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IEC - Import Export Code
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Import Export Code (IEC)
What is Import Export Code?
An Importer Exporter Code (IEC) is a key business identification number which is mandatory for export from India or Import to India. No export or import shall be made by any person without obtaining an IEC.
For services exports, however, IEC shall not be necessary except when the service provider is taking benefits under the Foreign Trade Policy.
An individual or a business entity needs a 10 digit code to import or export products or services. This code is known as Import Export Code or IEC and it is issued by DGFT,
An individual or a business entity needs a 10 digit code to import or export products or services. This code is known as Import Export Code or IEC and it is issued by DGFT,
When is IEC code required?
- Customs authorities need it to clear shipments during imports.
- The bank needs it to transfer the money when imports are made.
- Similarly during export the shipments the IEC is required.
- When an exporter is supposed to receive money in foreign currency, IEC code is required to transfer the money to his account directly
Who can apply for IEC Code?
- Proprietorship
- Partnership
- LLP
- Limited Company
- Trust
- HUF
- Society
Documents required are:
- Two Colour Photographs of Promoters/Individuals/ Company/ Director
- PAN Card of each Shareholder and directors
- Identity Proof (Voter ID / Driving License/ Passport)
- Address Proof (Bank Statement / Electricity, Mobile, Telephone Bill)
- Proof of Registered Office
- Utility Bill as proof must be Latest
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