Import-export code registration also called IE Code registration is compulsory when the enterprise is engaged in the sale or purchase of goods from foreign countries. In the case of the service industry, it is mandatory to get registered with the IE code. IE code is issued by the Director general of foreign trade.
After the Implementation of GST, i.e. code number is the same as the pan number of the entity.
How to apply IE code, and what is eligibility?
- Any business that intends to do trading with foreign countries and transactions with foreign countries can apply for the IE code, it is mandatory for those companies, and still, any other company can apply.
- IEC application is a completely online process
- It is approved as a straight-through process, which means there is no manual approval.
- IE code applications can be made as merchant exporters, manufacturers, merchant exporters cum manufacturers, etc.
- IE code application, once validated and submitted successfully, the certificate will be generated automatically.
What are the documents required for IE code application?
- PAN card of business
- PAN card AADHAAR card of proprietor/ all partners/ all directors.
- Printed Cancelled cheque leaf of bank letter in the name of the business
- Organization Digital signature for other than a proprietorship.
- In the case of the proprietorship, if the pan name and AADHAAR name are not the same, we need to apply a Class 3 digital signature for IE code registration.
- Incorporation certificate of the company
- The rental agreement for the business address
Compliance and features of IE code
- Instant generation of IE code certificate
- No expiry
- No renewal
- Not required to file any returns
- Easy documentation
- The total transparent and online process
- Easy modification procedure
- Can be applied to any business
Precautions for IE code registration
- As approval is a straight thorough process, it is right to upload only proper documents to the IE code registration portal, improper upload of documents may result in action by the department.
- Enter proper particulars in IE code registration form
- DSC applied should match with the pan name for both company and partner/director
- Any modification to IEC requires additional documents
- It is recommended to provide permanent bank account details
- Apply IE code in the business name in case transactions will be made in the business name. Some dealers face issues in this regard.