Register a IEC Registration in India
Importer Exporter Code (IEC) Registration Online
Engaging in international trade opens up a world of opportunities for businesses in India. Whether you aim to import goods, export products, or expand your business globally, possessing an Importer Exporter Code (IEC) is paramount for venturing into the international market. The Directorate General of Foreign Trade (DGFT), under the Ministry of Commerce, issues this code, facilitating customs clearance for importers and simplifying payment transactions for exporters.
At FinLeg, we streamline the IEC registration process, ensuring that you acquire the necessary certificate swiftly and seamlessly. With our assistance, you'll be well-equipped to navigate the complexities of international trade and capitalize on global market opportunities.
Key Features of Import Export Code (IE Code)
The Import & Export Code, also known as the IEC number, is essential for businesses involved in import and export activities. Here's why obtaining an IEC is crucial:
- International Market Access: The IEC enables businesses to penetrate the global market, fostering growth and expansion opportunities.
- Online Registration: The IEC registration process is entirely online, offering convenience and simplicity with minimal document submission requirements.
- Lifetime Validity: Once obtained, the IEC registration remains valid for the lifetime of the business entity, eliminating the need for periodic renewal hassles.
- Legal Compliance: The IEC registration ensures compliance with legal requirements, preventing the transportation of illegal goods and promoting transparency in international trade.
- Access to Benefits: Registered businesses enjoy various benefits, including customs subsidies, priority in government tenders, and simplified compliance procedures.
Nature of Firms Eligible for IEC
Business entities eligible for IEC registration encompass a diverse range, including:
- Proprietorship Firms
- Partnership Firms
- Limited Liability Partnerships
- Limited Companies
- Trusts
- Hindu Undivided Families (HUFs)
- Societies
Exemptions from Import Export Code (IEC)
Certain entities and transactions are exempt from the requirement of obtaining an Import Export Code (IEC) in India. These exemptions include:
- Personal Import and Export: Individuals engaged in import and export activities for personal reasons unrelated to trade, agriculture, and manufacturing are exempt from obtaining an IEC.
- Import/Export to Nepal and Myanmar: Parties or individuals involved in importing/exporting goods to/from Nepal and Myanmar via Indo-Myanmar border areas and China (through Namgaya Shipkila, Gunji, and Nathula ports) are exempt from obtaining an IEC if the value of the single consignment does not exceed ₹25,000.
- Exclusion Listed in Appendix-3, Schedule-2 of ITC: The export of materials, organisms, special chemicals, equipment, and technologies (SCOMET) listed in Appendix-3, Schedule-2 of the Import Trade Control (ITC) policy is exempt from IEC requirements.
- Ministries/Departments of Central and State Governments: Ministries and departments of both central and state governments are also exempt from obtaining an IEC for their import/export activities.
These exemptions facilitate certain categories of transactions and entities, providing flexibility and streamlining processes in the import/export ecosystem.
Prerequisites for IEC Application
To apply for an IEC, the following prerequisites must be met:
- Valid Login Credentials to DGFT Portal
- Active Permanent Account Number (PAN) and Firm's details
- Valid Bank Account in the Firm's name
- Documents Required for IEC Code Registration
Necessary Documents for registration of IEC
The necessary documents for IEC registration include:
- Proof of Establishment/Incorporation/Registration
- Proof of Address
- Proof of Firm's Bank Account
- Active Digital Signature Certificate (DSC) or Aadhaar of the Firm's member
How FinLeg Can Assist You
At FinLeg, we offer comprehensive support throughout the IEC application process:
- Information and Guidance: We provide detailed insights into the IEC application process, eligibility criteria, and required documentation.
- Application Preparation: Our experts assist in preparing the application form and compiling essential documents for submission.
- Application Submission: We handle the submission of your IEC application to the DGFT, ensuring accuracy and efficiency.
- Follow-up and Tracking: Our team monitors the progress of your application, facilitating prompt follow-ups and resolution of any issues.
- IEC Certificate Delivery: Once approved, we ensure timely delivery of your IEC certificate.
- Expert Consultation: Our professionals offer expert consultation to address any queries or concerns regarding IEC or international trade.
Partner with FinLeg for a seamless IEC registration experience, allowing you to focus on your import and export endeavors.
Get Started with FinLeg Today!
Frequently Asked Questions (FAQs)
Yes, an Importer-Exporter Code (IEC) is mandatory for both import to India and export from India. It serves as a crucial business identification number for import/export ventures. Without obtaining an IEC, a person/entity cannot engage in import/export activities unless specifically exempted. However, IEC is not required for services exports, except when benefiting under the Foreign Trade Policy.
Once the online application is submitted along with the requisite fees and documents, the IEC will be auto-generated. The Directorate General of Foreign Trade (DGFT) will send the IEC Certificate to the applicant via email.
Yes, individuals acting as proprietors of a business can obtain IEC registration. Individuals can apply for IEC registration using either their personal name or the name of their company.
To print your IEC certificate:
- Visit the DGFT website.
- Click on the 'Services' tab.
- Select 'IEC Profile Management' from the drop-down list.
- Choose the 'Print IEC' option.
- Verify your details and click on the 'Print IEC' button.
Yes, it is mandatory to update the IEC profile annually. Failure to update the IEC profile will result in deactivation. Reactivation of a deactivated IEC is possible upon successful updation, provided there are no violations of the Foreign Trade Policy.
A Digital Signature Certificate (DSC) is not mandatory for applying for an IEC. The IEC application can be signed using Aadhaar authentication. DSC has been introduced in the IEC process to enhance issuance and modification procedures.