What is import export code ? - legalcops

What is an import export code?
Import-export code commonly known as IEC is a ten-digit code number. It is given to an Importer or Exporter by the Director General of Foreign Trade, Ministry of Commerce and Industries, Government of India. Any Entrepreneur who wishes to import something to India or export something from India requires an import export code. It has permanent validity. There are certain benefits of this code. Though exporters need not necessarily apply for this code, however, they will miss out on the otherwise provided benefits. Also, RBI is now making the mention of the IEC code mandatory in bank accounts. This code generally comes into play when you decide to expand your business globally. Code can be obtained in your name (in case of proprietorship) or in your company’s name. This registration is governed by The Foreign Trade Act, of 1992.

Import-export code registration

It requires certain documents for registration, Address proof, Bank Account certificate or Cancelled checkbook, PAN card, and passport size Photo Graph. You need to submit the form online directly to DGFT.

In the case of a company, a list of directors/partners written on the company’s letterhead is to be submitted. Memorandum of association, of the company or LLP and Bank certificate along with the above-mentioned documents and prescribed fees, is finally submitted to DGFT. Once the verification process is completed you will be issued an Import export code. Your information will be sent to the registered email address or you may also download it from the DGFT website.

Documents required for Import Export Code
Personal PAN Card
Residential address, Phone number, Pin code, Father’s Name
Bank certificate as per attached Annexure
Passport size photos
Phone number and email ID and Date of formation of business
Import Export Code is required in the following situations:

When importers have to clear the shipments from the customs then it’s required by the customs.
When importers send money abroad via banks then it’s required by the banks through SWIFT Code.
When exporters have to send the shipments then it's required by the customs port.
When exporters received money in foreign currency directly into the bank then is needed by the banks
Import Export Code(IEC) Registration
International Exposure: IEC Code helps you to grow your business from the local market to the international market and expand your product or service across the globe.
Government Benefits: The government of India always promotes export activity in India so through IEC Code Registration you can avail of all the export scheme benefits from DGFT, Customs, and Export Promotion Council.
No Renewals: IEC Code is issued by the DGFT for lifetime validity so you have not required to renew every year it’s a just one-time cost of the registration.
No Annual Compliance: IEC Code has no annual compliance like returns filings etc. Even you have not shown anywhere the transactions.
Individual person: IEC Code can be obtained by the individual person also; they have not required to register the legal entity.
Legalcops.com helps your business obtain Import Export Code (IE Code) in 7 to 12 days, subject to Government processing time.
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