How Does Import Export Code Work For You?
It is mandatory for all business engaging in Import and Export to apply for an Import-Export code
Import Export Code Registration - An overview.
An Importer Exporter Code is a unique 10-digit code, which is requisite for every import/export business owner in India. The code is issued by the Director-General of Foreign Trade (DGFT), Ministry of Commerce and needs no filing or renewal. IEC is required by importers to clear customs and shipment, and to transfer money to foreign banks. Exporters require IEC to send shipments and receive money from foreign banks. In short, no importer/exporter can operate in India without getting the IEC.
Why register for IEC? Benefits
- The IEC registration helps traders open the doors to venture into the global market, including registration in online e-commerce operators.
- Businesses can avail government schemes like Merchandise Export from India Scheme (MEIS), Service Export from India Scheme (SEIS) and others from Customs and Export Promotion
- No compliance requirements pos registration and hence maintaining the business is relatively simple
- The process of obtaining IEC is not tedious and can be obtained with minimal, basic documents.
How to register for IEC? - A detailed IEC procedure
To get your Import Export license online, you will need to do the following simple IEC registration procedure.
Step 1: The online IEC application form in the format Aayaat Niryaat Form no. 2A is filed with the Directorate General of Foreign Trade. Alternatively, it could also be done offline at the Regional office of DGFT.
Step 2: All the required documents, including bank details and DSC, have to be submitted
Step 3: Next, the Import Export code will be allotted and the application will be processed further
Step 4: Once the documents and application are verified by the authorities, the import export license will be granted as a soft copy to the entity.
Documents required for Import Export Code registration
The method of LLP registration in India does not require much legwork when it comes to documents.
To Be Submitted By Partners
- Scanned copy of PAN Card or passport (Foreign Nationals & NRIs)
- Scanned copy of Adhar Card/ Voter’s ID/Passport/Driver’s License
- Scanned copy of Latest Bank Statement/Telephone or Mobile Bill/Electricity or Gas Bill
- Scanned passport-sized photograph Specimen signature (blank document with signature [partners only])
- Note: Any one of the partners must self-attest the first three documents. In the case of foreign nationals and NRIs, all the documents must be notarized (if currently in India or a non-Commonwealth country) or apostilled (if in a Commonwealth country).
The Documents Required Are Relatively Less For Iec Registration. Only A Few Documents Are Required Which Are Listed Below For A Better Scope.
- PAN card of the individual or company
- Copy of the entity’s government ID (Driving license/Aadhar/Voter ID)
- Incorporation certificate/Partnership deed
- Personal or company’s current bank account statement
- Address proof (Electricity bill/rent agreement/sale deed of the office location
- Copy of cancelled cheque leaf of the current account
Any type of business registration: Sole Proprietorship, Partnership, Private Limited and Charitable organization dealing with the export and import of goods should register for Importer Exporter Goods.
Any type of business registration: sole proprietorship, partnership, private limited companies, charitable organizations dealing with import and exports of goods can register for import-export code, irrespective of the size. However, IE code is not required for Import/export of goods for personal use, which is not connected with trade, manufacture or agriculture. There is no need for a business set up.
Exemption of IEC
- Persons undertaking import and export of goods for personal reasons and not connected to trade, agriculture and manufacture.
- Individuals who export/import goods to/from Nepal and Myanmar through Indo-Myanmar border areas and China (through Gunji, NamgayaShipkila and Nathula ports) with single consignment does not exceed Indian Rs.25,000.
- Exemption from obtaining IEC shall not be applicable for export of Special Chemicals, Organisms, Materials, Equipments and Technologies (SCOMET) as listed in Appendix – 3, Schedule 2 of ITC (HS) except in case of exports by category (ii) above.
- Ministries/Departments of Central and State governments
Following permanent IEC numbers shall be used by non-commercial PSUs and categories of importers/exporters mentioned against them for import/export purposes.
|S.No||Code Number||Categories of Importers / Exporters|
|1||0100000011||All Ministries / Departments of Central Government and agencies wholly or partially owned by them.|
|2||0100000029||All Ministries / Departments of any State Government and agencies wholly or partially owned by them.|
|3||0100000037||Diplomatic personnel, Counselor officers in India and officials of UNO and its specialised agencies.|
|4||0100000045||Indians returning from / going abroad and claiming benefit under Baggage Rules.|
|5||0100000053||Persons / Institutions / Hospitals importing or exporting goods for personal use, not connected with trade or manufacture or agriculture.|
|6||0100000061||Persons importing/exporting goods from/to Nepal|
|7||0100000070||Persons importing/exporting goods from/to Myanmar through Indo-Myanmar border areas|
|9||0100000096||Importers importing goods for display or use in fairs/exhibitions or similar events under provisions of ATA Carnet. This IEC number can also be used by importers importing for exhibitions/fairs as per Para 2.29 of HBPv1.|
|10||0100000100||Director, National Blood Group Reference Laboratory, Bombay or their authorized offices.|
|11||0100000126||Individuals / Charitable Institution / Registered NGOs importing goods, which have been exempted from Customs duty under Notification issued by Ministry of Finance for bonafide use by victims affected by natural calamity.|
|12||0100000134||Persons importing/exporting permissible goods as notified from time to time, from/to China through Gunji, Namgaya Shipkila and Nathula ports, subject to value ceilings of single consignment as given in Para 2.8(iv) above.|
|13||0100000169||Non-commercial imports and exports by entities who have been authorized by Reserve Bank of India.|
Commercial Public Sector Undertaking (PSU) who have obtained PAN will, however, be required to obtain the Import Export Code number. The permanent IEC number as mentioned above shall be used by non-commercial PSUs.
VALIDITY OF IE CODE
Once registered the Import Export Code is permanent and becomes valid for lifetime. Hence, there is absolutely no need for renewal or update. It lasts until the business ceases to exist or the registration is surrendered. Also, the business does not have to do any monthly or annual filings like GST, PF, etc.
RCMC is Registration-cum-Membership Certificate issued by the Export Promotion Council body under the Govt of India. RCMC is required for businesses that deal with the export of restricted products, and those seeking concessions under Foreign Trade Policy like duty withdraw.
Our professionals will execute the Import Export code registration process smoothly online at best rates. The whole process will take about ten days. We will help you in getting your Import Export license online.
FAQs on Import Export Code
What is IE Code?
What is Merchandise export from India (MIES) scheme?
Who requires an Importer Exporter Code ?
Is there any tax levied based on IE Code?
Can Export /Import be made without having an Importer Exporter Code ?
Can individuals obtain IE Code?
What are the documents required for IEC registration?
How long does it take to obtain IE Code registration in India?
What is the penalty levied for not registering for IE code?
Can Export /Import of good and services be made without Importer Exporter Code ?
Does Custom department use IEC?
Is company registration required to get IEC?
60 Established Vendors
Buiznest has successfully completed 600+ registrations in the past year alone. We have partnered with some of the top experts in business across India to get your registration across to you on time.
9.1 Customer Score
We make your interaction with the government as smooth as is possible by doing all the paperwork for you. We will also give you absolute clarity on the process to set realistic expectations.
200+ Strong Team
Our team of experienced business advisors are a phone call away, should you have any queries about the process. But we’ll try to ensure that your doubts are cleared before they even arise.
Designing is not intended for talented people. It’s for everyone. What you need to do is just to open up your mind to all possibilities.
Never stop learning. Consider yourself as a life-long learner and try your best to learn as much as you can, you definitely will succeed.
You can’t succeed if you just do what others do and follow the well-worn path. You need to create a new and original path for yourself.
“Theme is @intuitive to use. Even for a WordPress beginner like me, Brook offers all the functions and features with simple instructions”
“I’m running a multi-area website so this multipurpose theme is just what I need. @Brook really has great concepts for creative agencies like ours.”
“This is just the most powerful theme I’ve ever met. Love to talk with their staff about how to explore all the capabilities of the @Brook theme. ”
“ThemeMove’s support team was very @professional. They can help me with fast and accurate solutions to all kinds of issues. Five stars for them.”
“The theme navigation is smooth and clean. Thanks to @Brook theme, my blogs now attracts thousands of audiences on a daily basis.”
“Found myself lucky for purchasing this theme! The developers of @Brook theme offer me the best customer service for my website. Love it!”