Import Export Code Registration
As a small enterprise, you can have access to priority sector lending, tax exemptions & capital investment and power tariff subsidies.
An Importer Exporter Code is a unique 10-digit code, which is requisite for every import/export business owner in India. The code is issued by the Director-General of Foreign Trade (DGFT), Ministry of Commerce and needs no filing or renewal. IEC is required by importers to clear customs and shipment, and to transfer money to foreign banks. Exporters require IEC to send shipments and receive money from foreign banks. In short, no importer/exporter can operate in India without getting the IEC.
Any type of business registration: Sole Proprietorship, Partnership, Private Limited and Charitable organization dealing with the export and import of goods should register for Importer Exporter Goods.
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, IE code is not required for Import/export of goods for personal use, which is not connected with trade, manufacture or agriculture. There is no need for a business set up.
VALIDITY OF IE CODE
Once registered the Import Export Code is permanent and becomes valid for lifetime. Hence, there is absolutely no need for renewal or update. It lasts until the business ceases to exist or the registration is surrendered. Also, the business does not have to do any monthly or annual filings like GST, PF, etc.
Benefits of registering for IEC
- 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 Merchandise Export from India Scheme (MEIS), 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
- PAN card of the individual or company
- Copy of the entity’s government ID (Driving license/Aadhar/Voter ID)
- Incorporation certificate/Partnership deed
- Personal or company’s current bank account statement
- Address proof (Electricity bill/rent agreement/sale deed of the office location
- Copy of cancelled cheque leaf of the current account