IEC REGISTRATION
In the era of globalisation, businesses seek opportunities to expand beyond domestic markets. However, international business is not straightforward. Before expanding, companies must comply with various procedures, laws, and obtain necessary registrations and licenses. One such requirement in India is the Import Export (IE) Code, a unique 10-digit code issued by the Director General of Foreign Trade (DGFT). This code is mandatory for companies engaged in import and export activities and to avail benefits from DGFT. Upon application submission, DGFT issues the IE Code within 2-5 working days.
BENEFITS OF IEC CODE REGISTRATION :
The Importer Exporter Code (IEC) facilitates the expansion of services or products to international markets, thereby enhancing business growth. Various benefits from the Directorate General of Foreign Trade (DGFT), Export Promotion Councils, and Customs are available based on the IEC. No returns are required once the IEC is obtained, and it is a lifetime registration with no renewal needed. Customs authorities require the IEC for importers to clear shipments, and banks require it for international money transfers. Additionally, the IEC registration enables traders to access the global market and register with online e-commerce platforms. Businesses can benefit from government schemes such as the Merchandise Export from India Scheme (MEIS) and the Service Export from India Scheme (SEIS). With lifetime validity and no compliance requirements post-registration, maintaining the business is relatively simple. Furthermore, banks require the IEC when exporters receive foreign currency directly into their accounts.
HOW TO APPLY FOR THE ISSUENCE OF IEC CODE :
Exporters and importers are required to file an online application in Form ANF 2A. The applicant must submit only two documents: address proof and a pre-printed cheque or bank certificate. All necessary documents, including bank details and a Digital Signature Certificate (DSC), must be provided. The online IEC application form is to be submitted to the Directorate General of Foreign Trade (DGFT). Upon verification of the documents and application by the authorities, the Import Export Code (IEC) will be issued as a soft copy. After submission of the application and requisite documents and fees, the applicant will receive notification of IEC allotment via SMS or email, including a hyperlink for downloading and printing the IEC. The IEC profile must be updated at least once a year.
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