The abbreviation of IEC is Importer- Exporter Code. IEC is regarded as a key business identification number that is compulsory for the purpose of export from India as well for the purpose of import to India. Without having an IEC no export, as well as import, must be made by any person. It is not a hard process but an easy process to obtain IEC Code from the DGFT within a time span of 10-15 days after the submission of the application. After the IEC Code is obtained, the code is used for the purpose of import as well as export. The validity of the IEC Code remains for its lifetime unless and until one’s canceled it.
IEC is regarded as a key business identification number that is compulsory for the purpose of export from India as well for the purpose of import to India. Without having an IEC no export, as well as import, must be made by any person. The following documents required in the case of the proprietor are as follows:
- Pan Card.
- Aadhar Card.
- Electricity Bill or Rent Deed.
- Cancel Cheque.
The documents required in the case of Partnership are as follows:
- Partnership Firm Pan Card.
- Partnership Deed.
- Aadhar Card and Pan Card of all partners.
- Cancel Cheque of Partnership Firm.
An Importer Exporter Code is mandatory for the export as well as the import of goods. IEC Code is necessary for those who want to start their import/export business. The IEC Code is issued by the DGFT and it is a 10-digit code that has validity for a lifetime. The IEC Code is compulsory only for the purpose of commercial and business. one can definitely apply for the modification of IEC by updating their existing importer-exporter certificate.
The applicant must fill the IEC Registration form and make payment. Otherwise, the applicant can also send their documents at firstname.lastname@example.org.
If the applicant doesn’t know the procedures to fill the IEC Registration Form then he/she can call the IEC executive. Only the required documents one must have to send to them along with the payment. Then the IEC expert will do everything for the applicant. With the introduction of GST, IEC Code is issued is the same as the PAN of the firm. The IEC Code is applied on behalf of a firm that may be a Partnership, LLP, Limited Company, Proprietorship, Trust, HUF. The firm should have a PAN, bank account in the name of the firm along with a valid address before getting applied.