Importer -Exporter Code Licence

Importer -Exporter Code

The Importer -Exporter Code (IEC) is a key business identification number which is mandatory for Exports or Imports. No person shall make any import or export except under an IEC Number granted by the DGFT. In case of import or export of services or technology, the IEC shall required only when the service or technology provider is taking benefits under the Foreign Trade Policy or is dealing with specified services or technologies- IEC code consultancy consultants for IEC code

The nature of the firm obtaining an IEC may be any of the follows- “Proprietorship, Partnership, LLP, Limited Company, Trust, HUF and Society.” Consequent upon introduction of GST, IEC number is the same as the PAN of the firm. The IEC separately issued by DGFT.

Benefits of Import Export Code

Diversification of Business

One of the main benefits of applying for IEC is to expand business opportunities. This can achieved not only through exports, but also imports into India. Any entrepreneur or company can have seamless experience without any compliance burden.

Government Benefits

Registering under the IEC system would automatically provide the business with benefits. Any form of compliance related provisions can adhered by the business. Apart from this, there would be certain schemes which would provide benefits to businesses.

No Requirement to File Returns

No returns are required to filed under this system. Hence one the code is assigned there is no requirement to prove the certification’s legitimacy by filing of returns.

Authorised by Government

When carrying out exports from India, products which are shipped would certified as per the requirements of the DGFT. Hence through this process, increased reputation can achieved.

Proprietorship Firm

An individual carrying out the process of imports and exports would require to secure the IEC certification.

Partnership Firm

A firm of partners would also require taking this certification, if they are exporting and importing products.

When is Import Export Code Registration Require?

• For Clearing Shipments of the importer from customs authorities.
• When remitting money abroad through authorised banks, banks require this code.
• Exporting Shipments abroad.
• When the exporter receives inward remittance, then this code is requireby the bank.
• For Food Licensing and FSSAI registration this code is require.
• For APEDA registration this code is require.
• Any form of subsidy availed by the exporter then this code would be require.

Characteristics of the Import Export Code

1. Mandatory  Requirement
2. Legal Treatment and  Evidences
3. Life Time Validity
4. IEC registration  is  require  to comply  with law
5. Required  for foreign  Bank Transfer
6. All  Entities can use  this code   

Process of Registering for IEC

1. Preparation of application
2. Processing  the application
3. Payment of IEC  Fees
4. Issuing  Code