Import Export Code or IE Code is required for undertaking import of export transactions and availing benefits under schemes like SEIS or MEIS. Connect2Business offers IE Code registration from Rs.4899/-
Import Export (IE) Code is a registration required for persons importing or exporting goods and services from India. IE Code is issued by the Directorate General of Foreign Trade (DGFT), Ministry of Commerce and Industries, Government of India. IE Codes when issued can be used by the entity throughout its existence and doesn’t require any renewal or filing. Therefore, it is recommended for most organizations to obtain IE Code, irrespective of if they need it at the moment.
IE Code application must be made to the Directorate General of Foreign Trade along with the necessary supporting documents. Once, the application is submitted, DGFT will issue the IE Code for the entity in 15 – 20 working days or less.
All Importers who import goods into India require an IE Code. The IE Code must be quoted while clearing customs. Also, banks require the importers IE Code while sending money abroad.
IE Code does not require the filing of any return. Once, an IE Code is issued there are no further procedures required to maintain validity of the IE Code. Even if import or export transactions occur, there are no filings required to DGFT.
All Exporters who export goods or services from India require an IE Code. The IE Code must be quoted while sending shipments. And banks require the exporters IE Code while receiving money from abroad.
Even individuals who are proprietors of a business can obtain IE Code in their name. It is not necessary to incorporate a business entity for obtaining IE Code.
IE Code is issued for the lifetime of the entity and requires no renewal. So once a IE Code is obtained, it can be used by that entity for all its import or export transactions without any further hassles.
Identity and address proof will be required for all directors and shareholders of the company to be incorporated. In case of Indian nationals, PAN is mandatory. For foreign nationals, apostilled or notarised copy of passport must be submitted mandatorily. All documents submitted must be valid. Residence proof documents like bank statement or electricity bill must be less than 2 months old.
All companies must have a registered office in India. To prove access to the registered office, a recent copy of the electricity bill or property tax receipt or water bill must be submitted. Along with the utility bill, rental agreement or sale deed and a letter from the landlord with his/her consent to use the office as a registered office of a company must be submitted.
IE Code stands for Import Export Code. It is required for any person importing or exporting goods and services to or from India.
All importers must mention their IE Code while clearing customs when their goods arrive in India. All exporters must mention their IE Code while exporting their goods from India. Additionally, now RBI requests person importing or exporting services to also mention IE Code in foreign remittances in bank account. Therefore, IE Code is required for anyone involved in import or export in India.
No. IE Code is not a tax registration. So no tax is levied based on IE Code during import or export of goods or services. However, customs duty maybe levied.
Any person who proposes to import or export goods and services from or to India must obtain IE Code.
Yes, individuals acting as Proprietors of a business can obtain IE Code Registration.
To obtain IE Code registration, a copy of PAN Card, proof of address of business and constitution of the business [Partnership deed, Incorporation Certificate, etc.,] and a letter from the banker is required.
IE Code Registration can be obtained from the DGFT in 10-15 working days after submission of all required documents and application.
IE Code is not a mandatory registration, only importers and exporters of goods or services must have IE Code. Therefore, there is no penalty for not having IE Code; however, import / export will not be possible without an IE Code.
No. Returns need NOT be filed for IE Code.
IE Code is valid for life-time of the entity and renewal is also not necessary.
We can help you register a proprietorship in 3 to 5 days, subject to government and client processing time.
Got questions? Request a call from an our Business Advisor.
An Tax Expert will prepare your IE Code Application in the prescribed format along with the necessary supporting documents and obtain your signature in the application.
Once the application is prepared, Connect2business will submit the IE Code Application to the Directorate General of Foreign Trade for further processing and allotment of IE Code.
Once the application and the attached supporting documents are verified, the Directorate General of Foreign Trade will allot a IE Code for your business.