What is importer exporter code?
An Importer Exporter Code (IEC) is an essential business identification number, required for conducting import or export activities involving the region of India. Individuals or entities are prohibited from engaging in cross-border trade unless they possess a valid Importer Exporter Code (IEC), unless a specific exemption applies. In the case of service exports, the Importer Exporter Code (IEC) is generally not obligatory, except when the service provider seeks benefits under the provisions of the Foreign Trade Policy.
With the implementation of the Goods and Services Tax (GST), the Importer Exporter Code (IEC) is same as Permanent Account Number (PAN) of the business entity / firm. Nonetheless, a unique Importer Exporter Code (IEC) is still issued by the Directorate General of Foreign Trade (DGFT) upon submission of an application. Eligible entities for obtaining an Importer Exporter Code (IEC) include a wide range of organizational structures, such as Proprietorships, Partnerships, Limited Liability Partnerships (LLPs), Private or Public Limited Companies, Trusts, Hindu Undivided Families (HUFs), and Societies.
Checklist / Documents required for Importer Exporter Code (IEC)
- Digital Signature Certificate (DSC) : A valid Digital Signature Token to authenticate the application process securely.
- Permanent Account Number (PAN) : A unique PAN issued to the firm or individual, serving as a primary identification reference.
- Contact Information : An active mobile number and email address for communication and verification purposes.
- Registered Office Address : A valid and verifiable address associated with the business entity.
- Bank Account Details : An operative bank account in the name of the Importer Exporter Code (IEC) applicant.
- Aadhaar Identification : An Aadhaar card linked to the individual or firm applying, often required for verification and authentication.
Advantages of Importer Exporter Code (IEC) Registration
An Importer Exporter Code (IEC) facilitates the entry of individuals and organizations into international trade by permitting the import and export of goods and services. This significantly contributes to the expansion and scalability of business operations worldwide.
Entities with an active Importer Exporter Code (IEC) may access various incentives and benefits provided by governmental bodies such as the Directorate General of Foreign Trade (DGFT) based on the nature of their overseas transactions.
The procedure for obtaining an IEC is efficient and typically completed within 10 to 15 working days following the application submission.