An Overview of Import Export Code

The Import and Export companies are mandated to register themselves with the Indian Customs Department. After the registration, the companies get their unique 10-digit code known as the Import Export Code or the IE Code. The Directorate General of Foreign Trade (DGFT) that comes under the Ministry of Commerce, Government of India, is the government body that issues the IE code to the companies.
The IE code is needed for the importers to transfer money to foreign banks and clear their shipments and customs, while exporters must have the IE Code to receive their funds from the foreign banks and send out their shipments to their customers.

Our team at Taxrepair is one of the best in the industry to assist our clients in getting their import export registration without any hassle. We are a trusted partner for companies across the sectors for their registration and licensing requirements.

Documents Required for Import Export Code

• Self-Attested copy of Individual’s or Company’s of Firm’s PAN Card
• Scanned and self-attested copy (ID Proof):
• Individual’s Aadhar card
• Passport
• Voters ID
• Driving license
• Any photo identity issued by the Government of India
• Copies of cancelled cheque or banker’s certificate of the Individual’s or company’s or firm’s current account in the bank.
• The scanned copy of the rental agreement if the registered office is on leased or rented property (Address Proof)
• The latest scanned copy of NOC from the property owner if the registered office is leased or rented. (Address Proof)
• Partnership Deed/Incorporation certificate
• A self-addressed envelope for delivery of Import Export Code certificate by registered post

Benefits Import Export Code

Access to Global Market

Getting the IE code is mandatory for all the importers and exporters; this helps them access the global market for their products and services. Moreover, as the IE code is the primary document to start the import and export or start an international dealing, i.e., it is like a passport to get an entry into the international market, it helps the entity increase their global reach and expand their business worldwide.

Lifetime Validity

The IE Code is a one-time investment for the importers and exporters as the registration number is permanent and is acceptable for a lifetime. The IE code is with the business owner till the business exists. Furthermore, the business owner doesn’t have to pay any annual maintenance fees as well as there is no requirement of renewal or filings of the registration.

No Compliance Requirements

The importer and exporter with the IE Code do not have any compliance requirements. The business owners are also not compliant to file the periodic returns once the IE Code is allocated to them, thereby keeping the business activities simple. This no compliance requirement
feature saves up a considerable amount of time for the business owners and can concentrate even more on their core business.

Reduces Illegal Transportation

The IE Code is only obtained after thorough verification of the information provided by the business owners, and the government official does not allot the IE code; if the information provided is not authentic and accurate, this stringent checking process has helped in restricting the illegal transportation of goods overseas, as the issuance of IE code is only made to those business owners who have passed the rigorous checking, and it will only happen when the information disclosed to the official is legal.

The benefit of Government Schemes

A business entity with an IE Code can avail many benefits from the various government schemes through subsidies declared by the Export Promotion Council, Customs, or other government authorities as well as can also take advantage of the schemes like The Service Export from India Scheme (SEIS), Merchandise Export from India Scheme (MEIS).

Timelines of Import Export Code

Partnering with Taxrepair will ensure that the process of getting the IE Code is done efficiently and is cost-effective for our clients. The entire process of getting the IE Code will take approximately 10-15 days, subject to the availability of the government official, along with the
time taken by them for approval and reverts.

Contact our team of professionals at Taxrepair via email or contact us to get expert assistance for all your registration and licensing requirements.