Import Export Code (IEC) is mandatory for businesses engaged in international trade. This guide explains everything about IEC registration in India.
What is Import Export Code (IEC)?
Import Export Code (IEC) is a 10-digit unique identification number issued by the Directorate General of Foreign Trade (DGFT), Ministry of Commerce and Industry. It is mandatory for any business importing or exporting goods and services from India.
Who Needs IEC?
- Businesses importing goods into India
- Businesses exporting goods from India
- Service providers receiving foreign exchange
- Businesses receiving or making foreign remittances
Exemptions from IEC
- Personal imports/exports not connected with trade
- Imports/exports by government departments
- Notified categories under Foreign Trade Policy
Benefits of IEC Registration
1. Legal Authorization
IEC is the legal authorization to import/export goods and services. Without it, customs won't clear your shipments.
2. No Compliance Burden
Once obtained, IEC doesn't require any annual returns or renewals. It's valid for lifetime unless cancelled.
3. Access to Global Markets
IEC opens doors to international trade opportunities and global markets.
4. Government Benefits
Avail export incentives, duty drawback, and other benefits under Foreign Trade Policy.
5. DGFT Schemes
Access to various DGFT schemes like EPCG, Advance Authorization, etc.
Documents Required for IEC
For Proprietorship
- PAN card of proprietor
- Aadhaar card of proprietor
- Passport-size photograph
- Cancelled cheque (bank account in proprietor's name)
- Address proof of business premises
For Company/LLP/Partnership
- PAN of entity
- Certificate of Incorporation/Registration
- PAN and Aadhaar of directors/partners
- Cancelled cheque in entity's name
- Address proof of registered office
- Board resolution (for companies)
IEC Registration Process
Step 1: Visit DGFT Website
Go to dgft.gov.in and click on "Apply for IEC".
Step 2: Create User Account
Register on the portal with your email and mobile number.
Step 3: Fill Application Form (ANF 2A)
Enter all required details including PAN, entity details, bank account, etc.
Step 4: Upload Documents
Upload required documents in specified format (PDF/JPEG).
Step 5: Pay Fee
Pay the application fee of Rs. 500 online.
Step 6: Submit Application
Review and submit the application with DSC.
Step 7: Receive IEC
IEC is typically issued within 2-3 working days.
IEC Registration Fees
| Component | Fee |
|---|---|
| DGFT Application Fee | Rs. 500 |
| Professional Fee (LegalX India) | Rs. 1,499 |
Timeline for IEC Registration
| Stage | Duration |
|---|---|
| Document Preparation | 1 day |
| Application Filing | 1 day |
| DGFT Processing | 2-3 working days |
| Total | 3-5 working days |
IEC Modification and Amendment
IEC can be modified for:
- Change in business name
- Change in address
- Addition/removal of partners/directors
- Change in bank account
Amendment Fee: Rs. 200
Annual IEC Update
From 2021, IEC holders must update their IEC details annually between April-June through:
- Confirming existing details OR
- Updating changed details
Non-compliance may lead to IEC deactivation.
Frequently Asked Questions
Is IEC required for services?
Yes, IEC is required for receiving foreign exchange for services rendered to foreign clients.
Can one person have multiple IECs?
No, one PAN can have only one IEC. However, different entities with different PANs can have separate IECs.
Is IEC renewal required?
No renewal required. IEC is valid for lifetime unless surrendered or cancelled.
Can IEC be cancelled?
Yes, DGFT can cancel IEC for violations or on voluntary surrender by the holder.
Why Choose LegalX India?
- Expert Team: Trade compliance specialists
- Fast Processing: IEC in 3-5 working days
- End-to-End Support: From documentation to certificate
- Post-Registration: Annual update assistance
Written by
CA Priya Mehta
Chartered Accountant with expertise in import-export compliance and international trade.