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Import Export Code
Import Export Code or IEC is a 10-digit code that a business or a person needs to import/export goods/services. This code is issued by DGFT (Director General of Foreign trade), Ministry of Commerce and Industries, Government of India. The validity of this code is for lifetime, that is, there is no need to renew it. This code is generated within 5-15 working days after the documents are submitted and all the corrections required are made.
This code has many names, like importer exported code, import export code, import export license, import export number, IE code, IE license etc. You can issue this code in either your name or under company’s name. Once issued, it is valid for all its division/units/factories/branches.
What Is Included In Our Package?
- Drafting Documents
- Application Filing
- Application Processing
- Completion of registration
Documents required for IEC Code
Different documents are required by different entities to get IEC code and these are given below.
| Sole Proprietorship | Partnership Firm | LLP | Trust | HUF |
|---|---|---|---|---|
| Digital photograph (3*3) | Digital photograph (3*3) of the managing partner | Digital photograph (3*3) of the designated partner/director of the company signing the application | Digital photograph (3*3) of the secretary/chief executive/signatory applicant | Digital photograph (3*3) of the Karta |
| Copy of pan card of the proprietor | Copy of partnership deed | Applicant’s copy of pan card | Registration certificate of society/copy of the trust deed | Copy of pan of Karta |
| Copy of passport/voter id/driving license/UID | Copy of passport/voter id UID/driving license/PAN of the managing partner signing the application | Copy of passport/voter id UID/driving license/PAN of the managing partner/director signing the application | Copy of passport/voter id UID/driving license/PAN of the managing trustee/chief executive signing the application | Copy of passport/voter id UID/driving license/PAN of Karta |
| If the business is self-owned, then sale-deed | Sale-deed, in the case of self-owned business | Sale-deed, in the case of self-owned business | Sale-deed, in the case of self-owned business | Sale-deed, in the case of self-owned business |
| If the business is rented, then rental/lease agreement | If the business is rented, then rental/lease agreement | If the business is rented, then rental/lease agreement | If the business is rented, then rental/lease agreement | If the business is rented, then rental/lease agreement |
| Bank certificate as per ANF 2A/ Cancelled cheque bearing blueprinted name of the applicant entity and A/c no. | Bank certificate as per ANF 2A/ Cancelled cheque bearing blueprinted name of the applicant entity and A/c no. | Bank certificate as per ANF 2A/ Cancelled cheque bearing blueprinted name of the applicant entity and A/c no. | Bank certificate as per ANF 2A/ Cancelled cheque bearing blueprinted name of the applicant entity and A/c no. |
When is IEC code required?
- It is needed by the custom authorities to clear the shipments in the case of any imports,
- Also, it is needed by the bank to transfer the amount in the case of any imports made.
- Vis-à-vis if an exporter needs to send the shipments, then it is required.
- Or, if the exporter is supposed to receive money in foreign currency and it is transferred directly into his bank account.
Steps to Apply Import Export Code
Complete Our IEC Form
You are required to fill our simple online IEC code application form and email documents.
IEC Application Creation
We draft your application for IEC code and file it with the DGFT office on your behalf.
IEC fee payment
We pay the IEC government free and followup with department for your license.
IEC License sent by email
Once your IEC CODE registration is completed we will send IEC license to you by email.
Your work is completed
You need to fill our simple company registration form and submit documents for formation of a company.
One can file the FSSAI application directly with the government. The process is long and requires 60 days to get completed :
Step 1 : Application Preparation
In order to get code an application must be made in the Aayaat Niryaat Form 2A format to the DGFT in that region where the registered office of the company is established. Government has also arranged online filing facility for obtaining IEC CODE ONLINE.
Step 2: Application Processing
Details of the business and its proprietors, directors or partners, bank account details and a bank certificate are the basic requirements of ANF 2A. All the required documents for IEC need to be submitted with ANF 2A. Digital signature is required on the ANF2A form.
Step 3 : IEC fee payment
Once the application if complete, it should be filed with DGFT and an application fee need to be paid to the government. IEC department may send back your application for correction / change. You need to reply back to the DGFT in 15 days.
Step 4 : IE Code Issuance
Once the application is completely verified by the department, the Directorate General of Foreign Trade will allot an IE Code for your business. This IE code comes in both soft copy and hard copy. You receive the softcopy via email and can start the import export transaction with this.
Features of Import Export Code
Business growth
Taking your services or products to the international market will enlarge your businesses. IEC enable you to sell products outside India.
Export Subsidies
On the basis of IEC, companies or firms can benefits and subsidies their exports/ imports from DGFT, Customs and export promotion council.
Lifetime
validity
Once you are done with IE Code Registration and submit all the required documents, IE Code is issued for the lifetime of the entity and requires no renewal.
No Return Filing
IE Code does not require filing of any return. Once, an IE Code is issued there are no further procedures required to maintain validity of the IE Code.
Individuals can have IE Code
Even individuals who are proprietors of a business can obtain IE Code in their name. It is not necessary to incorporate a business entity for obtaining IE Code
Benefits of IEC Code
Business growth
• A business have an option for online international marketplaces like Amazon.com, Alibaba etc.
• IEC is mandatory to avail growth opportunities via import/export.
Export subsidies
• Indian government follows a policy of exporting the goods and not the taxes.
• An exporter can get a refund of many taxes paid while exporting the goods.
• Government even waives some import duties, if the importer promises to export the goods within a time frame.
Lifetime validity
• As the name suggests, there is no need to renew this code again and again.
• It will be valid till the entity for which it is issued exists. After the winding up of the company, this code expires.
No return filing
• There is no compliance requirement for IEC
• Including this, there is no need to file periodical returns.
• It is just like a PAN card.
Online procedure
• The whole procedure can be carried out online and there is no need to go anywhere physically.
• There is no more inspector raj.
• It is very cheap to register your code now @Rs.3,499 only from our website.
Exemptions of IEC Code
- Every entity is not required to obtain this code. If the trader is registered under GST (Goods and Services Tax), then the pan card of the applicant will be used as the IEC code.
- Until and unless you import goods for commercial use, this code is not required. The same goes for imports made for charitable purposes.
- If the goods are exported/imported for personal purposes, then too, this code is not required.
- If the exports and imports are made by the Government of India Departments and Ministries. Or undertakings for defense purpose or other specified list under Foreign Trade Order, 1993.
Frequently Asked Questions
Yes, you need a minimum of two directors for a private limited company. The maximum members can be 200. If you are the sole owner, you can register as a One Person Company.
Any individual/organization can become the member of the private limited company including foreigners/NRI. However, the individual must 18+ above in terms of age and should have a valid PAN card.
The entire procedure is 100% online and you don’t have to be present at our office or any other office for incorporation. A scanned copy of documents has to be sent via mail. They get the company incorporation certificate from MCA via courier at their business address.
There is absolutely no other payment. Our charges are inclusive of everything. We will send you an invoice with no hidden charges. Our team provides you support till you get your bank account.
incfile.in can incorporate a Private Limited Company within 15-25 days. The time took also depends on relevant documents provided by the applicant and speed of approvals from government. To ensure speedy registration, please pick a unique name for the proposed Company and make sure you have all the required documents prior to starting the registration process.
Yes, an NRI or Foreign National can become a Director in a Private Limited Company. They can get a DPIN from Indian ROC. Also, they can be a majority shareholder in the company. But, at least one Director on the Board of Directors must be an Indian Resident.
You need to start the company with a minimum capital of Rs. 100,000. However, you neednot pay this amount to the bank. You can also show that the capital has been utilised as the pre-incorporation expenses of the startups e.g, private limited registration expenses. You can also show this capital has been infused in form of assets such as computers etc.
No, you don’t need a proper office. You can even register your company at your residential address. It is perfectly legal to start the company at your home or in your garage. MCA team typically doesn’t visit your office.
Well, you can get someone from your family or friend circle as the second direction and give them marginal share, e.g, 0.01%. You also have the option to register a One person company, but it will not be possible to add directors in OPC later.
A company is a legal entity and a different person established under the Act. A company is treated as a different person which can own property and have creditors or debts. The members (Shareholders/Directors) of a company will have no liability to creditors of a company in case the company is unable to pay the debts.
Yes, you as a salaried person can become the director in private limited, LLP or OPC private limited company. You need to check your employment agreement if that allows for such provisions. In most, cases employers are comfortable with the fact that their employee is a director in another company.
No, you can’t convert your LLP into a Private Limited Company as it is not MCA. Both the LLP Act, 2008 and the Companies Act, 2013 don’t have any provisions on conversion of LLP in a private limited company. However, if you want to expand your business you can register a new Private Limited Company with the same name as that of the LLP. The LLP Company just needs to issue a no objection certificate.