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Import Export Code is obtained for selling goods or providing services internationally. One cannot sell goods in a foreign market without IEC whether in big or small amounts. It is a 10 digit number issued by the Directorate General of Foreign Trade (DGFT), Government of India to a person who does import or export goods or services from abroad.
Documents required for getting IEC.
1. PAN card of the business / Proprietor.
2. Photograph of Director / Proprietor / Designated Partner / Partner / Authorised Signatory / Karta, (depending on the form of entity)
3. Proof of identity of the Director / Proprietor / Designated Partner / Partner / Authorised Signatory / Karta. Such documents include Aadhaar, PAN, Passport, Driving license or any other Government-issued identity document would be required.
4. Proof address of the business:
· In the case of leased property, the copy of the lease deed along with an EB bill/water bill /telephonic bill.
· In case of own property, copy of sale deed along with the EB bill/ water bill / telephonic bill.
5. Current Bank account number along with the canceled cheque.
6. Banker’s certificate.
7. Registration Certificate / Documents of the business like COI, Partnership deed, Trust Deed, Society registration certificate, (depending on the form of an entity)
8. Cover letter of the company for issuing IEC.
Process of getting IEC
The process of getting an IEC is very easy. We just need to submit the IEC application to DGFT along with the required documents and prescribed fees. The DGFT after verification will issue the code.
Importance of having IEC.
· Acts as a license for doing business internationally.
· Clearing of goods from custom is done by IEC.
· Companies can enjoy various benefits by having IEC.
· It restricts the transport of illegal goods.
· No hassles for updating, filing, and renewal of IE Code registration. So, What is Instade Alogs is all about? It is an audio learning and discussion forum enriching our listeners to get all the valuable insights related to the professional world. You can connect with us on Linkedin | Twitter | Facebook | Instagram
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Instade Knowledge Base (KB)
A collection of Articles, Updates and other informational Podcasts altogether at a single place.
