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Import Export Code

Import Export Code (IEC)

The Import Export Code (IEC) is a 10-digit unique identification number issued by the Directorate General of Foreign Trade (DGFT) in India. It’s a mandatory requirement for businesses or individuals involved in import and export activities. The IEC promotes international trade by enabling businesses to import goods into India and export products from India to foreign markets. It serves as a crucial document for customs authorities, banks, and other regulatory bodies, allowing them to monitor and track international trade transactions. IEC is an essential document for international trade and it does not restrict any type of nature of business. If you’re a small-scale business or a large corporation, having an IEC Certificate will help you expand your business in the global market.

Documents Required for Import Export Code (IEC)

  • A copy of the Permanent Account Number (PAN) card of the applicant.
  • Proof of identity, either Aadhar card for Indian nationals or Passport for foreign nationals
  • A bank certificate or pre-printed cancelled cheque from the current account of the business entity
  • Partners/directors details such as Photo, gender, name, mobile no. Email ID, and full address
  • A passport-sized photograph of the applicant.
  • Any of the following documents can be submitted as address proof: Utility bill (electricity/water/gas) or property tax receipt Rent Agreement/ Lease Agreement’
  • For businesses, a copy of the Certificate of Incorporation for companies, or a Partnership Deed for partnership firms required.

Benefits of Import Export Code (IEC)

  • Market Credibility -
IEC Registration enhances the credibility and reputation of businesses in the international market. It provides a commitment to compliance, quality, and professionalism, and gains trust in the global market.
  • Data Collection and Analysis -
IEC Code promotes data collection on import and export activities, providing an idea for policymakers, economists, and businesses. This information helps identify changing trends, market opportunities, and areas for improvement in trade policies and regulations.
  • Facilitation of Trade Finance -
IEC holders may find it easier to access trade finance solutions such as letters of credit, export credit insurance, and export financing programs. Import registration can also facilitate payment processes, ensuring secure transactions between buyers and sellers in the global market.
  • Legal Protection -
IEC Code provides legal protection for businesses engaged in international trade. It clarifies rights, responsibilities, and reduces the risk of litigation or trade disputes among Indian or foreign partners.
  • Support for Economic Development -
By promoting international trade, IEC Code contributes to economic growth, job creation, and overall development. It encourages investment, innovation and entrepreneurship by providing access to the global market which helps in business expansion.

Process for IEC Registration

  • Step 1:- Online Application:
Fill out the online application form for import and export registration on the DGFT website by providing all required information and upload the required documents.
  • Step 2:- Register under Startup India
Now you are required to register your firm or company as a startup in the Startup India scheme of the government. You are required to fill the form available for you on the Startup India website. You have to fill out all the details and upload a certain number of documents as well.
  • Step 3:- Eligibility criteria for startup India registration
  • The entrepreneurs must form a private limited company, limited liability company or registered partnership firm.
  • The company must have innovative products
  • The company must be new but not older than 10 years
  • The turnover must not exceed over Rs. 100 crores
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  • Step 4:- You are required to mention if you need tax exemption

In India, startups do not have to pay income tax for the first three consecutive years but to avail of such advantages, the company must be certified by the MCA or Registrar of Firms. Companies registered with DIPP only apply for relaxation under Income Tax Act.

FAQs

Common Questions About Our Consulting Services

What is an Import Export Code (IEC) Registration?

IEC is a 10-digit code required by businesses in India engaged in import and export activities. It's issued by the Directorate General of Foreign Trade (DGFT).

Any individual or entity involved in importing or exporting goods or services from India must obtain an IEC.

Yes, IEC is mandatory for all import and export transactions.

You can apply for an IEC online through the DGFT website by submitting the required documents and completing the application form.

Yes, there is a fee associated with obtaining an IEC. The fee amount may vary, so it's advisable to check the current rates.

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