Import Export (IEC) Code Registration and IEC Updation: Laws, Checklist and Procedure

Introduction Of IEC Code Registration

An import export code is a unique 10-digit code number which is mandatory required by every business owner who want to export and import their goods and services. The IEC code is issued by the Director-General of Foreign Trade (DGFT), Ministry of Commerce for lifetime validity. Importers required IEC to bring goods from foreign country and to transfer money for purchase of such goods in the foreign banks account. Exporters require their IEC to send goods and to receive money from foreign banks. In simple way importer/exporter cannot run their import export business operate in India without getting the IEC.

Exemption from IEC Registration

In case of import or export of services or technology, the IEC shall be required only when the service or technology provider is taking benefits under the Foreign Trade Policy or is dealing with specified services or technologies

As stated above that IEC is a compulsory for import/export from India, however, in the following cases IEC is not required:

1. Import/export of goods for personal use and not used for business purpose

2. Import/export by government departments/defense purpose and notified charitable organizations.

Validity

Import Export Code is valid for the life-time and it is not required for renewal.

When IEC Registration is needed

1. In case of imports the IE code is required to clear the shipment from the custom authorities.

2. It is needed by the bank to transfer the amount in the case of any exports/imports made.

3. In case of exports the IE code is required to send the shipment from one country to another.

4. When the exporter is supposed to receive money in foreign currency, and it is transferred directly into his bank account.

Process of IEC Code Registration

Today the market is very competitive and everyone wants to run their business even in the foreign countries. To operate their business globally business owner shall get IEC (Import Export Code). To get IEC (Import Export Code) the following procedure needs to follow:

Step: 1 Application for Import Export Code

Exporters/importers is required to file an online application in FORM ANF 2A.

Step: 2 Upload required documents

After file an application it is required to submit the required documents such as identity proof, address proof along with bank details & the certificate in respect of Form ANF2A.

Step: 3 Submitting the Application for Import Export Code and make online payment:

After filing the online application with the requisite documents the application should be submitted with the required fees.

Step: 4 Processing of application and receiving the Import Export Code Certificate

After Submitting the application the IEC will be auto-generated and allotment Intimation of IEC will be sent to an applicant via SMS and E-mail which the e-IEC can be downloaded and printed.

Step: 5 Post-Verification of IEC

Authority will done post-verification of the online IEC and after verification if there is any incomplete information found then the applicant is liable for penalty and then the authority can either suspend or cancelled the IEC Code.

Step: 6 Updation of e-IEC holder profile

After receiving the IEC code the IEC holder is required to update his profile. The ANF-1 of the Handbook of Procedure, 2015-2020 contains the profile of the importer/ exporter.

Checklist for IEC Code Registration

• Name of Business Entity

• Principal Place of Business Entity

• Branch Details

• Proof of Identity (PAN, Aadhaar card/driving license/voter ID)

• PAN Number of Entity 

• E-Mail ID 

• Contact Number

• Proof of Constitution of Business (Incorporation certificate/partnership deed)

• Proof of Principal place of business (electricity bill/rent agreement/sale deed of the office location)

• Cancelled Cheque/Bank Certificate as per ANF 2A(I)

• Covering Letter from a Firm/ company on its letterhead for an issue of new Import Export Code Number.

• Self-addressed envelope with a postal stamp affixed on the envelope for all documents required to be sent by Speed Post.

Documents required for IEC Registration

For Proprietorship/Individual Person

As a proof of Identity:

• Aadhaar card/Passport of Individual

• PAN card of Individual

Details of Bank account:

• Bank Certificate as per ANF 2A(I) or a canceled cheque

Proof of Principal place of business:

• In case of Self office: Sale deed, copy of electricity bill/water bill/landline bill/ property tax receipt/a copy of municipal khata

• In case of Rented office: Electricity bill or Rent/leased agreement and NOC (No objection certificate) from the owner.

For Partnership Firm

As a proof of Identity:

• Aadhaar card/ passport of all the partners

• PAN card of firm

• PAN Card of all partners

Proof of Constitution of Business:

• Certificate of Registration/Partnership Deed

Details of Bank account:

• Bank Certificate as per ANF 2A(I) or a canceled cheque

Proof of Principal place of business:

• Self office: Sale deed, copy of electricity bill/water bill/landline bill/ property tax receipt/a copy of municipal khata

• Rented office: Electricity bill or Rent/leased agreement and NOC (No objection certificate) from the owner.

For Limited Liability Partnership

As a proof of Identity:

• Aadhaar card/ passport of all the designated partners

• PAN card of Entity

• PAN Card of all designated partners

Proof of Constitution of Business:

• Certificate of Incorporation

Details of Bank account:

• Bank Certificate as per ANF 2A(I) or a canceled cheque

Proof of Principal place of business:

• Own office: Sale deed, copy of electricity bill/water bill/landline bill/ property tax receipt/a copy of municipal khata

• Rented or leased office: Electricity bill or Rent/leased agreement and NOC (No objection certificate) from the owner.

For Companies

As a proof of Identity:

• Aadhaar card/ passport of all directors

• PAN card of Entity

• PAN Card of all directors

Proof of Constitution of Business:

• Certificate of Incorporation

Details of Bank account:

• Bank Certificate as per ANF 2A(I) or a canceled cheque

Proof of Principal place of business:

• Own office: Sale deed, copy of electricity bill/water bill/landline bill/ property tax receipt/a copy of municipal khata

• Rented or leased office: Electricity bill or Rent/leased agreement and NOC (No objection certificate) from the owner.

Benefits of IEC Registration

• Expansion of Business

IEC helps the business entrepreneurs to expand their business from local market to global market and grow their businesses.

• Availing Several Benefits

IEC helps in availing various benefits such as Export Promotion Council, Customs, etc.

• No Filing of Returns

Business owners or companies who taking IEC Registration needs not to file any return for any export import transactions to the DGFT department.

• Ease and Online Registration

IEC Registration is very easy and simple process applicant just needs to apply it online and after verifications of all documents submitted the DGFT will issue the IEC after submitting the application.

• No Need for renewal

IEC code is one time process it does not require any renewal after taking it. Business entity having the IEC can use it for lifetime for doing any export and import transactions.

• Validity of IEC

Import Export Code is valid for lifetime, so it is not required to update or renew it.

• Surrender of IEC

In case the IEC holder does not want to operate the Import export business then he can surrender the IEC by informing the DGFT. The DGFT after receiving the request for surrender cancel the IEC Registration.

• Modification in IEC

Import Export Code registration can be modified by filing an online application with all the required documents along with the modification fee.

Update Import Export Code(IEC) Registration

The Importer or exporter required the updating of IEC whenever required. The Import Export Code registration can be modified or updated by filing an online application in Form ANF 2A (Application Form for Issue / Modification in Importer Exporter Code Number) with all the required documents along with the modification fee. IEC modification is required under following circumstances:

• Statutory Modification

IEC holders are legally required to update and validate their IEC Details, even if there are no changes. It should be required once in every year by filing an online application, if IEC will not update within the prescribed time limit then it will get deactivated and then importer exporter are not allowed to do any import export activity. It will be re-activated only after the successful updation. As per the guidelines of the import-export laws the IEC certificate can be modified as per those guidelines in compliance of the statutory compliance.

• Voluntary Modification

If the IEC certificate holder founds that there is any error or incorrect information in the IEC certificate then it can be modified. If there is any change in the mobile number, email id or any other details then IEC can be modified  .

• Business Address Modification

If the importer or exporter has changed their business address then the same should be update or modified in the IEC certificate by filing an online application with such updated address along with all supporting documents.

• Change in the Company name

If the importer or exporter has changed their business name then the IEC certificate should be updated by filing an online application along with the supporting documents.

• Partners addition or deletion

If the importer or exporter has decided to include or exclude any partner or director then the IEC certificate should be updated with those changes by filing an online application.

Documents Required for IEC Updating/Modification

IEC Holder requires following documents to update IEC Certificate.

• Photograph of the applicant.

• Proof of Identity (PAN, Aadhaar card/driving license/voter ID)

• PAN Number of Entity 

• Proof of Principal place of business (electricity bill/rent agreement/sale deed of the office location)

• Proof of Constitution of Business (Incorporation certificate/partnership deed)

• Cancelled Cheque/Bank Certificate as per ANF 2A(I)

• Original IEC certificate

• Description of modification

After submission of all documents the process of modification will be initiated and after the updation approved the updated IEC certificate within 2-3 working days.

Frequently Asked Question

1. How long does it take to obtain IEC code?

Import Export Code Registration can be obtained from the DGFT in 1-2 working days after submission of all required documents and application.

2. Who requires an Import Export Code?

Every business owner who want to export and import their goods and services mandatory requires to takes Import Export Code.

3. In what are conditions IEC is not required to be obtained?

• Import/export of goods for personal use and not used for business purpose

• Import/export by government departments/defense purpose and notified charitable organizations.

4. What is the validity of IE Code?

Import Export Code is valid for lifetime, so it is not required to update or renew it.

5. Is sole proprietorship, can take IEC registration?

Yes every company, a firm or even sole proprietorship can get IEC registration for the purpose of business of Export or Import.

6. If there is any Return I have to file?

No, there is no such requirement.

7. Can I get more than one IE code registration?

No only one Import Export Code will be issued by the DGFT. In case of more than one Import Export Code then it should be surrendered for cancellation.

8. Can I surrender my IE code registration?

Yes you can surrender Import Export Code registration after informing to the issuing authority.

9. Can I modify my IE code?

Yes, Import Export Code registration can be modified by filing an online application with all the required documents along with the modification fee.

How can Compliance Calendar LLP help?

Compliance Calendar LLP has a team of Professionals and can help you in IEC Code Registration and IEC Updation and manage each and every compliances from anywhere in India. We will prepare all the documents required to IEC Code Registration and IEC Updation. Our team will provide you a complete checklist for the documents which are required to IEC Code Registration and IEC Updation.  We will help you in obtaining your import export code Registration Online and also informed you about the status of your application. We make the process of IEC Code Registration and IEC Updation very easy with our team of experts. For IEC Code Registration and IEC Updation in India, compliance Calendar is one of the most popular consulting entity as it helps in whole the process of Registration. IEC Code Registration and IEC Updation is a legal process and therefore it is prudent to assign work to a professionally managed firm like CCL. We will help you to ensure that all your compliance related deadlines are handled in consistent, timely and thorough manner we can be your true guide to the proper Compliance. If you have any questions, feel free to email us at info@ccoffice.in or WhatsApp/Call at 9988424211