized photographs. Moreover, the photograph on the certificate given by bank needs attestation by the bank manager.
- Details of your bank account.
- Application form which must have your signature on every page.
- Date of formation of business.
- A list of partners/directors as well as details such as address and phone number.
- MoA/AoA or partnership deed.
- Company’s letter heads (two copies).
The government fee for Import Export Code registration starts from Rs. 1000 and the normal government processing time is 3-4 days approx. Also, its important to note that one IEC (Import Export Code) is issued for one PAN number. For any reasons or any case there are more than 2 IECs (Import Export Codes) assigned to a single owner, then it should be given to the regional workplace for the cancellation.