Import Export (IE) Code is a registration required for persons importing or exporting goods and services from India. IE Code is issued by the Directorate General of Foreign Trade (DGFT), Ministry of Commerce and Industries, Government of India. IE Code application must be made to the Directorate General of Foreign Trade along with the necessary supporting documents. Once, the application is submitted, DGFT will issue the IE Code for the entity in 15 – 20 working days or less.
Benefits of IEC Registration
- Expansion of Business
IEC assists you in taking your services or product to the global market and grow your businesses.
- Availing Several Benefits
The Companies could avail several benefits of their imports/ exports from the DGFT, Export Promotion Council, Customs, etc., on the basis of their IEC registration.
- No Filling of returns
IEC does not require the filing of any returns. Once allotted, there isn’t any requirement to follow any sort of processes for sustaining its validity. Even for export transactions, there isn’t any requirement for filing any returns with DGFT.
- Easy Processing
It is fairly easy to obtain IEC code from the DGFT within a period of 10 to 15 days after submitting the application. There isn’t any need to provide proof of any export or import for getting IEC code.
- No need for renewal
IEC code is effective for the lifetime of an entity and requires no renewal. After it is obtained, it could be used by an entity against all export and import transactions.
Validity of IE Code
IE Code registration is permanent registration which is valid for a lifetime. Hence, there will be no hassles for updating, filing and renewal of IE Code registration. It is valid until the business exists or the registration is revoked or surrendered. Further, unlike tax registrations like GST registration or PF registration, the importer or exporter does not require to file any filings or follow any other compliance requirement like annual filing.
It must be noted that the above documents in support of address proof need to be in the name of the firm, however, in case of a proprietorship, the address proof in favour of an individual (i.e. proprietor) is acceptable (Trade notice No. 39/2018-19 dated 12th December 2018).\
- Sale deed, in case the business premises is self-owned; or
- Rental/lease agreement in case the premise is rented/leased; or
- Latest electricity/landline/ mobile bill in the name of the applicant entity; or
- GST registration certificate; or
- In case of a proprietorship, the following proof is valid –
- Aadhar card;
- Voters ID;