Import Export Code Registration – an Overview.

In this age of cut-throat competition, everyone wants to grow their business beyond the limits of the domestic market. However, doing business globally isn’t just a cup of tea for everyone. Before going global, you need to follow several procedures and laws in place and get different registration and license. IEC (Import Export Code) license is one of such prerequisite when you’re thinking of importing or exporting from India. IEC (Import Export Code) is required by anyone who is looking to kick-start his/her import/export business in the country. It is issued by the DGFT (Director General of Foreign Trade). IEC is a 10-digit code which has lifetime validity. Predominantly importers merchant cannot import goods without the Import Export Code and similarly, the exporter merchant cannot avail benefits from DGFT for the export scheme, etc. without IEC.

Benefits

• The IEC registration helps traders open the doors to venture into the global market, including registration in online e-commerce operators
• Businesses can avail government schemes like the Merchandise Export from India Scheme (MEIS), the Service Export from India Scheme (SEIS), and others from customs and export promotion
• No compliance requirements pos registration and hence maintaining the business is relatively simple
• The process of obtaining IEC is not tedious and can be obtained with minimal, basic documents.

Documents Required For Import Export Code Registration

• 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 copy of current bank account
• Copy of Rent Agreement or Electricity Bill Copy of the premise

Eligibility

Any type of business registration: sole proprietorship, partnership, private limited companies, charitable organizations dealing with import and exports of goods can register for import-export code, irrespective of the size. However, an IEC is not required for import/export of goods for personal use, which are not connected with trade, manufacture, or agriculture. There is no need for a business set up.