If you are in the business of Importing and Exporting of goods in India, it mandatory to have a 10 digit Import Export Code. Many times the Import Export Code is abbreviated as IEC. Import Export Code is required for all persons or enterprises involved in the Import or Export of goods. Import Export Code is issued by the Directorate General of Foreign Trade (DGFT), Ministry of Commerce and Industries, Government of India. Import Export Code has Lifetime Validity.
Documents Required in case of Individual
1. Digital photograph,
2. PAN Card,
3. Copy of Passport (first & last page)/ Voter’s I-Card/ Driving Licence/ UID (Aadhar Card),
4. Address Proof (Sale deed in case business premise is self-owned; or Rental/ Lease Agreement, in case of an office, is rented/ leased; or latest electricity/ telephone bill and
5. Bank Certificate as per ANF 2A(I)/ Cancelled Cheque bearing pre-printed name of the applicant and a/c no.
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(A) Expand your business globally: IEC Registration helps your organization to grow globally almost all over the world. It will take your business to the international market from the domestic market and make you grow.
(B) To Avail Several Benefits: The Companies could avail several benefits/subsidies of their imports/exports from the DGFT, Export Promotion Council, Customs, etc., on the basis of their IEC registration.
(C) Easy Processing: It is fairly easy to obtain IEC code from the DGFT within a period of 1 to 2 days after submitting the application. There isn’t any need to provide proof of any export or import for getting IEC code.
D) Lifetime Validity: Import Export Code (IEC) once issued can be used by the entity throughout its existence and do not require any renewal or filing. Once the Company/Organizations obtained IEC then they can perform all their Import/Export requirements without any issues.
(E) Government Proof: Import Export Code (IEC) will also act as a government proof for the business or entity name when you need to submit for any legal or regulatory requirement like opening a Bank's Current Account.
(F) No Returns Filing: Unlike other government documents, IEC does not need to file any returns to the DGFT department. This is a maintenance-free document. Once the IEC is obtained there is no need to file the returns even if you perform or not perform any Import or Export Transaction.