Expanding a business to a foreign land can help you open up to new markets and avenues and develop country-specific products. But in the age of cut-throat competition growing business internationally can be an arduous task and one needs to follow several procedures along with getting different registrations and licenses. One such important prerequisite in India is IEC- Import Export Code. It is also known as the Importer-Exporter Code.
What is Import Export Code-IEC?
Import Export Code or commonly known as IEC is a 10 digit identification number that is issued by the Director-General of Foreign Trade (DGFT), Department of Commerce, Government of India. Once obtained, the code has lifetime validity. Any company that is looking to kick-start export/import business in the country has to get an IEC code. Predominantly importers merchants cannot import goods without the Import Export Code and similarly, the exporter merchant cannot avail any benefits from DGFT for the export scheme, etc. without IEC.
How to get Import Export Code?
There are certain processes and conditions that you need to fulfil to obtain the Import Export Code. Once you fill out the required forms, the DGFT office allots IEC. Here’s the process you can follow:
Step 1: Fill out the application form for IEC online on the DGFT website, under the ‘Apply for IEC’ section.
Step 2: Register yourself as a new user.
Step 3: You will receive an OTP on the registered mobile number and email id for verification purposes.
Step 4: A username and password will be sent to your registered email id. Log in using those credentials.
Step 5: Click on ‘start fresh application’
Step 6: Fill in all the required details and upload the documents
Step 7: After submitting the application, pay the application fee.
Step 8: Once the payment is made, you will receive the IEC certificate in your registered email. Take a printout of the generated code.
What documents are required for IEC registration?
For IEC registration, the following documents are required:
-Individual’s or Firm’s or Company’s copy of PAN Card.
-Individual’s voter id or Aadhar card or passport copy.
-Individual’s or company’s or firm’s cancel cheque copies of current bank accounts.
-Copy of rent agreement or electricity bill copy of the premise.
-A self-addressed envelope for delivery of IEC certificate by registered post.