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Any legal person in India who wants to do import export business in India is required to have an Import Export Code (IEC).
Director General of Foreign Trade (DGFT) issue IEC Code is a 10-digit code Importer Exporter Code, which is mandatory for every organisation who does or intends to do the business of Import-Export.
It is only applicable when goods are imported or exported for business purposes and not when goods are imported for personal use.
Importers are not allowed to proceed without this code and exporters can’t take benefit of exports from DGFT, customs, Export Promotion Council, if they don’t have this code.
Yes, Export License, Import License, IE Code, IEC code, EXIM License. All have the same meaning.
Yes, There is no restriction on you to have a business registered.
IEC is for life time, but it requires to be renewed / updated online every year. IE code is valid nationwide and across all factories or branches of the organization
Importers are not allowed to proceed without this code and exporters can’t take benefit of exports from DGFT, customs, Export Promotion Council, if they don’t have this code.