Import Export Code (IEC)
Importer Exporter Code (IEC)
If you thinking about starting an Export-Import business within India, you need to apply for a new IEC code certification. The Import-Export Code is a 10 digit number that you would need to carry out the business. The government of India has set down certain processes and regulations that applicants need to follow. It is obligatory for all businesses or individuals who are engaged in importing and exporting goods or services to have an IEC. To avail of the benefits from Export Promotion Council or Customs or DGFT, one needs to have an IEC number.
Features of Import Export Code Registration
- No business can involve in foreign trade without having IEC registration.
- IEC registration is proof that an organization can indulge in foreign trade activities.
- After obtaining IEC, it continues for a lifetime. It does not have an expiry and requires no renewal.
- IEC is mandatory for import-export payment transfers.
- IEC is important for all the parts of Import Export trades.
Benefits of Import Export Code Registration
- Expansion of Business Globally : IEC registration helps the businesses to grow globally. IEC provides support and The idea is to make a global presence serve multiple regions in a globally competitive environment.
- Avail Various Benefits : IEC registration businesses can enjoy various benefits and subsidies offered to them by the Government, DGFT, Export Promotion Council, and the customs.
- Easy Processing : It is simple and easy to obtain IEC registration. IEC is acquired within 1 to 2 days after its successful submission. There is proof required for getting IEC Code.
- • No Return Fillings : IEC Issued by the customs department and the issuance of IEC, there is no return filling needed even if you carry out or not carry out the import-export activities.