Any person or business enterprise making export or import of goods in India
has to obtain Importer Exporter code (IEC).
In some cases IEC is not requires for instance, if we import or export goods for our
personal purpose we do not require IEC Registration.
For getting IEC an application for grant of IEC number is required to be made to the Regional
authority of the Directorate General of Foreign Trade (DGFT) under whose jurisdiction,
the registered office in case of company and Head office in case of others, is situated.
IE Code application must be made to the Directorate General of Foreign Trade along with
the necessary supporting documents. Once, the application is submitted, DGFT will issue
the IE Code for the entity in 15 - 20 working days or less.
IE Code does not require the filing of any return. Once, an IE Code is issued there are no further procedures required to maintain validity of the IE Code. Even if import or export transactions occur, there are no filings required to DGFT.
Even individuals who are proprietors of a business can obtain IE Code in their name. It is not necessary to incorporate a business entity for obtaining IE Code.
All Exporters who export goods or services from India require an IE Code. The IE Code must be quoted while sending shipments. And banks require the exporters IE Code while receiving money from abroad.
IE Code is issued for the lifetime of the entity and requires no renewal. So once a IE Code is obtained, it can be used by that entity for all its import or export transactions without any further hassles.
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