Not a codeword to cross the border, but a 10 digit code for import export code. An Importer Exporter Code (IEC) is a unique 10-digit code, issued by DGFT – Director General of Foreign Trade , Ministry of Commerce, Government of India to Indian Companies, which is mandatory for every import/export business owner in India. Importers require IEC to clear customs and shipment, and to transfer money to foreign banks. Exporters require IEC to send shipments and receive money from foreign banks. No importer/exporter can run in India without getting the IEC. A license to send and receive, give and take.
Possibilities. Fortune.
The IEC registration helps traders open the doors to venture into the global market, including registration in online e-commerce operators.
Businesses can avail government schemes like Merchandise Export from India Scheme (MEIS), Service Export from India Scheme (SEIS) and others from Customs and Export Promotion
No compliance requirements pos registration and hence maintaining the business is relatively simple
The process of obtaining IEC is not tedious and can be obtained with minimal, basic documents.
Apply, submit documents, get the IEC as a softcopy.
Step 1: The online IEC application form in the format Aayaat Niryaat Form no. 2A is filed with the Directorate General of Foreign Trade. Alternatively, it could also be done offline at the Regional office of DGFT.
Step 2: All the required documents, including bank details and DSC, have to be submitted
Step 3: Next, the Import Export code will be allotted and the application will be processed further
Step 4: Once the documents and application are verified by the authorities, the import export license will be granted as a soft copy to the entity.
Papers for the verification.
PAN card of the individual or company
Copy of the entity’s government ID (Driving license/Aadhar/Voter ID)
Incorporation certificate/Partnership deed
Personal or company’s current bank account statement
Address proof (Electricity bill/rent agreement/sale deed of the office location
Copy of cancelled cheque leaf of the current account
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