Import Export Code Registration

Import Export Code is a ten-digit unique code assigned to an individual/company and is required for every import/export operation. The DGFT is in charge of issuing import export codes. DGFT stands for Director General of Foreign Trade. Importer Exporter Code is the full form of IEC, although it is more commonly known as import export code.

Unlike other government licenses, the Import Export Code does not need to be renewed on a regular basis. However, one needs to update the status of IEC license on dgft portal on a yearly basis.

Benefits of Import Export License

Since discussion about business can’t be completed without mentioning the profit and the loss. Our focus is to provide legal benefit to your business, so we would be taking the profit portion forward. The government has made trade facilitation a priority in order to minimize transaction costs and time, making Indian exports more competitive. For the benefit of import and export trade, the various provisions of the Foreign Trade Policy and steps taken by the government in the direction of trade facilitation are consolidated.

Want to know how IEC could be useful for your business? Let’s have a look how IEC can help you as an exporter or importer:

1. Overseas Trading:

Import Export Code provides you the facility to expand your business over foreign countries. The basic and most important thing you would need while trading oversea is the Importer Exporter Code. IEC opens your road to expansion and growth on foreign lands.

2. Legalise Business overseas:

The code provides you the license to export your goods and services to any other country and to import the essentials of your business to your own country. It makes your trade over cross borders easy and legal.

3. Online Service:

Now Obtaining IEC could be avail at the ease of sitting home. If you provide accurate and all documents then you could have it at your home. The need to hustle to the government office will not come into the way.

4. Export/Import subsidies:

The government offers benefits such as export subsidies and excise tax concessions in case of import. If the import is completed within the specified time period, some tax relief might be available. In the case of exports, the government offers a subsidy on all the exports taxes. These advantages are only available to those who are enrolled with the IEC.

5. Necessity at Customs:

The importer’s IEC Code must be declared to Customs, and the Bill of Lading must reflect this. All bills of lading for cargo destined for or transshipped through Indian ports must include the Indian consignee’s IEC Code.

6. Facilitates Electronic Fund Transfer (EFT):

EFT (Electronic Fund Transfer) is a new service offered to exporters that allows them to submit their license fee via the Internet rather than visiting a bank to make the payment. This procedure is being proposed to make electronic payments more convenient. Only electronically filed applications will be accepted.

Documents Required for obtaining IEC License

Before proceeding to the process of Registration lets have information regarding the documents needed to get Import Export Code License Online in India.The nature of the firm obtaining an IEC may be any of the follows- “Proprietorship, Partnership, LLP, Pvt & Public Limited Company, Trust, HUF and Society.”
The documents that would be required are as follows: