Import Export Code (IEC) Registration - Fees, Documents, Process, Validity

Import Export Code is a ten-digit unique code assigned to an individual/company and is required for every import/export operation. The first step in expanding a business abroad is to export and import products & services. Trading not only helps the business personnel individually but also provide benefits to the Country as well. The government has prioritized trade facilitation in order to reduce transaction costs and time.

The various provisions of the Foreign Trade Policy and measures taken by the government in the direction of trade facilitation have been consolidated for the purpose of import and export trade. The most important aspect of a company's success is growth. Expansion of business globally could be the very first step towards this. Import Export Code Renewal every year is mandatory now for IEC License holders.

What is the Import Export Code?

Import Export Code is a ten-digit unique code assigned to an individual/company and is required for every import/export operation. The DGFT is in charge of issuing import export codes. DGFT stands for Director General of Foreign Trade. Importer Exporter Code is the full form of IEC, although it is more commonly known as import export code.

Unlike other government licenses, the Import Export Code does not need to be renewed on a regular basis. However, one needs to update the status of IEC license on dgft portal on a yearly basis.

Benefits of Import Export License

Since discussion about business can’t be completed without mentioning the profit and the loss. Our focus is to provide legal benefit to your business, so we would be taking the profit portion forward. The government has made trade facilitation a priority in order to minimize transaction costs and time, making Indian exports more competitive. For the benefit of import and export trade, the various provisions of the Foreign Trade Policy and steps taken by the government in the direction of trade facilitation are consolidated.

Want to know how IEC could be useful for your business? Let’s have a look how IEC can help you as an exporter or importer:

Overseas TradingImport Export Code provides you the facility to expand your business over foreign countries. The basic and most important thing you would need while trading oversea is the Importer Exporter Code. IEC opens your road to expansion and growth on foreign lands.

Legalise Business overseasThe code provides you the license to export your goods and services to any other country and to import the essentials of your business to your own country. It makes your trade over cross borders easy and legal.

Online ServiceNow Obtaining IEC could be avail at the ease of sitting home. If you provide accurate and all documents then you could have it at your home. The need to hustle to the government office will not come into the way.

Export/Import subsidiesThe government offers benefits such as export subsidies and excise tax concessions in case of import. If the import is completed within the specified time period, some tax relief might be available. In the case of exports, the government offers a subsidy on all the exports taxes. These advantages are only available to those who are enrolled with the IEC.

Necessity at CustomsThe importer's IEC Code must be declared to Customs, and the Bill of Lading must reflect this. All bills of lading for cargo destined for or transshipped through Indian ports must include the Indian consignee's IEC Code.

Facilitates Electronic Fund Transfer (EFT) EFT (Electronic Fund Transfer) is a new service offered to exporters that allows them to submit their license fee via the Internet rather than visiting a bank to make the payment. This procedure is being proposed to make electronic payments more convenient. Only electronically filed applications will be accepted.

IEC Validity and Renewal

Unlike other government licenses, the Import Export Code earlier was not needed to renew on a regular basis. However, after the amendments in Import Export Code related provisions under Chapter 1 and 2 of Foreign Trade Policy on 12th February, 2021 Import Export Code now has to be renewed each and every year. This amendment made the update of IEC code details mandatory for all IEC or e-IEC holders on DGFT portal each year. Even if there are no updates in IEC, the same has to be confirmed online

Online Import Export Code Registration with Legal Papers India

The complications in understanding the process and providing appropriate documents are very much hectic. The chances of application rejection are very much high at each and every step of documents uploading. There are different formats of Digital Signature Certificate that one must upload depending on their criteria. Help from the experts are advised to ease the process of IEC application. You can apply for IEC with just three simple steps with us.