The first requisite when you start an import/ export business in India is to obtain an IEC (Import Export Code).
What is IEC?
Import export code is popularly known as IEC code, which is a 10-digit number issued by the Directorate General of Foreign Trade (DGFT), Ministry of Commerce, Government of India to Indian companies that import or export. IEC is a mandatory requirement to import or export from India.
Import export code is popularly known as IEC code, which is a 10-digit number issued by the Directorate General of Foreign Trade (DGFT).
Benefits of Import Export Code (IEC)
- Export Benefits: In India we have policy, export the goods not the taxes. Therefore, we can avail various refunds of taxes paid while exporting the goods.
- Complete Online Process: IEC Registration is an online process, no need to fear bureaucratic red tape anymore.
- Easy Documentation: Only a few documents required such as PAN Card, copy of ID proof, passport size photo and cancelled cheque.
- Permanent Registration: No renewal required. IEC once issued is issued for lifetime basis, like PAN Card.
- No Annual Compliance: There is no annual maintenance fees for IEC, as there is no legal compliance.
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Documents required for IEC Code for Proprietorship:
- Digital photograph of the proprietor.
- Scanned copy of PAN (front and back page) card of the proprietor.
- Any of these – Scanned copy of Passport (first & last page)/Voter’s Card/ Driving License/Aadhaar card.
- Bank certificate in prescribed format as per ANF 2A (I) or cancelled cheque bearing pre-printed name of applicant and account number.
Documents required for IEC Code for Partnership:
- Digital photograph of the managing partner.
- Scanned copy of PAN Card of the applicant partnership entity.
- Any of these of the Managing Partner of the application – Scanned copy of Passport (first & last page)/ Voter’s Card/ Driving License/ Aadhaar card.
- Copy of Partnership Deed.
- Bank Certificate /Cancelled cheque with name of the applicant entity and account number.
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Documents required for IEC Code for LLP / Government Undertaking/ Public Limited Company/ Private Limited Company/ Section 25 Company:
- Digital photograph of the designated partner/ Director of the Company signing the application.
- Scanned copy of PAN Card of the applicant entity
- Any of these of the Managing Partner/Director signing the application – Scanned copy of Passport (first & last page)/Voter’s Card/ Driving License/ Aadhaar card.
- Certificate of incorporation as issued by the RoC.
- Bank certificate as per prescribed format/ Cancelled cheque having name of the company and Account number.
Timeline: 4-5 working days for all
Note: All documents should be signed and stamped by authorised person.
Also read: How to start an export business
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