Import Export Code

IEC refer as Import Export Code is the 10-digit number that is required business organization or a people if they engage in the business of import or export of goods or service or both. This code is issued by designated Indian Government Department DGFT (Director General of Foreign trade) controlled by the Ministry of Commerce and Industries. One’s IEC issued valid for the lifetime of the entity. Hence, there will be no bother for changing, return filing, and renewal of the Import Export Code/License; however, if there is the change in the name and office address holder of code, have to inform such change to DGFT.

One of the filings of an application for the issue of the Import-Export Code department takes 1- 2 working days to generate the code. Issued code can be in the name of an organization or Individual. Import Export Code refers to the same as import Export License.

As IE code license is a one-time registration and valid for a lifetime without filing any annual return or documents under the act, it is suggested all companies and LLPs take Import Export License after Registration of Company.

IE Code Registration Exemption

An Import Export Code is needed for import or export of any type of goods or services by an organization or Individual. However, here is a list of the person who exempts to take Import Export Code Registration and list is as follows:

1. Central Government or agencies or undertakings Import and export of goods or services for defense purposes or other specified goods or services listed under Foreign Trade (exemption from the application of Rules in certain cases) Order, 1993.
2. Importer and Export of Goods for personal use by air.

List of mandatory documents required for Import Export License?

For License for Import Export following are the document needed to file with DGFT

PAN Card Copy of applicant:- Permanent account number (PAN) is a prerequisite for any applicant wish to obtain an import-export license must have a valid PAN. However, in the case of proprietorship firm, proprietors PAN required. If any organization or body corporate has not to PAN Number, they have to apply first online on the NSDL portal.  

Address proof: – A valid address proof must be submitted for Import export license.

In the case of a company or other body Incorporated, the following proof is valid –

1. Sale deed, in case the business premises is self-owned; or
2. Rental/lease agreement in case the premise is rented/leased; or
3. Latest electricity/landline/ mobile bill in the name of the applicant entity; or
4. GST registration certificate; or
5. In case of a proprietorship, the following proof is valid –
   1. Aadhar card;
   2. Voters ID;
   3. Passport.

However, the above address proof mentioned must be in the name of Company or applicant on whom behalf application for Import Export needs to file. Further, in case of a proprietorship, the address proof in the name of an individual as per notification issued on 12th December 2018) by DGFT.

Bank Account Proof

Preprinted name of the applicant on cheque or Latest Bank statement in the name of the applicant. In case proprietorship or Individual, it should be in the name of such proprietor or Individual. Further, DGFT has been clarified vide Trade Notice No. 39/2018-19 that a cheque not having name preprinted of Bank account holder will not be constituted as bank account proof.

Import Export Code Issuance and fee

In the event of successful submission of application for Import Export, appropriate registration fees with the documents required for code need to be paid online. On the payment of fee, online IEC will be auto-generate. Information related to allotment of import-export code will be sent by DGFT to an applicant’s registered Mobile no via SMS and E-mail along with unique information and web-link using that web-link the e-IEC can be downloaded and printed. The certificate of import and export code is in electronic form containing details of the applicant with a 10 digit code and can be downloaded from the website of DGFT. Hence an import-export license issued online and auto-generated, the issuing regional authority can do post-verification for the legality of business as per the guidelines. If an applicant has filed any wrong/incomplete document it being furnished, the applicant would be liable for penalty or action under the law, and DGFT has the right to cancel the import-export code issued.

 Mandatory Documents Required for Import Export Code application

Below mentioned are the documents need for making an import-export Code license application in India.

For Proprietorship Firm:-

1. Color passport size photo of the proprietor.
2. Self-attested copy of the PAN card of the proprietor.
3. Copy of government-issued Identity Proof such as passport/voter id/valid driving license/Aadhar Card.
4. Rent Agreement or NOC in the name of proprietor must indicate for commercial purposes.
5. Bank Certificate such as cancel cheque or Bank statement.

For Partnership Firm:-

1. Color passport size photo of anyone authorized partner
2. A true copy of Partnership deed
3. Copy of government-issued Identity Proof such as passport/voter id/valid driving license/Aadhar Card of a partner who is authorized.
4. Rent Agreement or NOC in the name of partnership firm must indicate for commercial purpose
5. Bank Certificates such as cancel cheque or Bank statement in the name of Partnership Firm

For LLP:-

1. Color passport size photo of anyone authorized Designated Partner
2. Certificate of Incorporation issued by MCA
3. Copy of government-issued Identity Proof such as passport/voter id/valid driving license/Aadhar Card of a designated partner who is authorized.
4. Rent Agreement or NOC in the name of LLP must indicate for commercial purposes.
5. Bank Certificate such as cancel cheque or Bank statement in the name of LLP.

For Company:-

1. Color passport size photo of anyone authorized Director
2. Certificate of Incorporation issued by MCA
3. Copy of government-issued Identity Proof such as passport/voter id/valid driving license/Aadhar Card of Director who is authorized.
4. Rent Agreement or NOC in the name of the Company must indicate for commercial purposes.
5. Bank Certificate such as cancel cheque or Bank statement in the name of the Company.