Overview

Every import/export business owner in India needs to have an import export code, which is a special 10-digit code. The Director-General of Foreign Trade (DGFT), Ministry of Commerce, issues the code, which requires neither filing nor renewal. Importers need IEC in order to transfer money to foreign banks, clear customs, and ship goods. To deliver shipments and receive funds from overseas banks, exporters need their IEC. In India, importers and exporters must obtain the IEC in order to conduct business.

Benefits

The IEC registration enables businesses to register as online e-commerce operators and otherwise enter the worldwide market.
Companies can take use of government programmes like the MEIS (Merchandise Export from India Scheme), SEIS (Service Export from India Scheme), and others from customs and export promotion.
There are no compliance requirements for pos registration, making it quite easy to manage the firm.
IEC can be obtained quickly and easily with only the most fundamental of paperwork.

How to Register for an IEC

You must complete the following easy IEC registration steps in order to obtain your import export licence online.
Step 1: Submit all necessary documentation, including bank information and a DSC Step 2: Submit the online IEC application form to the Directorate General of Foreign Trade (DGFT)
Step 3: After the authorities have approved the application and documentation, the entity will be given a soft copy of the import export code.

Documents Required

The paperwork needed for an IEC registration is not too difficult to get. The minimal documents that must be submitted are listed below.
PAN card for the business (not applicable in case of the proprietor)
PAN and Aadhaar cards of the applicant (driver’s licence, Aadhaar, and voter ID)
Certificate of incorporation or Partnership Deed
Address documentation (energy bill, lease, or office building selling deed)
Copy of a bank certificate or cancelled check leaf for the current account held in the business’s name.

Exemption of IEC

individuals who import and export products for personal purposes unrelated to trade, agriculture, or manufacturing
Parties/individuals who import/export products to/from Nepal and Myanmar with a single consignment must not exceed a value of 25,000 through Indo-Myanmar border areas and China (through NamgayaShipkila, Gunji, and Nathula ports).
According to appendix 3, schedule 2 of the ITC, exports of materials, organisms, special chemicals, equipment, and technology (SCOMET) by central and state government ministries and departments are not excluded from the requirement to get an IEC.
Non-commercial PSUs and the categories of importers and exporters listed against them shall use the following permanent IEC numbers for import and export purposes.

Importer Exporter Code Glossary

Automated Export System (AES)
U.S. exporters use the Automated Export System (AES) to electronically report their foreign shipments to the Census Bureau, which aids in the compilation of export and trade data for the United States.

Regulations for Foreign Trade
Government regulation of unfair techniques of competition and unfair or deceptive corporate acts or practices fall within the legal category of trade regulation, which is frequently grouped with antitrust.

Definition of POA
A power of attorney, also known as a letter of attorney, is a formal directive to represent or act in another person’s interest in business, personal matters, or other legal matters. The principle, grantor, or donor is the party giving the other permission to act (of the power). The agent, or in some cases common law, is the only one with the authority to act.