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Import Export Code
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Import Export Code (IEC)
What is the Import Export Code:
Except for Ministries/Departments of Central or State Government and individuals importing or exporting goods for personal use unrelated to trade, manufacture, or agriculture, any business organisation that imports or exports goods or services is required to have an import export code (IEC). The Director General of Foreign Trade (DGFT), a division of the Indian Ministry of Commerce and Industry, is responsible for issuing the ten-digit IEC number. There is a jurisdictional office for each state.
Who must submit an IEC application:
Any business that wishes to import or export products or services for commercial purposes must submit an application.
Who are not obliged to register for an IEC:
Ministries / Departments of the Central or State Government and individuals importing or exporting commodities for personal use unrelated to trade, manufacture, or agriculture.
What is the validity of IEC:
The validity of the IEC is permanent; no renewal is necessary.
What is ICEGATE:
Indian Customs Electronic Gateway (ICEGATE) is the national gateway of Indian Customs of Central Board of Indirect Taxes and Customs (CBIC) that offers electronic filing services to the Trade, Cargo Carriers, and other Trading Partners. Customs and DGFT have developed connections via ICEGATE in order to facilitate commerce and eliminate the need for importers and exporters to register separately at multiple customs houses under the Indian Customs EDI system. As soon as you apply for an IEC code, the DGFT will issue it and send the information to Customs ICEGATE. The location where you can check the IEC Custom BIN Status. The importer or exporter must verify the correctness of the IEC at both DGFT and Customs; if the data is identical, it is acceptable; otherwise, the importer or exporter must contact DGFT to have the data updated. If the DGFT and Customs data are the same, then there are no issues with importing or exporting products or services.
Registration cum membership Certificate (RCMC) means:
Exporters are needed to obtain RCMC from the respective Export Promotion Councils/FIEO/Commodity Boards/Authorities in order to gain import/export authorization or any other benefit or concession under the Foreign Trade Policy 2015-2020, as well as to receive services or guidance. To register and join the Export Promotion Council or the Federation of Indian Export Organization, ANF 2C must be used to submit a request to the RCMC (FIEO). Exporters must declare his principal line of business and receive RCMC from the Council involved with the principal line of business’s product. Exporters of multiple products and goods not covered by any EPC can receive RCMC from FIEO. The RCMC is valid from 1 April to 31 March for a period of five years.
Why Should I acquire an Import Export Code? (IEC)
Here are the primary motives for acquiring an Import Export Code: (IEC).
Low Formation Cost:
The issuing of Import Export Code (IEC) is now less expensive and simpler. You can apply online, and the application will be generated online by the system. The price of acquiring an Import Export Code (IEC) is lower. You can receive IEC for Rs.500/-. IEC certification is permanent and does not require renewal. We are not obligated to submit a return or report to the Director General of Foreign Trade, Governmentmen of India.
International Market Presence:
Obtaining an Import Export Code (IEC) assists in registering your business on international markets.
Export Benefits:
If you have an Import Export Code (IEC), the Customs Department will provide you rebates on import duty, tax refunds, and incentives.
Registration cum Membership Certificate (RCMC) enables you to obtain import or export authorization as well as any other benefit or concession under Foreign Trade Policy 2015-20.
Inward and Outward Remittance:
 When a business organization receives inward remittance from exporters and remittances for exports, bankers require you to submit an Import Export Code (IEC); hence, an IEC is required for remitting funds in import and export operations.
Legal Entity Recognition:
Possessing an Import Export Code (IEC) identifies a business engaged in import or export as a legal entity. This Import Export Code (IEC) allows a business owner to open a Current Banking Account and conduct import and export commerce.
How to Obtain an Export Import Code (IEC)
Under the Companies Act of 2013, ten or more individuals, each of whom is a producer, two or more Producer Institutions, or ten or more individuals and Producer Institutions can form a Producer Company. The required documents and step-by-step company registration process are listed below.
Documents Required
Three-Step Registration Procedure
Why Business Setup in India?
Since our inception as an Official Company Registration Agent, we have maintained close ties with the Ministry of Corporate Affairs, Government of India. From day one, our intention has been to offer a streamlined incorporation procedure that is quick and easy to utilize. Today, our system for company registration is among the most efficient and effective in India. You can file an application for a new company name in slightly more than 5 minutes, and your firm will often be fully registered within 3-5 days. In addition to maintaining affordable pricing for company formation, we are constantly investigating new ways to bring value to our clients. We are proud to be one of the least expensive ways to establish a business in India.
We have the knowledge to advise clients on the appropriate company structure to implement. The majority of our clients want assistance registering a business limited by shares. The limited company structure is prevalent because it permits the distribution of profits to shareholders while safeguarding them through restricted liability. Our team has more than 2 decades of experience founding companies and providing corporate and secretarial services, which aids in the growth of tens of thousands of our clients’ enterprises each year.
We are tremendously passionate about the quality of our service, and we are incredibly proud of the reviews we get from our customers, as evidenced by our outstanding reviews and ratings. Continually, our team is chosen due to the value and skill for which it is renowned. We have helped form the industry by giving our customers innovative business services and packaged solutions that have grown alongside their demands.
Our clients have access to complimentary help from a team of experts. We are always prepared to assist. Throughout the registration of your Company, you will be enabled to contact us by phone or email if you require assistance.
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We believe in transparent and straightforward pricing. The price displayed is the price paid. There are no additional fees associated with business registration.
Rapid Service
You can file an application for a new company name in slightly more than 5 minutes, and your firm will often be fully registered within 3-5 days.
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Our staff has over 2 decades of experience, making us specialists in our industry. Take the stress out of establishing your business, and rest easy knowing you have the assistance you need to thrive.
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The entire procedure, from ordering to utilizing your company registration license, is designed to be as simple and direct as possible to aid in the growth of your firm.
Privacy and Protection
ustomer confidentiality and safety come first. We safeguard your financial, business, and personal information to the utmost degree.
What follows the generation of an Import Export Code (IEC)?
Congratulations!! on acquiring an Import Export Code! (IEC). The majority of entrepreneurs do not know what to do once the IEC has been generated. Listed below are the additional required registrations.
Different Registrations
Let's Deal With Your Confusions
IEC, or Importer Exporter Identifier, is a unique 10-digit alphanumeric code assigned to a corporate entity based on its Permanent Account Number (PAN).
Compliance with the IEC Code is essential in order to import or export any products or services. Unless specifically exempted, no individual or business may import or export without a current IEC Code Number.
Compliance with the IEC Code is essential in order to import or export any products or services. No person or company may import or export without a valid IEC Code Number, unless expressly exempted. It is perpetually valid; no renewal is necessary.
IEC is available to both individuals and businesses.
You can obtain an IEC through the Director General of Foreign Trade's office (DGFT).
Within 10 minutes, you will receive your IEC.
You can apply exclusively online at www.dgft.gov.in.
At Business Setup in India, we simplify the process of starting and running a successful business. Our expert team offers comprehensive services, from legal support to accounting and business advisory, tailored to meet the needs of entrepreneurs and companies.
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