IEC Registration

Overview of IEC (Import and Export Certificate):

The Importer Exporter Code (IEC) is a 10-digit unique identification number issued by the Directorate General of Foreign Trade (DGFT), Ministry of Commerce and Industry, Government of India. It is a mandatory requirement for businesses or individuals involved in importing or exporting goods and services.

Why IEC is Needed: IEC serves as a key document for businesses engaging in international trade. It is required for:

• Facilitating customs clearance for imports and exports.
• Availing various benefits, such as incentives or subsidies provided by the government.
• Opening a foreign currency bank account in the name of the business.

Eligibility for IEC: Any individual or business entity that wants to engage in importing or exporting goods and services can apply for IEC. There are no restrictions on the type or size of the business.

Benefits of IEC: Having an IEC offers several advantages:

• Global Trade: Enables businesses to engage in international trade.
• Availing Benefits: Access to benefits or concessions provided by the government.
• Expansion Opportunities: Opens up opportunities for global business expansion.
• Bank Transactions: Required for making foreign currency transactions.

Process of Obtaining IEC:

• Preparation of Documents: Gather the necessary documents required for IEC application.
• Online Application: Apply for IEC through the DGFT online portal with the submission of the application form and required documents.
• Payment of Fees: Pay the applicable fee for IEC through online payment modes.
• Verification and Issuance: The DGFT verifies the application and documents, and upon approval, issues the IEC.

Documents Required for IEC:

• PAN (Permanent Account Number) of the applicant entity or individual.
• Current Bank Account details.
• Cancelled cheque bearing the name of the applicant.
• Passport-sized photograph of the applicant.
• Copy of the partnership deed or Certificate of Incorporation.
• Memorandum of Association (MOA) and Articles of Association (AOA).
• Board Resolution in favor of the applicant (for companies).

Time Frame for IEC Issuance: The entire process of obtaining IEC, from application submission to issuance, typically takes around 2 to 7 working days, depending on the completeness of documents and the processing time by DGFT.

Why Hire Lawtech for IEC Process:

• Expert Guidance: Lawtech provides expert guidance on the IEC application process, ensuring accurate and timely submission.
• Document Preparation: Assistance in the preparation of required documents, reducing the chances of errors or omissions.
• Efficiency and Compliance: Ensuring that the application is processed efficiently and in compliance with DGFT regulations.
• Timely Updates: Keeping clients informed about the progress of the IEC application and promptly addressing any issues that may arise.
• Comprehensive Support: Offering end-to-end support throughout the IEC application process, from documentation to issuance.

By choosing Lawtech for your IEC application, you benefit from a streamlined and hassle-free process, allowing your business to smoothly engage in international trade activities.