All You Need to Know About Starting a Company
What is Importer Exporter Code?
Importer Exporter Code is a requirement to all businesses which are involved in import and export of goods.
You will not be able to import or export if you do not have this code. You don't have to be a registered entity to apply for this.Even an individual can apply for this. It does not apply to technology and services.The IEC is a 10-digit code with validity of lifetime. It is issued by the Directorate General of Foreign Trade.
What You Need to Know
National Validity
After issuing the IEC once,it is valid nationwide in all your branches or factories. You have to quote it when your goods go through customs and when you are sending money abroad or receiving money from abroad.
No Filings Required
You don't have to file or pay any taxes for the transactions which are done using IEC code .
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GuideSkillIEC Process
- You have to submit copies of PAN cards, identity, address proofs and four passport-sized photographs of the proprietor/partners/directors. Private limited companies should also submit the Memorandum, Articles of Associationand Certificate of Incorporation whereas Partnerships must submit the Partnership Agreement. Details of current account of enterprise, the type of exporter, MSME registration also have to be sent in. A copy of the company's letterhead may also be required.
- We will file the application in the required AayaatNiryaat Form 2A (ANF 2A) format to the Regional Authority of the Directorate General of Foreign Trade (DGFT). The application will be filed in the region where the registered office of the company is located.
- The IEC will be ready in two business days if all the documents arein order.
