IEC Registration: Fees, Validity, Documents & Benefits

If you wish to import and export of goods then you must know about IEC registration. In case you are an existing importer and exporter, then you must have IEC code. IEC stands for Import Export Code. IEC registration is necessary for entering in integration market.

IEC registration, also recognized as Importer Exporter Code registration, is very crucial for any individual or business, wishing to engage in import or export activities in India. IEC has a unique 10-digit code having lifetime validity, issued by the Director General of Foreign Trade (DGFT) is essential for customs clearance, opening a foreign exchange account, complying with foreign trade policies and regulations, avail various benefits and incentives provided by the government for exporters and establish the credibility in the global market.

The process of obtaining an IEC registration consists of submitting an online application along with supporting documents, followed by verification and approval by the concerned authorities. In this blog, we will explore the IEC registration fees, IEC fees, import export code registration fees, IEC validity, and IEC code validity, along with the registration process and document requirements. IEC registration opens up a wide avenue for businesses to participate in global trade. It is a strategic move for businesses looking to expand globally. IEC certificate verification can also help businesses confirm their IEC details when required for import and export activities. Let’s continue reading to learn more about IEC registration and its important requirements.

Benefits of (IEC) Import Export Code

The benefits of IEC registration are several, some of the general benefits are as follows:-

• Unlocks Global Market:- As IE code/registration is required to start the import and export from India and with the help of this you can also expand your business globally. IEC allows to access the international markets for the business trade. 
• Lifetime Validity:- Once you obtain the IEC code, it has lifetime validity and can be used for multiple import and export transactions. Therefore there is no requirement to update or renew of IE code.
• Prohibits Illegal transport of Goods:- It is one of the most basic points of registration for the IEC, in order to stop the illegal practice of importing and exporting goods, IEC plays vital role. If you have an Import-Export code, it means you have provided authentic information and you are authorized by Government to import and export of products.
• Government schemes:- IEC does not only come up with the authority of import and export, apart from this, it carries plenty of benefits for importers and exporters. If any business or entity is registered and carries IE code then it can be entitled to get government subsidies, Duty drawback, export promotion capital goods scheme and export subsidies.
• Enhance Credibility with Brand Building:- IEC adds more trust and credibility of your business in the international market among international trading partners. Ultimately it enhances your number of sales and customers, because of an authorized importer and exporter from India. Therefore, organizations must prioritize IEC registration as a fundamental step for increasing their global competitiveness and ensuring compliance with international trade regulations.

Who Can Obtain IEC?

Any of the below-mentioned firms can be eligible to apply for the Import-Export Code:-

1. Sole-Proprietorship
2. Partnership Firms
3. LLP (Limited Liability Partnership)
4. Any type of Company like Private or Public Limited Company.
5. Trust
6. HUF (Hindu Undivided Family)
7. Society
8. Start-ups
9. Small Scale Industries

Document Requirement for IEC

There are various documents required for the IEC registration, make sure you have all of the documents mentioned below ready for the successful registration:

1. Proof of establishment, incorporation or registration certificate
2. PAN Card
3. Bank certificate or cancelled cheque
4. Valid Address Proof such as rent agreement, lease document or utility bill etc
5. Digital-sized photograph of the authorised persons
6. Letter of the Authorization
7. GST certificate (if any)

Note:- Address might be verified physically by the DGFT before issuing IEC. 

IEC Registration Fees

The brief information about the fee for fresh IEC registration and any modification in IEC profile is given below:- 

• The government fee for the fresh IE code registration is Rs. 500/-.
• In case of any modification and amendments in your IEC profile, the fee is Rs. 200/-. 

Note:- Updatation of IEC is mandatory every year.

Why choose CRSPL Business Consultant for IEC?

1. Detailed Guidance:- The experts of CRSPL will provide your every single detail and guidance so that you do not miss any step. We will keep you updated about eligibility criteria, document requirement and the application process. 
2. Preparation Assistance:- CRSPL assists you in preparing all necessary documents for the successful application. 
3. Application Submission:- CRSPL handles the entire application submission process by ensuring all the details are accurate and in a proper manner on behalf of our client.
4. Follow-up Support:- CRSPL will proactively track the status of your application and also keep you informed about the process with timely updates. Once your IEC is approved, CRSPL will assist you in obtaining it.
5. Expert Consultants:- For any query related to IEC and foreign Trade, you can meet business consultants at CRSPL. They are readily available to assist you.