Not a codeword to cross the border, but a 10 digit code for import export code.
An Importer Exporter 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.
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.
1 Step: 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.
2 Step : All the required documents, including bank details and DSC, have to be submitted.
3 Step: Next, the Import Export code will be allotted. The application will be processed further.
4 Step: Once the documents and application are verified by the authorities. The import export license will be granted as a soft copy to the entity.
Prices start with 6499/- (inclusive all)
An Importer Exporter Code (IEC) is a unique 10-digit code, issued by firstly DGFT – Director General of Foreign Trade ; secondly Ministry of Commerce; lastly Government of India to Indian Companies; which is mandatory for every import/export business owner in India.
Under the MEIS Scheme, various rewards and incentives are provided to exporters. Such incentives are given to exporters at a prescribed rate which vary from product to product.
IE Code is not a tax registration. However, certain customs duty may be levied depending on the product.
No. IEC is a mandatory document for recognition by Govt. of 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.
With LawDocs IEC Registration can be obtained from the DGFT in 7-10 working days after submission of all required documents and application form.
A single business owner can get only one License.
Yes. In order to make changes, you need to raise a request with the DGFT by producing the relevant documents to make the modifications. Some government fee may be charged for the same.
IEC can be cancelled by initiating a formal request to the DGFT online. On receipt of such indication, the authorities will cancel it electronically.
No, there is no need for a customer to start a company to apply for IEC Certificate.