The code is issued by the Director-General of Foreign Trade (DGFT), Ministry of Commerce, and needs no filing or renewal. IEC is required by importers to clear customs and shipment, and to transfer money to foreign banks. Exporters require their IEC to send shipments and receive money from foreign banks. In short, no importer/exporter can operate in India without getting the IEC.
Benefits of IEC Code
- The IEC registration helps traders open the doors to venture into the global market, including registration in online e-commerce operators.
- Businesses can avail government schemes like the Merchandise Export from India Scheme (MEIS), the Service Export from India Scheme (SEIS), and others from customs and export promotion.
- No compliance requirements pos registration and hence maintaining the business is relatively simple.
- The process of obtaining IEC is not tedious and can be obtained with minimal, basic documents.
- PAN card of the company (not applicable in case of the proprietor)
- Applicant’s PAN and Aadhaar card (driving license/Aadhaar/voter ID)
- Incorporation certificate/partnership deed
- Address proof (electricity bill/rent agreement/sale deed of the office location)
- Copy of cancelled cheque leaf/banker certificate of the current account in the name of the company.