IEC stands for Import Export Code. IEC Code is mandatorily required by any/all Individuals and Business Entities who propose to engage in the business activity of import export of Goods and Services from and to India. IEC is a 10 digit code, issued by Directorate General of Foreign Trade (DGFT), Government of India.
Features & Benefits
- IEC code holder does not require filing of any returns.
- IEC Code is valid for lifetime with no renewals required.
- IEC Code can be obtained in the name of an individual as well as a Business Entity.
- All Exporters need IEC Code to obtain the Export benefits from Government of India.
- IEC Code is required mandatorily by banks in India for sending or receiving money abroad.
- All Importers and Exporters in India are required to register for IEC Code. The IE Code must be quoted while clearing customs.
- Export Subsidies : On the basis of IEC Code, business entities can claim export benefits and subsidies on their Exports/Imports from DGFT, Customs Department and other Export Promotion Council.
- International Business Development : Expanding customer base of a Business entities services or products to the International Market will enlarge revenue, brand awareness and business turnover. IEC enables this positive international business expansion.
IEC Code EligibilityAny Individual (Indian Citizen/Foreign National) or Business Entity (Partnership, Limited Liability Partnership, Private Limited Company, Public Limited Company) who wish to engage in Import or Export of Goods or Services in or from India, must obtain IEC Code from Directorate General of Foreign Trade (DGFT), Government of India. Without a valid IEC Code, no material or service can be imported or exported.
Documents required from "Business Entity"
- Business Address Proof
- Property Ownership Papers : if property is owned. (If owned property).
- Property Rent Agreement and NoC from Landlord : if property is leased/rented.
- Electricity/Water Bill (of Business Address.
- Telephone Bill in the name of the Business Entity.
- Cancelled Cheque of Business Entity.
- Latest Bank Statement of the Business Entity
- Service Tax Returns (for proprietorship firm only)
- PAN Card of Business Entity
- Certificate of Incorporation (for LLP, Private Limited Company, Public Limited Company)
- Articles of Association - AoA (for Private Limited Company, Public Limited Company)
- Memorandum of Association - MoA (for Private Limited Company, Public Limited Company)
- Letterhead of Business Entity
Documents required from "Individual"
- Address Proof
- Telephone Bill in the name of the Individual
- Water/Electricity Bill in the name of the Individual
- Cancelled Cheque of Individual applicant.
- Latest Bank Statement of Individual applicant.
- Identity (ID) Proof
- PAN Card
- Passport Size Photograph
- Aadhaar Card/ Voter ID Card
- Step 1 : KYC : Please complete the attached IEC KYC Form.
- Step 2 : Application Preparation : Application for IEC Code shall be made to DGFT, Government of India in the applicable office.
- Step 3: IEC Fee Payment : Once the IEC application is successfully completed, applicable fee shall be paid to DGFT.
- Step 4: IE Code Issuance : Upon successful verification of IEC application by DGFT, IE Code shall be generated for the applicant (Business Entity or Individual). IE Code comes in the form of Soft Copy and Hard Copy. Upon receipt of transaction, Import Export business/transaction can be immediately started. Usually it take 15-20 working days to obtain IEC Code from DGFT after successful submission of application.
- Document Preparation (Drafting of Documents)
- Application Filing with DGFT, Government of India
- Application Processing
- Obtaining of IEC Code on behalf of Client
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