What is Import Export Code / IEC Registration?
Import Export Code Registration (IEC) is issued by the Director General of Foreign Trade, Department of Commerce. It is a 10 digit number which is required to obtain by every person involved in international trade of Export and Import or in other words we can say that it is required to be obtained by every person who is engaged in the business of selling of goods or services in the international market. Each type of business which involves foreign transfer is required to obtain an IEC number. Registration of IEC can be done digitally hence there is no need to visit DGFT.
It is obtained for clearing the goods from customs authority. The size of the business doesn't matter, without IEC number no seller can import or export goods.
What is Benefits of IEC Registration?
1. It acts as a license for Importing and Exporting of goods and primary proof for a firm as an Importer/ Exporter in India.
2. It is submitted to various government authorities to obtain benefits in respect of their export and import from customs, DGFT, Export Promotion Council etc.
3. It provides dealer code details along with the details of the port from where goods are being imported and exported.
4. To obtain IEC code online registration the full information is needed to be furnished regarding the goods that will be imported or exported.
5. IEC number shall be valid for all the divisions/units and factories indicated on the IEC number.
6. With IEC, goods are cleared from the customs authorities.
7. It helps in reducing the transport of illegal goods.
Documents Required IEC Registration
Here is the list of following documents that are required to be attached with the IEC registration application -
- PAN number.
- Identity Proof.
- Premises proof (Rent Agreement in case of rented property).
- Banker's Certificate.
- Current Bank Account.
- Company's Cover Letter for the issue of IEC number.
IEC number lost/misplaced
In case IEC number lost or misplaced, a request will be made to the issuing authority to grant a duplicate copy of IEC number.
Following documents need to be accompanied for this purpose for IEC registration?
- For issuance of duplicate IEC, a request letter is drafted on the letterhead.
- Application form as per Appendix 2 and 3.
- Copy of IEC number.
- Copy of FIR.
- Affidavit on notarized stamp paper.
- Challan or DD in favor of JT. DGFT.
- A self-addressed envelope with the postage stamp.
How to Surrender the IEC Registration?
In case IEC holder does not wish to operate the allotted IEC number then the same can be surrendered by intimating the issuing authority. The issuing authority after receiving the intimation shall cancel the same and transmit it to DGFT for further transmission to the customs and to other regional authorities to intimate them about the IEC number which has become inoperative.
Decoding the Import Export License Fees in India
The IEC does not weigh heavy on the pocket as it is extremely affordable to obtain. IEC applicants can now submit an online IEC application on the official website of DGFT along with required documents and pay minimal fees of ₹250 through (EFT) Electronic Fund Transfer. You can smoothly commence the activities of import and export just by procuring an IEC license. Anybody can acquire this license as the Import Export License fees in India only varies between ₹2,999* to ₹3,999*.
Step by Step Guide to Import Export License Online
Digitalization has made everything convenient, and Import Export License Online is no exception. Follow these simple steps to register IEC:
- First Step: Enter a valid PAN number to get access to the form and submit your online IEC application form on the online DGFT portal.
- Second Step: After that, you need to fill all the essential details like bank a/c and PAN details, date of the company’s incorporation in the IEC Master document. Thereby pay the application fee of ₹250 through EFT from the designated bank such as HDFC, SBI, ICICI, etc.
- Third Step: Ensure to have the digital copy of all the specified documents for Import Export License Online as in this step, you have to ‘upload documents.’
- Fourth Step: Once your application is complete in each aspect, you can access the option to print the IEC application and submit it to the specific DGFT regional office.
- Fifth Step: After submitting the application form, you will get the ECOM Reference Number, along with your company’s name from the concerned DGFT office.
- Last Step: Good job! You have completed the entire process of Import Export License Online. The process may take just about two working days so your IEC license may incur in 3 days or at maximum a week.
Frequently Asked Questions on NBFC
Often there is a misconception that separate IEC codes are required for import and export, but it is not the case. A company can use the same IEC code for both import and export both. By obtaining a single Import and Export number, the company can conduct both these activities.
Since IEC is a one-time registration process, so it has validity for a lifetime. Thus, there is no need to renew the IEC license. It has to be quoted at the time of import/export or while paying or receiving the payments. There are no post-registration IEC compliances so one cannot file for IEC returns.
An IEC applicant can easily modify the application several times until it is submitted for processing. One needs to login with the same details as mobile, PAN, and email again.
Click onto the link of submitting the application with a digital signature provided in the main IEC Application. Thereby, the Certifying Authority will issue Minimum type II certificate. The digital signature on the application should be of the applicant only.