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Import-Export Code (IEC) Definition

That an IEC is a 10-digit code issued by the Directorate General of Foreign Trade (DGFT) to businesses or individuals involved in importing or exporting goods and services from India.

Benefits of the IEC Code

1. The IEC registration helps traders including online e-commerce operators open the doors to venture into the global market
2. Businesses can avail of government schemes like the Merchandise Export from India Scheme (MEIS),
3. No compliance requirements post-registration hence maintaining the business is relatively simple

Nature of the Firm Obtaining an IEC

IEC can be obtained by any individual, company, partnership firm, Limited Liability Partnership (LLP), or any other type of entity engaged in import or export activities.

For exporters or importers, having an IEC is mandatory for all

but it plans to do so in the future, it still needs to obtain an IEC beforehand.

To apply for an Import Export Code with Us:

1. A valid Permanent Account Number (PAN) card issued by the Income Tax Department of India is mandatory
2. The applicant must have a bank account in the name of the firm or individual, as IEC is issued in the name of the applicant
3. The applicant needs to submit the relevant documents such as identity proof, address proof, and details of the business entity to the DGFT office.

Eligibility to Build an IEC Code

Any type of business registration: sole proprietorship, partnership, private limited companies, charitable organizations dealing with imports and exports in India can register for import export code, irrespective of the size. However, an IEC Number is not required for the import/export of goods for personal use, which is not connected with trade, manufacturing, or agriculture. There is no need for a business setup.

Documents Required for Import Export Code Registration

• Pan card if it is a company then the Company pan card
• Applicant's PAN and Aadhar card 
• Incorporation certificate/partnership deed
• Address proof (electricity bill/rent agreement)
• Copy of cancelled cheque, company Name should be Mentioned on Cancelled Cheque