IMPORT EXPORT CODE
INTRODUCTION:
Import Export Code (also known as IEC) 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. It is mandatory for companies and businesses to 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 code.
An individual or a company who wants to do international business can get an IEC. Individuals
can use either the name of their company or their name directly to apply for IEC.
IE Code registration is permanent registration which is valid for a lifetime. Hence, there will be
no hassles for updating, filing and renewal of IE Code registration. It is valid until the business
exists or the registration is revoked or surrendered. Further, unlike tax registrations like GST
registration or PF registration, the importer or exporter does not require to file any filings or
follow any other compliance requirement like annual filing.
As IE code registration is one-time and requires no additional compliance, it is recommended for
all companies and LLPs to obtain IE code after incorporation.
Instances where Import Export Code is Mandatory:
• Custom authorities need it to clear shipments during imports.
• The bank needs it to transfer the money when imports are made.
• Similarly, during export of shipments, the IEC is required.
• When exporter is supposed to receive money in foreign currency, IEC code is required to
transfer the money to his account directly
Exemption from Import Export Code:
An Import Export Code is required for import of any type of goods by a business. However, the
following category of persons are exempted from obtaining an IE Code:
1. Importer and export by central Government or agencies or undertakings for defence
purpose or other specified lists under Foreign Trade (exemption from the application of
Rules in certain cases) Order, 1993.
2. Import or Export of Goods for personal use.
3. IEC is not mandatory for all traders who are registered under GST. In all such cases,
the PAN of the trader shall be construed as new IEC code for the purpose of import and
export.
BENEFITS OF IMPORT EXPORT CODE (IEC) REGISTRATION:
1. Expansion of Business:
IEC assists you in taking your services or product to the global market and grow your
businesses.
2. Availment of Certain Benefits from DGFT:
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.
3. 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.
4. 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.
5. 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.
DOCUMENTS REQUIRED FOR APPLYING OF IMPORT EXPORT CODE:
Different documents are required by different entities to get IEC code and these are given below:
Sole Proprietorship Partnership Firm LLP Trust HUF
Digital Digital Digital Digital photograph Digital
photograph photograph photograph (3*3) of the photograph
(3*3) (3*3) of the (3*3) of the secretary/chief (3*3) of the
managing designated executive/signatory Karta
partner partner/director applicant
of the company
signing the
application
Copy of pan Copy of Applicant’s Registration Copy of pan
card of the partnership copy of pan certificate of of Karta
proprietor deed card society/copy of the
trust deed
Sole Proprietorship Partnership Firm LLP Trust HUF
Copy of Copy of Copy of Copy of Copy of
passport/voter passport/voter passport/voter passport/voter id passport/voter
id/driving id id UID/driving UID/driving id
license/UID UID/driving license/PAN of license/PAN of the UID/driving
license/PAN the managing managing license/PAN
of the partner/director trustee/chief of Karta
managing signing the executive signing
partner application the application
signing the
application
If the Sale-deed, in Sale-deed, in Sale-deed, in the Sale-deed, in
business is the case of the case of case of self-owned the case of
self-owned, self-owned self-owned business self-owned
then sale- business business business
deed
If the If the If the business If the business is If the
business is business is is rented, then rented, then business is
rented, then rented, then rental/lease rental/lease rented, then
rental/lease rental/lease agreement agreement rental/lease
agreement agreement agreement
Bank Bank Bank Bank certificate as Bank
certificate as certificate as certificate as per ANF 2A/ certificate as
per ANF 2A/ per ANF 2A/ per ANF 2A/ Cancelled cheque per ANF 2A/
Cancelled Cancelled Cancelled bearing blueprinted Cancelled
cheque cheque cheque bearing name of the cheque
bearing bearing blueprinted applicant entity bearing
blueprinted blueprinted name of the and A/c no. blueprinted
name of the name of the applicant entity name of the
applicant firm applicant and A/c no. applicant
and account entity and A/c entity and A/c
no. no. no.
REGISTRATION PROCESS FOR IMPORT EXPORT CODE:
An online application needs to be filled on the portal [Link]. The application is to be
made in Form ANF2A. Documents as mentioned above needs to be submitted with the
application along with non refundable application fee of Rs. 500.00.
The step by step procedure for application of IEC is as under:
Step-1: Go to the [Link]
Step-2: Select Online Application for IEC under Services Tab
Step-3: Enter the details like – PAN of the applicant entity and other details as desired to
create the login details.
Step-4: Fill in the application and upload the desired documents.
Step-5: Make the payment of the application fee, preview the details entered and submit
the application.
If the information entered is found correct, IEC is issued by the DGFT.
SURRENDER OF IMPORT EXPORT CODE:
Import Export Code can be surrendered at any point in time, if the business is closed or there is
no need to IEC by the business. An application needs to be made to the DGFT for the surrender
of the IEC.