We all know Import and Export Business is profitable in India. However, there is a cut-throat competition for strict laws. Before going global, there are a number of procedures and rules that must be followed, as well as a number of registration and licensing requirements. When importing or exporting from India, you’ll need an IEC. In this article, you will learn all about the Import Export Code (IEC) Meaning, Benefits, Requirements, etc.
What is the meaning of the Import Export Code (IEC)?
Import Export is a 10-digit code. The government of India’s Ministry of Commerce and Industry, DGFT, is responsible for issuing this code
This code’s validity is indefinite, therefore there’s no need to keep it up to date or renew it. It takes 5-15 working days to create this code after all papers have been submitted and corrected as needed.
This code is known by a variety of names, including, import-export license, import-export number, IE code, IEC Code Registration, IE license, and so on.
You can get IEC Registration in your own name or in the name of your corporation. It is valid for all of its divisions/units/factories/branches after it has been issued once.
Understand the Requirement of Import Export Code Registration
When starting an import and export company in India’s Indian Territory, firms and businesses must have this code as per government rules and regulations. Without this code, it is impossible to conduct export or import transactions.
Import & Export (IEC) is mandatory for everyone who wants to start an import-export business in the country.
The Import-Export (IEC) is primarily used by importers and exporters, and without it, they are unable to take advantage of the DGFT’s export schemes and other benefits.
Furthermore, the requirement of Import Export Code Registration becomes even more important in the following cases:
- The customs officials require it when an importer is required to clear his cargo from customs.
- When an importer sends money overseas via banks, the banks are required to know the IEC Code.
- When an exporter needs to transport his goods, the customs port will require it.
- In the case where an exporter gets money in a foreign currency directly into his account, then the bank requires it.
Benefits of IEC Registration
- It helps in the expansion of your business to a global level.
- Fulfills the legal obligation of Import-Export Business.
- Import-Export Code Registration is available online.
- Any business entity can use Impor- Export Code Registration for a lifetime.
- No renewal procedure.
- Document Requirement to get IEC Registration is minimal.
- You don’t need to file any returns after getting IEC Code.
- Every year you can update IEC Code online easily.
IEC (Import Export Code) Registration Documentation Requirement
- A copy of a person’s or company’s PAN Card.
- An individual’s voter id or Aadhar card or passport copy.
- Cancellation copies of existing cheques of current bank account for individuals or businesses.
- Copies of the lease agreement or the electric bill
- Bank Certificate as per ANF 2A/
For detailed document requirements and preparation, it’s best that you connect with our business advisors at – 8881-069-069 or write to us at – [email protected]
Moreover, you require any kind of guidance related to the Import export code, please feel free to contact us at 8881-069-069.
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