Import Export Code (IEC) Registration - Fees, Documents, Process, Validity
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Import Export Code Registration - Overview
Import Export Code is a ten-digit unique code assigned to an individual or company and is required for every import/export operation. The first step in expanding a business abroad is to export and import products and services. Trading not only helps the business personnel individually but also provides benefits to the country as a whole. The government has prioritized trade facilitation 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. Expanding business globally could be the very first step towards this. Import Export Code renewal every year is mandatory now for IEC License holders. Once the import export code is issued, exporters can apply for port registration on the ICEGATE portal with the help of AD Code registration.
What is the Import Export Code?
Import Export Code is a ten-digit unique code assigned to an individual or 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 the DGFT portal on a yearly basis.
Documents Required for obtaining IEC License
Before proceeding to the process of Registration lets have information regarding the documents needed to get Import Export Code License Online in India. The nature of the firm obtaining an IEC may be any of the follows- “Sole Proprietorship, Partnership, LLP, Private Limited Company & Public Limited Company, Trust, HUF and Society.”
The documents that would be required are as follows:
- PAN of the business entity
- Address Proof of the applicant’s entity (electricity bill)
- Registration/Certification Number
- Bank account details of the entity with Cancelled Cheque
- Identity proof (Aadhaar Card, Voter Id Card, Passport)
- Passport size photograph
Import Export Code Registration Fees
| Item | Amount (in ₹) |
|---|---|
| Government Fees | 500 |
| Taxvilla Fees (Professional) | 999 |
| Total Cost | 1499 |
Note: The aforementioned fees are exclusive of GST.
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