The IEC is required for buying or selling goods outside the nation and hence as a sole proprietor, you need to apply for IEC code registration. The IEC code is obtained from the Directorate General of Foreign Trade. It is a permanent 10-digit number to perform any foreign transaction. To acquire, the IEC code, a sole proprietorship should follow some steps. In this article, you will get to know about the benefits of the IEC code for sole proprietorship firm.
How to obtain IEC Code Registration online?
- Login or Sign up on our website.
- Upload the Documents required for IEC Code Registration on our web portal.
- Choose a Package and Pay Online.
- One of our dedicated professionals will assist you in document preparation and resolving all your queries.
- Then, the IEC Code Registration expert will prepare your application and submit it to DGFT.
- After successful verification from the government, you will get IEC Code Registration delivered to your email.
You can also understand the procedure of How to Download IEC Certificate Online and download the IEC Code anytime from the official website of DGFT.
Benefits of IEC code for Sole proprietorship firm
- This certificate can be downloaded easily and also you can share it online with the concerned parties
- You can enhance relationships with your clients or customers and prove your authenticity.
- The department allocates IEC code only to those businessmen who can provide genuine information about their business. So, it prevents the entry and dispatch of illegal goods from the country.
- The DGFT allocates the Import export code within 10 to 15 days after screening the applications and some documents. The procedure of registration is shorter.
- You can apply for various Government schemes.
- The IEC certificate is also required for AD Code Registration.
- The Export Promotion Council provides subsidies to the exporters. They can export the goods even without paying taxes after submitting the undertaking letter to the GST.
- The exporters or importers need not fulfill any statutory compliance such as filing of returns.
Uses of IEC code
- You can perform the following foreign transactions.
- At the airport for cargo clearance, this code should be specified to the authorities.
- Any foreign bank asks this code to convert currency.
- Your goods are accepted at the port only if you have the IEC code.
- If your money is deposited in a foreign currency, then this code is required.
The IEC code is essential to perform any foreign transaction and sell or buy goods from other countries. You can expand your business operations and attract customers from different parts of the world. This code ensures that you are an authorized dealer who sells authentic goods to the parties.
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