Import Export Code
Import Export Code (also known as IEC code) is a 10 digit identification number that is issued by the DGFT (Director General of Foreign Trade), Department of Commerce, Government of India. It is also known as Importer Exporter Code. Companies and businesses must obtain this code to start a business that deals with import and export in the Indian Territory. It is not possible to deal with export or import business without this IEC code.
There are certain processes and conditions that you need to fulfill to obtain the Import Export Code(IEC code). You also need to adhere to certain regulations. Once you fulfill the conditions, you can get the IEC code from the DGFT offices. It has several regional offices throughout the country.
Benefits of Import Export Code
Expansion of Business
IEC assists you in taking your services or product to the global market and growing your businesses.
Availing several Benefits
The Companies could avail several benefits of their imports/ exports from the DGFT, Export Promotion Council, Customs, etc., on the basis of their IEC registration.
No Filing of Returns
IEC does not require the filing of any returns. Once allotted, there isn’t any requirement to follow any sort of processes for sustaining its validity. Even for export transactions, there isn’t any requirement for filing any returns with DGFT.
Easy Processing
It is fairly easy to obtain IEC code from the DGFT within a period of 10 to 15 days after submitting the application. There isn’t any need to provide proof of any export or import for getting IEC code.
No Need for Renewal
IEC code is effective for the lifetime of an entity and requires no renewal. After it is obtained, it could be used by an entity against all export and import transactions.
Import Export Code Registration
Application Form
First, you need to prepare an application form in the specified format – Aayaat Niryaat Form ANF-2A format and file it with the respective Regional office of DGFT.
Documents
Secondly, you need to prepare the required documents with respect to your identity & legal entity and address proof with your bank details & the certificate in respect of ANF2A.
Filing Applications
Once your application is completed, you need to file with DGFT via DSC (Digital Signature Certificate) and pay the required fee for the IEC Registration.
IEC Code
Finally, once your application is approved then you would receive the IEC Code in a soft copy from the government.