Sellers selling goods outside the state/country is called the export of good and purchasing goods from other countries is called import of goods. When you decide to sell the goods and services of your firm in international markets, first obtain the Import Export Code (IEC).
In the process of import and export of goods, IEC is used for clearing goods from custom authority or service provider. It is a 10 digit unique number that is issued by Directorate General of Foreign Trade (DGFT), Government of India. It does not matter how small or big your business firm is, no seller can import and export goods without IEC.
Note: It does not matter how small or big your business firm is, no seller can import and export goods without IEC.
It is easy to obtain the Import Export Code online, just upload the documents and pay online.
Importance of IEC
- IEC acts as a License for Importing and Exporting goods.
- IEC is registered along with dealer code details with the port through which the goods are being imported or export.
- Goods are cleared from customs authorities through IEC.
- IEC reduces transport of illegal goods: No one can obtain IEC without full information of the good that will be imported or exported. Thus it restricts transport of illegal goods.
- Companies can enjoy various benefits on imports and exports from DGFT, Customs, and Export Promotion Council etc.
Obtain Import Export Code online
First of all, ensure the eligibility criteria for getting an import export code. following documents is the required criteria to get the IEC.
- PAN number;
- Current Bank Account;
- Premises proof (property papers, if self-owned/rent agreement if rented);
- Identity proof;
- Banker’s certificate;
- Company’s cover Letter for the issue of IEC number.
An IEC application form is submitted to Regional Joint DGFT office with the above documents attached.
For any help in obtaining the Import Export Code, feel free to contact us at LegalRaatsa.