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Import Export Code (IEC) License Registration Online In India
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IEC Code Registration
An import export code is a unique 10-digit code that is required for every import/export business owner in India. The IEC code is issued by the Director-General of Foreign Trade (DGFT), Ministry of Commerce, and needs no filing or renewal. IEC Number is required by importers to clear customs and shipment, and to transfer money to foreign banks. Exporters require their IEC Code to send shipments and receive money from foreign banks. In short, no importer/exporter can operate in India without getting the IEC Number.
Benefits of IEC Code
- The IEC registration helps traders including online e-commerce operators open the doors to venture into the global market
- 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 post registration and hence maintaining the business is relatively simple
- The process of obtaining IEC Code is not tedious and can be obtained with minimal, basic documents.
How to Register for an IEC License Online?
To get your import export license online, you will need to do the following simple IEC registration steps.
- Step 1: All the required documents, including bank details and Digital Signature Certificate, have to be submitted
- Step 2:The online IEC application form will be filed with the Directorate General of Foreign Trade (DGFT)
- Step 3:Â Once the documents and application are verified by the authorities, the import export code will be granted as a soft copy to the applicant or the entity.
Documents Required for Import Export Code Registration
The documents required for an IEC License registration are listed below.
- 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.
Eligibility to Get IEC Code
Any type of business registration: sole proprietorship, partnership, private limited companies, charitable organizations dealing with import and exports in India can register for import export code, irrespective of the size. However, an IEC Number is not required for import/export of goods for personal use, which are not connected with trade, manufacture, or agriculture. There is no need for a business set up.
Exemption of Import Export Code
- Persons undertaking Import and Export in India for personal reasons and not connected to trade, agriculture and manufacture
- The parties/individuals who import/export goods to/from Nepal and Myanmar with single consignment must not exceed the value of ₹25,000 through Indo-Myanmar border areas and China (via Namgaya Shipkila, Gunji, and Nathula ports)
- As listed in appendix – 3, schedule 2 of ITC, exemption from obtaining IEC Code shall not be applicable for export of materials, organisms, special chemicals, equipments & technologies (SCOMET)
- Ministries/departments of central and state governments.
The following permanent IEC numbers shall be used by non-commercial PSUs and categories of importers/exporters mentioned against them for import/export purposes.
| S.No | Code Number | Categories of Importers / Exporters |
|---|---|---|
| 1 | 0100000011 | All Ministries / Departments of Central Government and agencies wholly or partially owned by them. |
| 2 | 0100000029 | All Ministries / Departments of any State Government and agencies wholly or partially owned by them. |
| 3 | 0100000037 | Diplomatic personnel, Counselor officers in India and officials of UNO and its specialised agencies. |
| 4 | 0100000045 | Indians returning from / going abroad and claiming benefit under Baggage Rules. |
| 5 | 0100000053 | Persons / Institutions / Hospitals importing or exporting goods for personal use, not connected with trade or manufacture or agriculture. |
| 6 | 0100000061 | Persons importing/exporting goods from/to Nepal |
| 7 | 0100000070 | Persons importing/exporting goods from/to Myanmar through Indo-Myanmar border areas |
| 8 | 0100000088 | Ford Foundation |
| 9 | 0100000096 | Importers importing goods for display or use in fairs/exhibitions or similar events under provisions of ATA Carnet. This IEC number can also be used by importers importing for exhibitions/fairs as per Para 2.29 of HBPv1. |
| 10 | 0100000100 | Director, National Blood Group Reference Laboratory, Bombay or their authorised offices. |
| 11 | 0100000126 | Individuals / Charitable Institution / Registered NGOs importing goods, which have been exempted from Customs duty under Notification issued by Ministry of Finance for bonafide use by victims affected by natural calamity. |
| 12 | 0100000134 | Persons importing/exporting permissible goods as notified from time to time, from/to China through Gunji, Namgaya Shipkila and Nathula ports, subject to value ceilings of single consignment as given in Para 2.8(iv) above. |
| 13 | 0100000169 | Non-commercial imports and exports by entities who have been authorised by the Reserve Bank of India (RBI). |
Commercial public sector undertakings (PSU) who have obtained PAN will, however, be required to obtain the import export code number. The permanent IEC number as mentioned above shall be used by non-commercial PSUs.
Recent Updates
Recently the Indian government made changes regarding the export policy of red sandalwood exclusively sourced from cultivated origin from private lands. As per Section 3 and Section 5 of foreign trade development and regulation Act of 1992 the amendment was conducted. The central government amended the policy conditions that were pre-existing under chapter 44 of ITC HS 2018 scheduled to.
As per amendments Red sanders wood is not acceptable for export. However, the following yearly export quotas for red sanders (Rerocarpus santulinus) are permitted in accordance with the recommendations of the BSI NDF Report, MoEF&CC. The state government must create a digital platform with geo-referenced sites and MIS that provides information on the number of trees, their age, and their breast height diameter. Specific management plans, harvest Plans, with approved rotation periods for sustainable harvest of red sanders wood from plantations in forest and non-forest regions must be included in the working policy guidelines of States.
Importer Exporter Code Glossary
AES: Automated Export System
Automated Export System (AES) is the system used by U.S. exporters to electronically declare their international exports to the census bureau to help compile U.S. export and trade statistics.
FTR: Foreign Trade Regulations
Trade regulation is a field of law, often bracketed with antitrust, including government regulation of unfair methods of competition and unfair or deceptive business acts or practices.
POA: Power of Attorney
A power of attorney or letter of attorney is a written authorisation to represent or act on another’s behalf in private affairs, business, or some other legal matter. The person authorising the other to act is the principal, grantor, or donor (of the power). The one authorised to act is the agent or, in some common law jurisdictions, the attorney-in-fact.
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Frequently Asked Questions
- Private Limited Company
By virtue of section 2(68) of the Companies Act, 2013, Private Limited Company is a type of company which offers limited liability with certain restrictions defined in regulations:
- restricts the right to transfer shares
- Limits the numbers of its members to 200
- Prohibits any invitation to the public to subscribe for any shares in, are debentures of the company(No Public Trading of Shares)
- Prohibits any invitation or acceptance of deposits from persons other than its member
- The word ‘Private Limited’ must be added at the end of its name
- One Person Company
One Person Company popularly known as OPC introduced in India under the Companies Act, 2013. The concept of OPC is a fusion of sole proprietorship and private company which intends to permit single economic entrepreneurship to take the advantages of a corporate form of organisation.
- Limited Liability Partnership
Limited Liability Partnership is a corporate entity registered under Limited Liability Partnership Act, 2008. It is a form of partnership firm that enjoys limited liability. It is a hybrid form of a partnership that includes the features of a company. Compliances for a company are applicable to LLP.
No, the whole incorporation process is online. You can send the scanned copy of all the required incorporation documents via e-mail. All the forms and documents are filed electronically and even signed digitally.
The company name should be selected with utmost care. The rules for selecting a company are:
- The name should be ended with the words “Private Limited” in case of private company, “OPC” in case of one person company and “LLP” in case of limited liability partnership which is mandated by law.
- The name must be unique.
- Follow the naming guidelines for better chances of approval.
- The name should be suggestive of the main objectives to be taken by the business entity.
- Private Limited Company
- Appointment of auditor
- Statutory audit of accounts
- Filing of annual return
- Filing of financial statements
- Holding Annual General Meeting (AGM)
- Prepare directors’ report
- Filing of income tax return
- One Person Company
- Appointment of statutory auditor
- Holding Board Meetings (BM)
- Filing of financial statements
- Filing of annual return
- Limited Liability Partnership
- Filing of financial statements
- Filing of annual return
- Filing of income tax return
- Appointment of auditor
- Filing of LLP annual return
You don’t need a proper office to incorporate a business entity. You can register your residential address as a registered place of your business with MCA for which some address proof along with the NOC (No Objection Certificate) has to be filed with the prescribed form.
NRIs only allowed to incorporate limited business entities in India including private limited company and limited liability partnership. Also, there is no requirement to obtain the prior approval from the government or RBI. But, in order to register a private company or an LLP at least one director/partner must be a resident of India. However, the private limited company is ideal for NRIs.
In order to execute the idea into a long-term business, choosing the right form of business is important. For start-ups, Private Limited Company is the best option for the following reasons:
- Limited legal compliances
- No minimum capital contribution
- Need only 2 directors and shareholders (both can be the same person)
- Funding can be raised
- Limited liability of the members
As per the relevant Act, there is no minimum requirement for Paid-up Share capital or contribution to incorporate a private company, one person company or limited liability partnership. However, each shareholder/partner should subscribe to a minimum one share of Rs.10 face value.