IEC application in Surat

Ask our experts now

Online Chartered can help you form a producers company in most convenient way.

Get Free Consultation

    Home
    Registration and Licensing Services
    IEC application

    What is IEC and Why is it Important?

    The Import Export Code (IEC) is a unique identifier required for any individual, business, or organization engaged in import or export activities in India. Without IEC, you cannot legally import or export goods or services.

    Key Highlights of IEC

    Having a PAN is essential for anyone earning or handling significant financial transactions in India. Here’s why PAN is important:

    Universal Validity:

    The same IEC can be used for all branches, divisions, or units of a business. 

    No Renewal Needed:

    Once issued, an IEC is valid for a lifetime. 

    Mandatory for International Trade:

    It is required for customs clearance, international payments, and availing of benefits from export promotion schemes.

    Documents Required for Applying for IEC

    The documents needed for an IEC application vary based on the type of applicant. Here's a detailed list:

    For Proprietorship:

    1. PAN Card and Aadhar Card of the proprietor. 

    2. Valid Email ID and Mobile Number (for OTP verification). 

    3. Address Proof of the applicant, such as utility bills or rent agreements. 

    4. Cancelled Cheque of the proprietor’s bank account. 

    For Companies/Firms/LLPs:

    1. PAN Card of the organization. 

    2. Udyog Aadhar or MSME Certificate. 

    3. PAN Card and Aadhar Card of all directors/partners. 

    4. Valid Email ID and Mobile Number of the applicant. 

    5. Address Proof of the business (e.g., utility bill, lease agreement). 

    6. Cancelled Cheque of the organization’s bank account. 

    How Long is the IEC Valid?

    IEC is valid for a lifetime. Once IEC is issued, there is no need to renew it or pay the annual fees. It can be used for all import and export activities across all of your business locations.

    How to Surrender an IEC? If you decide to stop your import/export business or no longer wish to use your IEC, you can surrender it. Here's how:

    • Inform the issuing authority (DGFT) that you wish to surrender the IEC.
    • Once the intimation is received, the authority will electronically cancel the IEC and inform DGFT and customs authorities.

    FAQs About IEC

    Do I need an IEC for exporting services?

    Yes, IEC is required for both goods and services if you are receiving payments in foreign currency. 

    Can a single IEC be used for multiple branches?

    Yes, one IEC is valid for all branches, divisions, or units of the same business. 

    How much time does it take to get an IEC?

    Once the application and document are submitted, it normally takes 2 to 5 working days to process and issue the IEC. 

    Is there any fee for applying for IEC?

    Yes, a nominal fee is required to apply for IEC through the DGFT portal. 

    Can I update my IEC details?

    Yes, you can update your IEC details (like address, email, or mobile number) through the DGFT online portal. 

    What happens if I don’t have an IEC?

    Without an IEC, you cannot import/export goods or services. Additionally, you may miss out on benefits offered under export promotion schemes.