It’s a unique identification number required for businesses to import or export goods in India. This code is allocated by the Directorate General of Foreign Trade (DGFT).
Any business or individual involved in importing or exporting products must obtain this code. It is essential for conducting international trade legally and facilitates smooth customs clearance. Without an IEC code, you cannot legally import or export goods, which can lead to penalties, shipment delays, and disruptions in your trade activities.
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Legal Requirement: The IEC is mandatory for any business or individual looking to import or export goods, making sure that you comply with Indian trade regulations.
Customs Clearance: Having an IEC helps you clear your goods through customs without delays or legal problems during shipping.
Access to Global Markets: With an IEC, you can grow your business by entering international markets and exploring new global trade opportunities.
Financial Transactions: You need an IEC to handle foreign transactions, like receiving payments from international clients or paying suppliers abroad.
Government Benefits: Getting an IEC can make you eligible for government schemes and incentives that help promote international trade and support exporters.
An IEC can be applied for by different types of businesses, including sole proprietorships, partnerships, LLPs, limited companies, trusts, Hindu Undivided Families (HUFs), and societies.
Before applying for IEC, the firm must have a PAN card, a bank account in its name, and a valid address.
The DGFT may physically check the address before issuing the IEC.
Have your PAN, bank details, and firm information ready before you apply.
You should be ready with your photos
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1. Fill in the application form
2. Upload all the required documents
3. Submit the application form
4. You can download the IEC code
Gathering documents and filling registration form
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An IEC is a unique identification number issued by the Directorate General of Foreign Trade (DGFT) that is required for businesses to import or export goods from India.
The IEC is issued by the Directorate General of Foreign Trade (DGFT), which operates under the Ministry of Commerce and Industry, Government of India.
Any business or individual involved in importing or exporting goods must obtain an IEC to conduct international trade legally.
You can apply for an IEC online through the DGFT’s official website by filling out the application form and submitting the required documents.
Required documents typically include a PAN card, a bank account statement, proof of business address, and a passport-sized photograph of the applicant.
First of all, it’s mandatory to update your IEC profile every year otherwise the profile will be deactivated.
Without an IEC, you cannot legally import or export goods, which can lead to delays, fines, and legal issues with customs authorities.
You can reach out to us at support@legalverifier.com. Our team will assist you with any queries or issues you may have.