Summary
Importer Exporter Code (IEC) is a unique 10-digit code issued by Director General of Foreign Trade (DGFT), Ministry of Commerce, Government of India. To import or export in India, IEC is mandatory without which, no person or entity shall make any Import or Export. However, Persons importing or exporting goods for personal use not connected with trade or manufacture or agriculture are exempt from obtaining IEC.
Benefits of IEC registration:
Online Registrations
The registration process is completely online which makes it hassle-free for the traders to register. A common portal is used for this purpose. The registration form has an attached document that has a list of documents required for registration in a simplified manner.
Scope in the International Market
The IEC registration paves a way for the traders to introduce their products into the world market and expand their area of trade.
Lesser Document Requirement
For the registration process to get complete, one needs just four documents namely, (a)PAN card (b) copy of any ID proof (C) passport size photograph (d) cancelled cheque.
Lesser compliances
Once the importer or exporter has registered themselves, they do not have any specific need to file annual or monthly returns. The code possesses an extra incentive of not having to undergo the pain of compliances after registration which makes things a lot easier for the registered company or individual. Annual maintenance costs also do not need to be paid.
Reduces the risk of illegal transportation: Since the registered entities are administered by a single central authority, the chances of illegal export or import can be reduced by appropriate supervision. Whenever there is an illegal transaction, it can be apportioned by the officials with the records gathered by registration.
Permanent Registration
Once an entity registers as an exporter or an importer, the registration is valid for a lifetime and there is no requirement of renewal for sustaining the registration.
Apart from this, the government has provided the registered traders with certain schemes that exempt them from liabilities an unregistered trader would have to undergo causing extra losses.
Documents
Documents required for IEC registration
Some of the documents required for IEC registration are:
- Aadhar card (as address proof)
- A canceled cheque from the bank
- Business proof (GST registraion or incorporation certificate)
- Digital Signature Certificate (DSC)
Procedures
There are certain processes and conditions that you need to fulfill to obtain the IEC. Once you fulfill the conditions, you can get IEC code from the DGFT offices. You can also apply for IEC online. If you want to start an export and import business and looking for online registration of IEC then Credence Corporate Solutions can help you out. To guarantee that your IEC registration is completed fast, our professional experts process the application thoroughly at every level, from applying to it online to securing the code faster. We can help you get your IEC as quickly as possible.