7 Steps to Get IEC Code for Your Business Easily
If you want to export or import goods from India, you need an Importer Exporter Code (IEC) issued by the Directorate General of Foreign Trade (DGFT). An IEC is a 10-digit alphanumeric code that is mandatory for any person or entity engaged in international trade. In this article, we will explain how to get IEC code for your business in 7 easy steps.
Key Takeaways
IEC code is a 10-digit identification number issued by the DGFT for importers and exporters
IEC code is mandatory for international trade and availing benefits under the Foreign Trade Policy
IEC code is based on the PAN number and has lifetime validity
IEC code can be applied online through the DGFT website by paying a fee of Rs. 500
IEC code can be modified, updated or surrendered online through the DGFT website by paying a fee of Rs. 200
Step 1: Check the eligibility criteria for IEC
Before applying for an IEC, you should check if you are eligible for it. According to the DGFT, the following categories of persons or entities are eligible for IEC:
- Individuals who are citizens of India
- Partnerships, LLPs, companies, trusts, societies and other legal entities registered in India
- Government departments, public sector undertakings and statutory bodies
The following categories of persons or entities are not eligible for IEC:
- Individuals who are minors or mentally incapacitated
- Persons whose import or export activities are prohibited or restricted by law
- Persons who have been debarred from applying for or holding an IEC by the DGFT or any other authority
Step 2: Gather the required documents for IEC
To apply for an IEC, you need to submit the following documents along with your application form:
- PAN card of the applicant (individual or entity)
- Aadhaar card of the applicant (individual or entity) or the authorized signatory (in case of entity)
- Bank certificate or cancelled cheque of the applicant’s bank account
- Address proof of the applicant (individual or entity) such as electricity bill, rent agreement, etc.
- Digital photograph of the applicant (individual) or the authorized signatory (in case of entity)
- Email address and mobile number of the applicant
Step 3: Fill the online application form for IEC
To apply for an IEC online, you need to visit the DGFT website and register yourself as a new user. After registration, you can login and access the online IEC application form. You need to fill in the details such as your name, address, PAN, Aadhaar, bank account, etc. and upload the scanned copies of the required documents. You also need to pay a one-time application fee of Rs. 500 through online mode.
Step 4: Submit the online application form for IEC
After filling and verifying the online application form, you need to submit it and generate a printout of it. You also need to sign and stamp the printout and send it to your nearest DGFT regional office along with a copy of your PAN card and Aadhaar card within 15 days of submission.
Step 5: Track the status of your IEC application
After submitting your online application form, you can track the status of your IEC application on the DGFT website using your PAN and file number. You can also contact your DGFT regional office for any queries or issues regarding your application.
Step 6: Receive your IEC certificate
If your application is approved by the DGFT, you will receive your IEC certificate through email within 7 working days. You can also download your IEC certificate from the DGFT website using your PAN and file number. You should keep a copy of your IEC certificate for future reference.
Step 7: Update your IEC details if required
If there are any changes in your personal or business details such as name, address, bank account, etc., you need to update them on the DGFT website within 90 days of such changes. You also need to pay a modification fee of Rs. 200 through online mode. You will receive a confirmation email after updating your details.
Getting an IEC code for your business is not a difficult task if you follow these 7 steps carefully. An IEC code will enable you to expand your business globally and enjoy various benefits such as duty exemptions, tax refunds, subsidies, etc. So, what are you waiting for? Apply for an IEC code today and take your business to new heights.
Tips
- Before applying for an IEC, make sure that your PAN and Aadhaar are linked and verified.
- Keep all the required documents ready in scanned format before filling in the online application form.
- Check your email and mobile number regularly for any communication from the DGFT regarding your application status.
- Keep a copy of your IEC certificate handy for future reference.
How to get IEC code
If you are planning to start an import/export business in India, you will need an IEC code. IEC stands for Import Export Code, which is a 10-digit number issued by the Director General of Foreign Trade (DGFT), Department of Commerce, Government of India.
Why do you need an IEC code?
An IEC code is a mandatory requirement for exporting or importing goods or services from India. Without an IEC code, you cannot clear your shipments at the customs or receive money from abroad. An IEC code also helps you to avail various benefits and schemes under the Foreign Trade Policy.
How to apply for an IEC code?
You can apply for an IEC code online through the DGFT website (http://dgft.gov.in). You will need to fill an online application form (ANF 2A) and upload the following documents:
- PAN card of the applicant
- Aadhaar card of the applicant
- Cancelled cheque or bank certificate
- Address proof of the applicant
- Digital photograph of the applicant
You will also need to pay a fee of Rs. 500 through online mode. Once your application is submitted and verified, you will receive your IEC code through email within 5-7 working days.
Frequently Asked Questions:
Q1. Who can apply for an IEC?
A1. Any person or entity that is engaged in import or export activities can apply for an IEC. This includes individuals, sole proprietorships, partnerships, LLPs, companies, trusts, societies, etc.
Q2. How long does it take to get an IEC?
A2. It usually takes up to 2 working days to get an IEC after submitting the online application form and paying the fee.
Q3. How much does it cost to get an IEC?
A3. The application fee for an IEC is Rs. 500 which can be paid online through various modes.
Q4. Do I need to renew my IEC?
A4. No, you do not need to renew your IEC as it is valid for the lifetime of the entity unless there are changes in the name, address, constitution, or ownership of the entity.
Q5. How can I modify or update my IEC?
A5. You can modify or update your IEC by filling in the online application form (ANF 2A) again with the revised details and paying a fee of Rs. 200.
References:
https://www.eda.admin.ch/content/dam/mission-onu-omc-aele-geneve/en/documents/GI–en-chiffres_EN.pdf
https://www.iec.ch/dyn/www/f?p=103:5:0##ref=menu
https://www.iec.ch/dyn/www/f?p=103:9:0
https://cleartax.in/s/import-export-code/
https://www.caclubindia.com/articles/iec-code-42675.asp
https://www.onlinelegalindia.com/services/online-iec-code-import-export-license/
https://dgft.gov.in/
https://dgft.gov.in/sites/default/files/IEC%20Booklet%20English.pdf
https://www.indiafilings.com/learn/how-to-get-import-export-code/
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