Import Export code registration is required for businesses importing or exporting goods and services from India.
Any business that undertakes import and export of services and goods from the country must obtain an Import Export Code (IEC) from the Government. DGFT (Director General of Foreign Trade) under the auspices of the Ministry of Commerce and Industries (MCI) issues IEC to business entities. The key advantage of registering for an IEC is that it is valid for a lifetime and no renewal is necessary for the Code. Not just business entities, even individuals can apply for IEC. The rationale behind IEC is to regulate certain restricted sectors from the international trade point of view like nuclear weapons, automatic guns.
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Advantages of Import and Export Code Registration
Business Growth – Import and Export Code Registration helps an individual or business to sell products and services in the international market thus aiding business growth.
Lifetime validity – Import and Export Code is valid for a lifetime and no renewal is necessary for the Code.
No compliance requirements – Import and Export Code Registration does not mandate any statutory returns or compliances to maintain IEC validity.
Subsidies on Exports – Business entities can claim subsidies on exports based on their Import and Export Code from DGFT, Customs and EPC (Export Promotion Council).
Documents Required For Import and Export Code Registration
For Individual/Proprietor/Partner/Director:
Self-attested copy of PAN card (mandatory).
Copy of authorization letter and NOC (In case of Partnership).
Copy of Partnership Deed (In case of Partnership).
Copy of Board resolution(In case of Company).
Authority from Directors on company letterhead (In the case of Company).
Bank Certificate/Cancelled Bank Account cheque (Individual).
Passport size photographs.
Identity proof of Individual/director/Partner/Proprietor
Passport.
Aadhar card.
Voter ID.
Driving license.
Address proof.
Self-attested copy of Telephone/Mobile or Electricity bill.
Bank Account Statement (Less than 2 months old).
For Entity:
Copy of PAN Card (for Firm/Company).
Copy of MoA and AoA (For company).
Copy of Bank statement (For Company/Firm).
CoI(For Company)/ Partnership Agreement.
Cancelled Bank Account cheque (For Firm).
Company Letterhead (For Company).
Entity Address Proof:
Telephone/Mobile/Electricity/Gas bill (Less than 2 months old).
In case of rented premises a notarized copy of Rent Agreement with a No-Objection Certificate (NOC) for conducting business.
In the case of self-owned premises registered title document.
