Import Export Code (IEC) is a mandatory registration for individuals or businesses involved in importing or exporting goods and services from India. Issued by the DGFT under the Ministry of Commerce, IEC is a PAN-based code essential for global trade.
Anyone involved in importing or exporting goods or services to or from India must obtain IEC registration. Even if you plan to start import-export operations in the future, getting IEC in advance through Finworko ensures you're ready to trade globally without delays.
Importers must provide the IEC for customs clearance, and banks require it to process outward remittances. Similarly, exporters need to quote the IEC when shipping goods overseas, and banks use it to receive payments from abroad.
IEC does not require any return filing or renewal procedures. It remains valid for a lifetime, with no need to file updates with the DGFT during transactions.
Any individual, sole proprietor, partnership firm, LLP, or company can apply for an IEC. Having a formally registered business entity is not mandatory to obtain the code.
IEC is valid for a lifetime and does not require any renewal, ensuring long-term compliance with no additional maintenance.
IEC allows businesses to access various benefits and incentives on exports and imports from DGFT, Export Promotion Councils, Customs, and other authorities.