Out of all the different registrations required by a person while starting a business, IEC Regi...
Import Export Code (IEC) contains 10 digit number which is issued by the Director General of Foreign Trade, Department of Commerce. It is required to be obtained by every person involved in international trade of Export and Import, or we can say that every person who is engaged in the business of selling of goods or services in international markets is required to obtain Import Export Code.
In any business which involves the foreign transfer, is required to obtain an IEC number. The IEC number is used for clearing the goods from the customs authority. The size of the business doesn’t matter, without IEC number no seller can import or export goods.
IEC number shall be valid for all the divisions/units and factories indicated on the IEC number.
The benefits of IEC can be summarized as under:
To apply for an IEC number an application is required to be filed with the authority with the requisite fees. It can be filed through an online portal. Thereafter prepare documents. Once the application is complete, file with DGFT through DSC. Eventually when your application is approved, you will receive IEC Registration from the government.
Here is the list of following documents that are required to be attached to the application:
In case IEC number is lost or misplaced, a request is made to the issuing authority to grant a duplicate copy of IEC number.
For a filing of a request for duplicate IEC number in case of lost or misplaced IEC, the following documents need to be accompanied:
In case IEC holder does not wish to operate the allotted IEC number then he can surrender the same by intimating the issuing authority. The issuing authority after receiving the intimation shall cancel the same and transmit it to DGFT for further transmission to the customs and to other regional authorities to intimate them about the IEC number which has become inoperative.
No. it is critical to understand that IEC is a mandatory document for recognition by Government of India as Importer/Exporter of goods and services. However, in case the value of goods is low then the custom authorities may allow first export.
It may be noted that once registered, the Import Export Code is valid for lifetime. Therefore there is no need for renewal. Moreover, the business doesn’t have anything to do with monthly filings or annual filings etc.
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