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WHAT IS IMPORT EXPORT CODE REGISTRATION OVERVIEW


In this age of cut-throat competition, everyone wants to grow their business beyond the limits of the domestic market. However, doing business globally isn’t just a cup of tea for everyone. Before going global, you need to follow several procedures and laws in place and get different registration and license. IEC (Import Export Code) license is one of such prerequisite when you’re thinking of importing or exporting from India. IEC (Import Export Code) is required by anyone who is looking to kick-start his/her import/export business in the country. It is issued by the DGFT (Director General of Foreign Trade). IEC is a 10-digit code which has lifetime validity. Predominantly importers merchant cannot import goods without the Import Export Code and similarly, the exporter merchant cannot avail benefits from DGFT for the export scheme, etc. without IEC. If you thinking about starting an export import business within India, you need to apply for a new IEC code certification. The import export code is a 10 digit number that you would need to carry out the business. The government of India has set down certain processes and regulations that applicants need to follow.

PROCESS FOR IMPORT EXPORT CODE REGISTRATION

  • 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
  • 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.

ELIGIBILITY

IEC IS NOT REQUIRED UNDER THE FOLLOWING CIRCUMSTANCES:

  • Import/export of goods for personal use, which is not connected with trade, manufacture or agriculture.
  • Import/export by government ministries and departments, and certain notified charitable organizations.