IEC is an abbreviation of Importer Exporter Code. It is a 10 digit code same replication of your business PAN number. This will be issued by Director General of Foreign Trade (DGFT), Ministry of Commerce by online.
To import or export of Goods or services in India, IEC certificate is a mandatory without which, no business or person shall make any Import of goods or Exports. But, the Person is importing or exporting any goods or services for his or her personal use not connected with any business or trade or manufacture or agriculture are exempt from obtaining IEC code.
How to get IEC code online? How much time will it take to get IEC?
- An online application at DGFT system link: Click Here
- To be made to get the IEC certificate/ or number. As per DGFT for one business, Only one IEC would be issued against a PAN number.
- Timeline to get the IEC is within 1 day from the date of online application.
What is the validity of IEC Registration Bangalore?
An IEC number allotted to business shall be valid for all its branches/divisions/units/factories. It is valid for life. As per recent changes in IEC rules, every year, the IEC shall be renewed during the period of April to June, by the way of authentication in the DGFT system.
Consequences non Renewal of IEC application?
The IEC Code or license needs to be renewed on time, the expired Importer Exporter Code is treated the same as not having any IEC code. If you continue to run an import export business without timely renewal, your IEC code will be deactivated by DGFT. It may result in unnecessary difficulties as the IEC code is required during customs, shipping and international trade. So, it is best advised to renew and update the IEC code in due time to avoid cancellation or deactivation of your code.
What documents are required to get the IEC code? Is digital signature mandatory?
For Individuals OR Proprietorship
- PAN Card
- Aadhaar Card
- Cancelled Cheque Leaf
- Passport Size Photo
- Rent Agreement of the business place
- Nature of business to Import/ Export
For Company / LLP / Partnership
- Pan Card of Establishment
- Pan Card of all the partners / Directors
- Aadhaar Card the Authorized Person
- Passport Size Photo of all
- Cancelled Cheque of Current Account
- Rent Agreement of the business place
- Nature of business to Import/ Export
Dsc is mandatory only where the aadhar authentication fails to get it validate with Pan and aadhar name of the applicant during the validation process of the application submit.
As per our experience, in the pan data base of the applicant, the first name, last name is same as per given in the Aadhar card, then the authentication gets success easily, else need to update the Aadhar or Pan as per required details.
How to Export the goods from India?
To know if your business is ready to venture out and enter into the import export market? Here are the below given some things you need to have in order.
- Set-Up the Business Entity: The first thing is to open a business Entity, whether it is Proprietorship, LLP, Partnership or Company, Set-Up the Business with an attractive name and logo. Or Brand name to keep the business uniqueness and protect the brand interest.
- Pan Card of Business: If open a Partnership, LLP or Company, then having a Pan Card issued by Income Tax department Get Pan Card for Business Mandatory. Now a days, while processing of the registration, the Pan, and tan gets processed along with company registration.
- Current Account with Bank: Once Registered and got the Pan card duly issued by IT Department, you need to open a Current Open Current Account with any commercial bank.
- Get the IEC Code Issued: This is one of the most important requirements to get your import and export business started. IEC code, to Get Import Export Code is required in all cases except in case of personal purpose or government purpose.
Benefits of getting IEC certificate?
- It opens up International Market for those who are trading in the domestic market.
- Online Registration with lifetime validity with no compliance, except renewal
- Can be used for both Goods and Services by Manufacturer, Trader or Service Provider.
- Cheaper cost of registration to connect with the world
How to modify the IEC certificate?
If there is change in any detail of business, such as the name of the applicant, address change or any such detail, you need to apply for the modification. It can be done online with the simple way of login to Dgft system and amend the existing certificate as per the required changes.
How to apply duplicate IEC certificate?
If you have taken IEC Certificate in Bangalore in a new process e-IEC, then it can get it by online by login to DGFT portal and download the certificate (you should have IEC login id and pw).
But if you had taken your IEC in a physical process, you have to re-apply for e-IEC with all the documents and DGFT will provide you a certificate in a new online format.
What are Amendments notified under New IEC notification 12/2/21?
- Importer Exporter Code (IEC) is obligatory for exporter/ import from/to India as specified in the Policy.
- DGFT issues Importer Exporter Code in electronic form (e-IEC) where Application for issuance of e-IEC can be made instantly on the DGFT official Notification.
- Amendment in the name of Importer-Exporter Code (IEC) as now it is Importer-Exporter Code (IEC)
- Also, the application process for IEC and up-gradation in IEC is entirely online and IEC can be generated by the applicant as per the procedure detailed in the Handbook.
Are there any Filings or returns to be filed with DGFT?
No returns to be filed with DGFT. Except renewal every year during April to June
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