Importers and exporters engaged in the trade of goods must obtain Import Export Code (IEC) registration, a ten-digit number issued by the Directorate General of Foreign Trade under the Ministry of Commerce and Industry. This code is essential for conducting import/export activities and has permanent validity.

IEC is mandatory in several scenarios:
– Importers require IEC to clear shipments through customs.
– For remitting money abroad, banks require IEC from importers.
– Exporters need IEC for customs clearance at ports.
– When exporters receive foreign currency payments directly into their bank accounts, banks require IEC documentation.

Applying for IEC does not necessitate being a registered entity; individuals can also apply. The IEC Certificate is also referred to as Export License, Import License, or EXIM License, all having the same significance.

It’s important to note that as per recent GDFT notification, IEC License renewal/update is required annually between April and June.

Ebizfiling offers comprehensive services including IEC registration in Mumbai, along with startup advisory, secretarial compliance, PAN/TAN application, DIN registration, GST registration, trademark registration, and GST/income tax return filing. For more information and a free consultation, please contact our compliance manager at +91 978-331-0077 or email info@yogeshnaatani.com.