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Know More About IMPORT - EXPORT CODE
Introduction and its Compliance
In today’s globally connected economy, businesses seeking to expand their operations across the borders require legal authorization in order to trade globally. The Import Export Code (IEC) is a mandatory registration issued by the Directorate General of Foreign Trade (DGFT), Ministry of Commerce, Government of India. Without a valid IEC, no individual or business entity can engage in the import or export of goods and services. At Lawfinity, we offer end-to-end hassle free IEC registration to enable business in initiating and developing their international trade business and to make sure they adhere to the laws.
Why It Is Needed
The Import Export Code is essential for any business intending to engage in cross-border trade activities. Without IEC, businesses cannot legally import or export goods and services. Without IEC, companies cannot import and export goods and services. Customs, bank and many other regulatory bodies ask for IEC while clearing the shipments from foreign countries and in case of sending money abroad. Lawfinity helps businesses obtain this crucial licence, allowing them to unlock global opportunities and operate with credibility in the international market.
Benefits and Advantages
- Legal Authorization IEC provides legal sanction to businesses for engaging in import-export activities, ensuring that their transactions comply with international trade regulations.
- Business Expansion With IEC, businesses can explore new global markets, expand their reach and increase revenue streams. Lawfinity assists businesses in leveraging this opportunity effectively.
- Customs Clearance and Remittances IEC is required for customs clearance of goods and receiving foreign currency payments directly into business accounts.
- Lifetime Validity Once issued, the IEC remains valid for the lifetime of the entity, eliminating the need for periodic renewals, unless surrendered or cancelled.
- Simplified Process With the expert assistance of Lawfinity, businesses can complete the entire registration process quickly and accurately, avoiding unnecessary delays.
Eligibility Criteria
Any of the following entities can apply for IEC registration through Lawfinity:
- Proprietorship Firms
- Partnership Firms
- Limited Liability Partnerships (LLPs)
- Private Limited Companies
- Public Limited Companies
- Trusts, Societies and HUFs
- Individuals intending to engage in import-export activities
There is no minimum turnover requirement to obtain IEC.
- Even newly established businesses can apply.
Documents Required
- KYC Documents of Directors/partners/owners (Email id, Mobile No. PAN, Aadhaar, Voter id, Bank Statement etc.)
- Address proof of the business (Electricity Bill, Rent Agreement, Property Documents)
- Cancelled Cheque of the entity’s current account
- Digital photograph of the applicant
- Incorporation documents (for companies, LLPs and other entities)
- Certificate of business registration
- Board Resolution or authorization letter (for companies)
Steps for Getting Registration
- Consultation & Document Collection: Our experts understand your business requirements and collect all necessary documents.
- Application Preparation: Lawfinity prepares the online IEC application in the prescribed format as per DGFT guidelines.
- Submission to DGFT: The application, along with supporting documents, is submitted electronically to the DGFT portal.
- Fee Payment: The statutory government fees are paid online.
- Verification & Issuance: DGFT reviews the application and, upon verification, issues the IEC in electronic form.
- Delivery to Client: Lawfinity shares the IEC certificate with the client and assists in any post-registration formalities.
Penalties
- Seizure or detention of goods by customs authorities
- Monetary penalties imposed by DGFT and customs
- Delays in customs clearance and financial transactions
- Legal consequences for non-compliance with the Foreign Trade Act
Timelines
Preparation and submission of application
1 to 2 working days
Issuance by DGFT (post verification)
2 to 5 working days
Thus, in most cases, clients receive their IEC certificate
within 5 to 7 working days, depending on document readiness and DGFT processing time.
Timelines may vary depending on document verification and government approvals.
Fee
Frequently Asked Questions
Because every great business starts with the right answers.
Yes. Even for export of services where foreign remittances are received, IEC is mandatory.
No. IEC is valid for a lifetime unless it is cancelled or surrendered.
Yes. Individuals can apply for IEC using their personal PAN if they intend to engage in import/export activities.
As of now, the government fee is ₹500. Lawfinity offers complete services including professional handling at affordable fees.
Yes. Any change in business details can be updated by filing an amendment application on the DGFT portal.
Failure to update IEC may lead to discrepancies during customs clearance or international transactions.
IEC is not required for goods imported strictly for personal use and not for commercial purposes.
Lawfinity offers end-to-end assistance including consultation, documentation, application filing and post-registration support ensuring a hassle-free process.
Yes. DGFT can suspend or cancel IEC in case of violation of regulations. Lawfinity assists in compliance to avoid such situations.
Voices of Success
Hear from those who have thrived with us and discover how businesses have transformed and grown with our expert guidance and support.
Anil Yadav
Shaperz India Grain Private Limited
“From FSSAI to Trade License, Lawfinity handled all our approvals efficiently. One-stop solution for all licensing needs.”
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