In the era of globalization, businesses aim to expand beyond domestic markets, but international ventures require compliance with various procedures and laws, including obtaining necessary registrations and licenses. In India, companies involved in import and export must obtain an Import Export (IE) Code, a unique 10-digit code issued by the Director General of Foreign Trade (DGFT). This code is mandatory for engaging in import and export activities and accessing DGFT benefits. The IE Code is issued within 2-5 working days upon application submission.
Benefits of IEC Registration
The Importer Exporter Code (IEC) enables international market access, promoting business growth. Benefits from the Directorate General of Foreign Trade (DGFT), Export Promotion Councils, and Customs are available with the IEC, which requires no returns and is valid for a lifetime without renewal. Customs and banks mandate the IEC for clearing imports and facilitating international money transfers. The IEC also allows traders to register with global e-commerce platforms and benefit from government schemes like the Merchandise Export from India Scheme (MEIS) and the Service Export from India Scheme (SEIS). With no post-registration compliance, maintaining the business is straightforward. Additionally, banks require the IEC for exporters to receive foreign currency directly into their accounts.
HOW TO APPLY FOR THE ISSUENCE OF IEC CODE :
Exporters and importers must file an online application in Form ANF 2A, providing address proof and a pre-printed cheque or bank certificate. All required documents, including bank details and a Digital Signature Certificate (DSC), must be submitted to the Directorate General of Foreign Trade (DGFT). After document and application verification, the Import Export Code (IEC) will be issued as a soft copy. Applicants will receive IEC allotment notification via SMS or email, with a link to download and print the IEC. The IEC profile must be updated annually.
