IEC stands for import export code. It is the first and fundamental registration that all the import and export business persons require. IE code is deemed as the primary document for importing and exporting goods and services into and out to India. Issued by the Directorate General of Foreign Trade (DGFT), it is the 10-digit unique number.
Import-export code once issued, need not renew annually or after a certain period, that means IE code registration is a lifetime document.
Import Export (IE) Code is a registration required for persons importing or exporting goods and services from India. IE Code is issued by the Directorate General of Foreign Trade (DGFT), Ministry of Commerce and Industries, Government of India. IE Codes when issued can be used by the entity throughout its existence and doesn't require any renewal or filing. Therefore, it is recommended for most organizations to obtain IE Code, irrespective of if they need it at the moment.
IE Code application must be made to the Directorate General of Foreign Trade along with the necessary supporting documents. Once, the application is submitted, DGFT will issue the IE Code for the entity in 15 - 20 working days or less.
IE code or the Import Export Code has huge benefits for a company or proprietorship firm. Benefits of IE code include reaching international market and fast expansion of the business.
The import-export code is the primary document for import and export goods and services from India, is known for unlocking the international market. Simultaneously it increases your reach on a global platform, unlocking higher business opportunities.
Not just import, IEC code has huge benefits on exportation as well. You can rightly claim the input credit of taxes that have been paid by you while exporting of goods.
As it has been mentioned earlier that import-export code does not require any sort of renewability as well as any kind of procedure to follow for maintaining its validity. IRC code is for the rear documents that do not require renewability.
Since IE code is the chief license for import and export, all the process takes place is done with the ethical and Legal procedure. In this way, it does not have any sort of ambiguity. A proper setup of Business, an effective functioning, and the global reach increases the growth rate of the business.
Previously, there used to be no such strong document for import and export goods and services from India. Because of this, illegal transportation could be seen often. The import-export code has reduced almost to nil, the risk of illegal transportation.
The import-export code can be obtained by a business legal entity whether company or individual. Following are the mandatory requirements of documents for import export code registration.
1) Upload the required documents & information to our website
2) Choose Package as per your requirement and Pay online with different online secured payments modes available
3) Our professional will prepare the application in prescribed format for IE Code.
4) With the help of applicant’s Digital Signature & our professional will file the application online before DGFT
5) DGFT officials will verify & process the application within a week.
6) After successful verification provides Import Export Code certificate over the email.