How to Obtain Your Import-Export Code (IEC)
In the world of foreign trade, one crucial aspect that often confuses newcomers is the Import Export Code (IEC). In this article, we will address all your queries related to IEC, its application, renewal, and its importance in the business.
Understanding Import Export Code
- What is the Import Export Code (IEC)?
- Import Export Code Number
How to Obtain IECObtaining your Import Export Code (IEC) is a simple process, and here's a step-by-step guide to help you through it:
- Eligibility Check: First, ensure that your business is eligible for IEC. Most businesses engaged in international trade activities, such as importing or exporting goods and services, are eligible.
- PAN and Bank Account: Make sure you have a valid Permanent Account Number (PAN) and an active bank account in the name of your business entity.
- Online Application: the application process for IEC is predominantly online. Visit the Directorate General of Foreign Trade (DGFT) website or the government's single-window service for business registration and permits.
- Filling the Application Form: Complete the online application form, providing accurate details about your business, such as its legal name, address, and contact information.
- Documents Upload: You'll need to upload certain documents as proof. This leads us to the next section, which outlines the documents required for the IEC application.
- Payment of Fees: Pay the required application fee, at present its Rs.500. The fee can vary based on your business type and location.
- Verification: Once your application is submitted, it undergoes a system verification process.
Documents Required for IECTo complete your IEC application, you'll need certain documents. These typically include:
- Proof of legal entity like a Registered Certificate, or PAN
- Passport-sized photograph
- Current bank account and IFSC code
- Business address proof - rent agreement or utility bill
- Self-attested copy of your PAN card
- Digital signature (DSC)
- A canceled cheque from your business bank account
IEC Registration ProcessObtaining an IEC is summarized as follows:
- Eligibility Check: Ensure your business is eligible for IEC. Most businesses involved in international trade qualify.
- Online Application: Visit the DGFT website and complete the online application form. Ensure that you have all the necessary documents and information at hand.
- Documents Required: You'll need essential documents, such as your PAN card, business address proof, passport-sized photograph, and a canceled cheque from your business bank account. Ensure they are in the required format for online submission.
- Fee Payment: Pay the fee of Rs.500 by online. This fee amount may vary depending on your business type.
- Verification: After system review, based on the authentication of your application and documentation for accuracy and compliance.
- IEC Issuance: If your application is approved, you'll receive your IEC by email, which is valid for a lifetime and subject to renewal every year.
Address Changes and Surrender:If you need to change the address associated with your IEC, you can do so by updating your business details online through the DGFT website. Ensure that the new address is accurate and complies with the required format. In case you need to surrender your IEC, you can submit a formal application to the DGFT. The process for surrendering IEC involves submitting specific documents and ensuring all related obligations are settled.
Renewal and Verification
- Renewing Your IEC
- Renewal Eligibility: IECs have a year validity period, It's essential to renew the of your IEC every year to ensure uninterrupted trade operations.
- Timely Renewal: The renewal process should be initiated well in advance of the expiry date to meet the deadline of 30th June. The Directorate General of Foreign Trade (DGFT) generally allows applications for renewal up to 180 days before the IEC's expiration.
- Online Renewal: Just like the initial application, IEC renewal is primarily done online. Visit the DGFT website and follow the renewal application procedure.
- Verification of Details: During the renewal process, you may need to verify and update your business details, including contact information and bank accounts. Ensure that the information is accurate and up-to-date.
- Fee Payment: Pay the renewal fee, which is generally lower than the initial application fee. The fee may vary based on your business type.
- Submission and Verification: Once you've filled out the renewal application and submitted the necessary documents, the DGFT will verify the information. The authorities will assess your compliance with the import-export regulations.
- Approval and IEC Renewal: If your application is approved, you'll receive an updated IEC with a new validity period. This renewed IEC ensures that your import and export activities can continue seamlessly.