To streamline the process for international trade, businesses can now conveniently complete their IEC code registration online. For those wondering how to apply for IEC code, the steps have been simplified, and the entire procedure can be done through the IEC apply online portal. A comprehensive checklist for IEC registration is available to ensure applicants have all the necessary documents before starting. Detailed instructions on how to apply for IEC are provided on the official website, making the IEC code apply online process straightforward and accessible to all.
What is the IEC Code?
The IEC stands for Import Export Code. The IEC consists of a 10-digit number that is issued by the Directorate General of Foreign Trade (DGFT) to execute any import or export business. The IEC code makes it easy to track the shipping process. The IEC Code strengthens your relationship among the international patterns and ensures credibility. Generally, goods and services are involved in this trade.
You can’t conduct import or export business without the IEC Code, unless they are specially exempt.
Why is IEC Registration Important?
IEC registration is essential for several reasons:
1. The IEC Code is important for any individual or organization to get enrolled in the import or export sector. The IEC Code plays an important role in various stages.
Legal Needs: The IEC Code serves as an authorized permit to get involved in the import and export business.
Business Growth: The IEC Code facilitates your export or import business globally.
Customs Clearance Process: The IEC Code smooths the export process in the port during entry or exit.
Bank Payments: The IEC Code is necessary in the bank transaction process.
Benefits from the governments: The implementation of the IEC Code is beneficial to your business or firm. An IEC license holder benefits from various customs departments, such as the Directorate General of Foreign Trade (DGFT) and the Export Promotion Council (EPC). Your business can get a tax refund while exporting goods.
2. The IEC (Import Export Code) makes it easier to make payments without informing the Directorate General of Foreign Trade. You do not need to file any returns.
3. The IEC (Import Export Code) paves a golden niche to strengthen your new export business, and as a registered exporter, you can rule your own business.
4. You need not pay any annual or maintenance costs to keep the IEC code.
5. The IEC (Importer Exporter Code) keeps records of all your paperwork, and the business meets the regulatory standards while being cross-checked by the authorities.
Points to remember before applying for the IEC Code Registration:
- Make sure that all the documents are relevant.
- The information that is mentioned in your documents should match the details filled out in the application form.
- Keep a list of all the soft copy documents ready to be uploaded during the application process.
- Keep an eye on your mails regarding any important information from the DGFT regarding your application.
How do I apply for the IEC Code online?
Steps to apply for the IEC code online process are listed below:
1. Visit the DGFT Portal: You need to log in to the DGFT website through the link https://dgft.gov.in/ to apply for an IEC code and get registered.
2. Application Form: You need to fill out an application form with all the essential documents required to obtain an IEC code such as address, contact information, and other specific information.
3. Submit the Right Documents: The first thing you need to do is submit your PAN card to proceed with the IEC registration process. After submitting the PAN card, another page will open to ask for more information. Click the submit button once you have entered your name, birthdate, and incorporation declaration against the submitted PAN.
4. OTP Generation: After this, you will be asked to enter your phone number and email address. You will get a Captcha code after filling out the details, and then click on the generate OTP button to get a one-time password. Enter the OTP sent to your phone number and email address to proceed with the process.
5. Pay the Fee Online: You can make the payment online via credit or debit card.
6. Get the IEC Code: You will receive the 10 digit IEC Code once your application is processed and approved.
The list of documents required for IEC Code registration is as follows:
You need to submit any of these documents, such as a sale deed, rent agreement, lease deed, electricity bill, landline phone bill, location, mobile postpaid bill, memorandum of understanding, or partnership deed, depending on the kind of business entity you have selected.
- An Aadhaar card, passport, or voter ID is mandatory if you own an individual business.
- A No Objection Certificate (NOC) is required on behalf of the company’s premises along with the address proof in case the address proof is not registered in your company’s name.
- Passport-size photograph.
- A check canceled from the entity's bank account.
- Authorization Letter (if applicable).
What is the validity period for IEC Code registration?
The Importer Exporter Code (IEC) given by India's Directorate General of Foreign Trade (DGFT) never expires. Once you get it, the IEC is valid for the entire life of your business unless you cancel it. However, you must update your IEC details at least once a year. If you don't, it might get deactivated. Updating ensures your information stays current and meets regulations.
Renewal of IEC Code
The IEC Code renewal process is necessary for individuals engaged in the import-export business. Failure to update the IEC Code Registration can hamper your business. It is mandatory to renew so that while exporting goods to international ports, the goods meet the international compliance regulations and you do not face any hurdles.
Conclusion
IEC (Import Export Code) is necessary in every phase of both import and export business. The IEC code issued by the Directorate General of Foreign Trade is a legal document that enables the customs clearance department to manage and track the shipping process. IEC code helps to work with a freight forwarder or any international shipping expert to tackle the complexities of the perishable goods export process. So, what are you waiting for? Apply for the IEC (Importer Exporter Code) and avail of the benefits of exporting goods with ease.