Import Export Code (IEC) Registration
Starting from ₹1,500 + GST
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Table Of Content
What is Import Export Code (IEC) Registration
The movement of goods and services between countries through imports and exports is crucial for the global economy. Many Indian businesses have begun engaging in international trade to expand beyond the domestic market, obtaining an IEC code registration with the assistance of Patron Accounting, an accounting firm based in Pune.
An Import Export Code (IEC) is a unique 10-digit business identification number, also known as the Importer-Exporter Code. It is mandatory for both imports into and exports from India. The Directorate General of Foreign Trade (DGFT), part of the Ministry of Commerce, is responsible for issuing the IEC number.
IEC registration is required for import and export businesses in certain situations. Importers need it to clear their shipments at customs and send money to foreign banks, while exporters require it to dispatch shipments from the customs port and receive payments from foreign banks. Securing an IEC is one of the first steps that Indian companies must complete before engaging in international trade.
The IEC registration offers numerous benefits to your import and export business, facilitating access to foreign markets. Patron Accounting can assist you with the IEC registration process, ensuring seamless import and export operations for your business.
Benefits of Import Export Code (IEC) Registration
Eligibility for Import Export Code (IEC) Registration
Process for Import Export Code (IEC) Registration
Step 1
Visit the Directorate General of Foreign Trade’s official website. Click on ‘IEC Profile Management’ under the Services tab, then click ‘Apply for IEC.’ Register with basic details like your name, email ID, and address. After submitting, you’ll receive an OTP and a temporary password to log in.
Step 2
Change the temporary password to a new one, then log in to the DGFT website to apply for IEC registration. Click on the ‘Apply for IEC’ option on the dashboard.
Step 3
Click ‘Start Fresh Application’ to begin the IEC registration process. Fill out the form with details about the proprietor, business, and bank information. Attach the required documents, including a Digital Signature Certificate, and pay the fees. Patron Accounting can help ensure you submit all necessary documents for a smooth IEC registration process.
Step 4
After successful payment, you will be redirected to the DGFT website, where you can download the payment receipt for your records.
Step 5
Once your documents are reviewed, you’ll receive your IEC via email. You can also download the IEC certificate from the ‘IEC Profile Management’ section on the DGFT website. The certificate will include your firm’s name, address, 10-digit IEC number, date of issue, and branch details.
Documents Required for Import Export Code (IEC) Registration
FAQs
What is an Import Export Code (IEC)?
An Import Export Code (IEC) is a unique 10-digit code issued by the Directorate General of Foreign Trade (DGFT). This code is essential for businesses involved in importing or exporting goods, serving as their official identification in international trade.
Why is IEC registration necessary for my business?
IEC registration is a mandatory requirement for any business involved in importing or exporting goods from India. Without an IEC, businesses are legally restricted from engaging in international trade.
Who is eligible to apply for IEC registration?
Any type of business entity—including individuals, partnerships, companies, trusts, and societies—can apply for IEC registration to facilitate their international trade activities.
What documents are required for IEC registration?
Required documents for IEC registration typically include a PAN card, proof of business registration, address proof, a recent bank account statement or canceled cheque, a Digital Signature Certificate (DSC), and passport-sized photographs of the applicant or authorized signatory.
How long does the IEC registration process take?
The IEC registration process generally takes around 3 to 7 working days, provided the application and all necessary documentation are complete.
Is there a fee for obtaining an IEC?
Yes, there is a nominal fee for obtaining IEC registration, which may vary depending on the type of business entity and the service provider.
How can I apply for IEC registration?
You can apply for IEC registration online through the DGFT portal. The process involves filling out an application form and submitting the required documents.
Can I apply for IEC registration online?
Yes, IEC registration can be completed entirely online through the official DGFT website.
What is the validity period of an IEC?
Once issued, an IEC has permanent validity, remaining valid for the business’s lifetime. However, it must be updated annually on the DGFT portal to maintain an active record, even though this does not alter its lifetime validity.
Can an IEC be canceled or modified?
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Modification of IEC: IEC holders can update their details online by logging into the DGFT portal. This includes changes to business addresses, contact information, or other relevant details. It’s important to note that IEC holders are required to update their IEC details annually between April and June, even if there are no changes, to keep the IEC active.
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Cancellation of IEC: If an IEC holder wishes to cancel their IEC, they can apply for cancellation through the DGFT portal. Upon receipt of the request, the issuing authority will cancel the IEC and electronically transmit the cancellation to DGFT and Customs authorities.
How do I check the status of my IEC application?
To check the status of your IEC application, visit the DGFT website and enter your application reference number.
What should I do if I lose my IEC certificate?
If you lose your IEC certificate, you can apply for a duplicate certificate through the DGFT website by providing the necessary details and documents.
How can I update my IEC details (e.g., address, business name)?
You can update your IEC details by submitting an online application through the DGFT website along with the required supporting documents.
Are there any penalties for not having an IEC?
Yes, businesses without an IEC may face penalties, fines, or legal issues when attempting to conduct import or export activities.
How does IEC registration benefit my business in international trade?
IEC registration provides your business with legal clearance to engage in import and export activities, enhances your credibility in the market, and enables access to global markets, paving the way for business growth and increased profitability.