What is IEC Registration

Import Export Code is a ten-digit code having the validity of a lifetime, issued by the Directorate General of Foreign Trade (DGFT), Government of India. It is required by every person involved in the business of importing/exporting goods or services. If you are planning to start either an import or export or both type of business in India then the first thing you would need is the Import Export Code. An IEC Registration is vital when you are carrying out a business of importing or exporting goods or services. If in case, the import or export is related to services, then Import Export License is compulsory. Exceptional circumstances such as dealing with nuclear weapons, guns, managing atomic weapons, programmed firearms, etc., the national security and hence is not permitted by the Government of India

Notwithstanding, of the negative influence of the demonetization, India grew its fastest in the export 274.65 billion business in the year of 2016-2017. The government has taken diverse steps to make the policies easier related to the exports in India and which in reality helped in minimizing the corruption and eased the process of doing business. Therefore, every entrepreneur, start-ups, and other companies should be aware of the legal policies and the procedure by which they can set their foot in the import-export business in India. However, without a valid IEC Registration, an entity would not be able to sow the seed of your import/export business.

The following documents for obtaining an Import Export Code are required:-

● A copy of PAN card

● Photocopy of the Aadhar Card or passport Copy or voter id

● One cancelled cheque of the current bank account

● Copy of the rent agreement or electricity bill of the premise.