IEC CODE (Import Export Code)
What is IEC?
An Importer -Exporter Code (IEC) is a key business identification number which mandatory for export from India or Import to India. No export or import shall be made by any person without obtaining an IEC unless specifically exempted. For services exports however, IEC shall be not be necessary except when the service provider is taking benefits under the Foreign Trade Policy.
Consequent upon introduction of GST, IEC being issued is the same as the PAN of the firm. However, the IEC will still be separately issued by DGFT based on an application. The nature of the firm obtaining an IEC may be any of the follows- Proprietorship, Partnership, LLP, Limited Company, Trust, HUF, Society.
Pre-Requisites for Applying for IEC
IEC may be applied on behalf of a firm which may be a Proprietorship, Partnership, LLP, Limited Company, Trust, HUF, Society. Firm must have a PAN, bank account in the name of the firm and a valid address before applying. Address may be physically verified by the DGFT on issuance of the IEC. Please keep your PAN, bank details and firm details ready before applying.
Advantages Of IEC Registration:
- Scope in the International Market.
- 100% Digital Online Registrations
- Minimum (Simple) Document Requirement.
- Minumum compliances.
- Permanent IEC Registration.
- Global Market Reach
- No any return Filing
- No need for renewal
Time for Approval of IEC Registration:-
Both registered and unregistered organisations can apply for the IEC and receive the code within 10-15 working days. If you have a GST number, then you won't need to worry about getting a different IEC code.Register Now