Import Export Code

Import Export Code

An Importer Exporter Code (IEC) is a key business identification number which is mandatory for export from India or Import to India. No export or import shall be made by any person without obtaining an IEC. For services exports however, IEC shall not be necessary except when the service provider is taking benefits under the Foreign Trade Policy. An individual or a business entity needs a 10 digit code to import or export products or services. This code is known as Import Export Code or IEC and it is issued by DGFT, Ministry of Commerce and Industries, Govt. of India.

When is IEC code required?

Who can apply for IEC Code?

The IEC code registration is applicable for all business registrations:

Proprietorship

Partnership

LLP

Limited Company

Trust

HUF

Society

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Frequently Asked Questions

The first step before starting a startup is to decide the legal structure in which form you want to run the business. The most preferred legal structure for a startup depends on various factors such as the nature of the business, funding requirements, liability concerns, and long-term goals. However, considering the funding perspective, VC’s and other investors considers private limited companies as the most preferred legal structure for Startups.

The decision of whether to form a private limited company or a Limited Liability Partnership (LLP) depends on various factors such as the nature of the business, the size of the business, and the long-term goals of the promoters. Both private limited companies and LLPs have their own advantages and disadvantages. But if you want to raise the funding or investments in the coming future from Angel Investors, Venture Capitalists, etc. than the entrepreneurs should go with the formation of private limited company as in LLP there is no equity shareholding and hence VC’s would not prefer to invest in LLP structure. Also, if you want to issue ESOP’s to your employees that can be possible only with the structure of private limited company.

Private Limited Company registration will approximately costs around INR 12,000 to INR 15,000 in India but with Taxeasy you can register your private limited company with cost as low as INR 7,999. Our this package includes company name approval assistance, Certificate of Incorporation (COI), PAN of Company, TAN of Company, MOA of Company, AOA of Company, DIN for 2 directors, DSC for 2 directors, ESIC registration, EPF registration, Company master data listing with 1 lakh of authorized & paid up capital and this package is inclusive of all government fees.

Company incorporation/registration is a whole online process. You just have to submit the requisite documents and our team of experts will take care of the further process.

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All IEC holders are now legally required to update and validate their IEC Details, even if there are no changes, from April to June once every year through Online system, failing which their IEC shall be de-activated and no import or export activity will be possible.

No, you cannot import legally if you do not possess a valid Import Export Code Registration Certificate. As per current notification by DGFT (Directorate General of Foreign Trade), No export or import shall be made by any person without obtaining an IEC unless specifically exempted.

Advantages of IEC for Import Export Businesses