IMPORT-EXPORT CODE
What IS AN IMPORT EXPORT CODE-IEC & WHO NEEDS IEC ?
The Importer -Exporter Code (IEC) is a key business identification number which is mandatory for Exports or Imports. No person shall make any import or export except under an IEC Number granted by the DGFT.
IEC (Import Export Code) is required by anyone who is looking to kick-start his/her import/export business in the country. It is issued by the DGFT (Director General of Foreign Trade). IEC is a 10-digit code which has a lifetime validity.
BENEFITS OF IMPORT EXPORT CODE-IEC REGISTRATION
IEC registration is best for the people doing business of Import and Export and is willing to open the opportunities for International Market. IEC Registration helps in capturing the International Market and also in uplifting the standard of business entity. The Advantages are-
Capturing the International Market
Import Export Code registration is required for import and export business; it allows the individual to capture the international market.
Acts as a Primary document to start an international dealing
Import-Export Code Registration acts as a primary document to start international dealing.
Enhances the standard of business
By promoting the global reach, IEC registration helps in maintaining the business relations and in enhancing the quality of business.
Lifetime validity of the IEC registration
The validity of IEC registration is for a lifetime and remains with the business owner until the existence of the business. Additionally, the renewal of registration is not even required
Restricts the dealing in illegal Goods
IEC registration cannot be issued by the department without providing full authentic information which, as a result, restricts the illegal dealing of goods.
IEC Registration provides certain benefits
The companies who have obtained an IEC for their business from DGFT customs, and Export Promotion council, etc, can also claim the refund of taxes paid while exporting the goods.
PROCEDURE TO GET IMPORT EXPORT CODE-IEC
DOCUMENTS REQUIRED FOR IMPORT EXPORT CODE
Passport Size Photograph of Person
PAN (Permanent Account Number) Card & Aadhar Card of Person
Bank Account Details Pre Printed Cancel Cheque Certificate from Bank
Address Proof with Complete Details to clarify Residence or Working Area
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