All businesses which are engaged in Import and Export of goods compulsorily require IEC Certificate.
Import Export Code (in short IEC Code) is a ten digit number with permanent validity granted by Directorate General of Foreign Trade under Ministry of Commerce and Industry, to any bonafide person/ company for carrying out import/export. Importers are not allowed to proceed without this code and exporters can’t take benefit of exports from DGFT, customs, Export Promotion Council, if they don’t have this code.
When will there be requirement of IE code
At following instances the IE Code would be required:
When an importer has to clear his shipments from the customs then it’s needed by the customs authorities.
When an importer sends money abroad through banks then it’s needed by the bank.
When an exporter has to send his shipments then it’s needed by the customs port.
When an exporter receives money in foreign currency directly into his bank account then submission of IEC is required by the bank.
One doesn’t need to be a registered entity to apply for import export code; you can apply even as an individual. IEC Certificate is also known as Export License, Import License, IE Code, IEC code, EXIM License. All have the same meaning.
You may get in touch with Chithragupta compliance manager on : 8074555580 or email : email@example.com for free consultation.
Documents Required for IEC Registration
Photograph of applicant
Self-attested PAN Card of all directors/partners/proprietor
Residential Address Proof of all directors/partners/proprietor