IEC stands for Import Export Code. This Act is governed by the DGFT and Ministry of Commerce. Any business which deals with Export or Import of goods or services must have an IEC code registration. Without having an IEC code, a company cannot run the business in the field of export or import. The act of 1992 states that the IEC code is valid for a lifetime and it requires no renewal. It is a ten-digit code which is based on the PAN card number.
The benefits of IEC are mentioned as follows:
Here are a few information that the Business must be ready with in order to get the Importer Exporter Code.
- Certificate of formation along with Byelaws (COI, or Partnership Deed along with MOA/AOA or LLP Agreement)
- Self-attested copies of basic KYC documents like the Aadhar card, PAN card, etc.
- Details of director, Partner, and Proprietor along with their photographs in soft copy.
- Cancelled Cheque
- NOC from the Property Owner
- Utility bill like the electricity bill, water bill, etc. which is not older than two months
- Rent Agreement
Login through your e-mail id and Mobile number.
Fill in the company details along with the Nature of goods you import or export.
Fill in the KYC details of the Director.
Make a payment of Rs. 500 as government registration fees.
After that, you need to submit the document, and once the registration is completed, the department will issue the IEC code.
Then, you will receive a certificate of Import-Export code on the Registered Email ID.
Any startup or company dealing with international trading needs to possess an Import Export Code.
Yes, the IEC number is actually a PAN-based number but IEC needs to be applied separately if business intends to do import export business.
There is no tax or compliance involved in Import Export Code.
Company needs to obtain Import Export Code only when it intends to do import export business.
We can initiate the procedure to cancel it online, and an officer will check the liabilities of the business and cancel this code electronically.
Yes, this is a primary document that needs to be checked by the customs officer.
No, there is no need to renew the Import Export Code. It is a lifetime code allotted by the DGFT department.
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