IMPORT EXPORT CODE (IEC) REGISTRATION IN INDIA

In this era of rat race competition, everyone is willing to develop their business beyond the domestic market. Nonetheless, doing business universally is not easy for everyone.

Before entering the international market, you are required to follow various procedures and laws in place and attain varying registration and license.

Import Export Code (IEC) registration is one of the important registrations when you are musing to import or export from India. It is needed by everyone who is seeking to power up his/her import/export business across the nation.

The Director General of Foreign Trade (DGFT) issues the IEC license. The license possesses a 10-digit code which has an endless validity.

If importers’ merchant don’t have the Import Export Code (IEC), they are unable to import the goods and likewise, exporters’ merchant can’t relish the advantages from DGFT for the export scheme until they possesses their unique IEC.

When can you require an Import Export Code (IEC)?

You will require an IEC: -

• When you (importer) have to clear your shipments from the customs, the customs authorities ask for IEC.
• When you (importer) disburse money to overseas via banks, the banks ask for it.
• When you (exporter) have to move your shipments, the customs port require it.
• When you (exporter) get money in foreign currency directly into your bank account, the bank requires IEC.

Advantages of IEC Registration

Extension of Business

IEC helps you in taking your services or product to the international market and develop your businesses.

Availing Numerous Advantages

There are numerous advantages of imports/exports with IEC registration that the businesses could avail of from the DGFT, Export Promotion Council, Customs, etc.

No filling of returns

IEC doesn’t need the filing of any returns. Once allocated, there is no need to follow any kind of procedures for maintaining its validity. For export transactions also, the company doesn’t need to file any returns with DGFT.

Easy Proceedings

It’s quite simple to acquire IEC from the DGFT within 10-15 days post the application submission. There is no need to give proof of any export or import for attaining import export code (IEC).

No need to renew

IEC code is valid for lifetime therefore an entity doesn’t require any renewal. Once IEC has been acquired, it could be taken in use by an entity for performing export and import transactions.

If you also desire to take your business to the global market and start performing import and export globally, let Careful Counting attain your Import and Export Code (IEC). Contact now!