What is Import and Export Code?
Import and Export Code is a unique 10 digit number allotted, on application, to every importer and exporter by the Director General of Foreign Trade. Importer and Exporter code is also called as the IEC or IE Code. Every organisation which is involved in the activity of importing some products into India and Exporting some products from India, in that case it is mandatory for Import and Export Code Registration. This IE Code densest require any renewal as this is a onetime registration.
Who can Apply for IE Code:
Any ‘Person’ or ‘Organisation’ which is involved in Import or Export activity, either it may be a Proprietorship firm or Partnership firm or Body Incorporate can apply for IE Code. But however, obtaining an IE Code alone doesn’t permit someone for export or import, further necessary licence are also required.
Characteristics of IE Code
Every Exporters and Importers requires an IE Code
No renewal & any returns is required
Even a Proprietor can have IE Code
Even surrender of IEC Code is possible
Advantages of IE Code Registration
- International Exposure: This helps you to move your business towards Globalization
- Government benefits: There are so many export scheme by Government of India. hence by registering under IEC, you can avail schemes and benefits of DGFT
- Lifetime validity: This IEC Registration is a life time validity so there is no need for renewal of the same
- No annual maintenance: No specific returns to be subsisted for IEC, hence there is no annual maintenance fee.
- Simple procedure: The procedure for getting an IEC is very simple, there is no big documentation to be submitted. The list of documents are listed below. No direct inspection while registration.
Documents that are required
The documents that are required for ie code registration are furnished below as the required document set for the proprietor, partnership and body corporate.