Ideal for businesses planning to do business in and out of India As a small enterprise, you can have access to priority sector lending, tax exemptions & capital investment and power tariff subsidies.
Benefits of online IEC Registration:
A business or person requires a 10-digit code called Import Export Code or IEC to do import and export of goods and services. Director-General of Foreign Trade (DGFT) issue the IEC code which comes under the Ministry of Commerce and Industries, Government of India. The IEC code has validity for lifetime, hence it is not required to renew it.
This code also is known and called with different names, like import export license, importer exported code, import-export code, import-export number, IE code, IE license, etc.
IEC code can be taken in either an individual’s name or under the company’s name. The code is valid for all of the divisions, units, factories, and branches of the business. IEC is mandatory to clear customs and shipment and transfer money to foreign banks. IEC to IEC code is required to send shipments and receive money from foreign banks by the exporters. In India, importer and exporter cannot operate without the IEC.
All the mandatory documents, including bank details and Digital signature, needs to be submitted.
After submitting the form and document Pay the IEC Fee online.
After submission of form and all documents, the application will be processed further and Import-Export code will be allotted.
After the verification of the documents and application by the authorities, the import-export license will be granted as a soft copy via mail to the entity.
Import Export Code helps in the growth of your services or product expanding it to the global market. IEC is mandatory to avail growth opportunities through import and export this opens an option to explore online international marketplaces.
Many benefits can be availed after registering IEC for the imports and exports by the Export Promotion Council, Customs, etc., based on their IEC registration.
Return filing is not required for IEC. After allotment of IEC, there is no requirement to follow any kind of process for supporting its validity. IEC is like a PAN card.
The process to obtain IEC code from the DGFT is simple and easy and takes 10 to 15 days after applying. The complete process is online and there is no need to go anywhere physically.
IEC code is valid for the lifetime for a business and requires no renewal. IEC can be used by any business for all export and import transactions.
IEC called Export and import Code is a 10-digit code required by a business or a person to import and export goods or services. This code is issued by the Director-General of Foreign Trade, Ministry of Commerce and Industries. This has validity for a lifetime and does not require any renewal.
You can get the IEC code registered by using simple online expert services.
No. a person or entity can have Only 1 IEC issued in his name.
An affidavit is required in such a case so that the issuing authority of the IEC code can issue a copy of your IEC number.
YES, after informing the issuing of the authority for such a decision it can be surrendered.
YES, any individuals owning a business of proprietorship or partnership can apply for IEC.
Normally it take 4-5 working days to process the IEC code for the firm.
In the case of NRIs, the normal procedure is followed to obtain IEC code. In a few exceptional cases, the permission from RBI or FIPB is also required.