The Directorate General of Foreign Trade or DGFT, Ministry of Commerce and Industries, Government of India issues an Import Export Code or IEC to conduct export-import business in India. It is a 10 digit code and this code has permanent validation. This code is integral to all importers and exporters in India. However, there are a few exceptions regarding the rules and regulations attached to IEC.
IEC online application
There is a facility to apply online for Importer Exporter Codes (IEC) instead of submitting various documents and undergoing several procedures at various offices. The Directorate General of Foreign Trade (DGFT) has enabled online IEC application as well as permitted issuing of codes in a digital format. The essential documents that are required in order to obtain an IEC can be safely uploaded online. Moreover, the IEC online registration fee can be paid via net banking.
The regional authority of DGFT processes all such applications online and generates the digitally signed e-IEC. Henceforth, this e- IEC is e-mailed to the applicants within two working days. However, an auto generated rejection e-mail will be forwarded to the applicant if the application is found to be erroneous or incomplete.
Government IEC procedure
It is easy to obtain an IEC with minimal effort.
The primary documents needed for IEC application
Thus, this is “Why Import Export Code is needed”. The IEC number is the validating India’s import-export business. Besides, IEC number can contribute immensely to gain the benefits procured from the exports/imports business. This can be collected from the DGFT, Customs, and Export Promotion Council and so on.
Note: The registered office can be at residence, too.
|Business Form||Private Limited Company||Limited Liability Partnership||One Person Company||Partnership Firm||Sole Proprietorship|
|Best For||New Start-ups and developing Business||Service related professional firms||Individual promoter||Family Business||Small sole traders and manufacturers|
|Borrowing||Can Borrow easily by issuing shares||Borrowing is possible||Borrowing is possible||Hard to borrow||Hard to borrow|
|Tax Advantage||Moderate benifit||Highly benificial||Moderate benifits||Normal benifits||Normal benifits|