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.
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-
Import Export Code registration is required for import and export business; it allows the individual to capture the international market.
Import-Export Code Registration acts as a primary document to start international dealing.
By promoting the global reach, IEC registration helps in maintaining the business relations and in enhancing the quality of business.
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
IEC registration cannot be issued by the department without providing full authentic information which, as a result, restricts the illegal dealing of goods.
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.