Import Export Code

A legal business registration that assists to a businessman for doing import and export of his product or services.

Fast moving of Good due to advance transportation and availability of other basic infrastructure, boost the Global trade during last decade. It creates the ample business opportunities in the business world.

Being a businessman if you planning to do the business or trade of goods through importing or exporting then IEC need to be taken mandatorily.

In India, the department of Directorate General of Foreign Trade (DGFT) of Ministry of Commerce and Industry of Govt. of India has managed the affair of foreign trade. The said department has issued the Import export Code for the needed business.

Basic requirement for IEC

For Applying for IEC, you are operation such as Proprietorship, Partnership, LLP, Limited Company, Trust, HUF, Society etc.
The Business unit must have a PAN, bank account in the name of the firm and a valid address before applying.
Further you may apply it online with the DGFT.
Further Changes services such as Update or Modification required in IEC or Surrender of IEC etc. can be easily lined up.
There is no renewal required for it. It will be validated for lifetime unless until not withdrawn by the Business Unit.

Benefits of IEC

The key advantages of having IEC are as:

IEC is a mandatory legal requirement for import and export. Without IEC you can not do the export import transactions.
It will help to access international markets for a business unit.
IEC will also help in increasing of revenue of a business and give the opportunities for diversification and expansion.
Various export incentives, subsidies, and schemes offered by the government, such as the Merchandise Exports from India Scheme (MEIS) and the Service Exports from India Scheme (SEIS) shall be available to the business unit only and when it has Import export Code.
Eligible businesses can claim duty drawbacks on the imported goods used in manufacturing export products, thereby reducing costs.
IEC will also assist in ease of doing the business and simplifies the process of customs clearance, banking, and shipping, making it easier to conduct international trade.
IEC created the credibility among foreign buyers and suppliers.
IEC will assist in foreign currency transaction.
Assists in Bank finance: Banks often require an IEC for providing trade finance and export-import-related services like letters of credit, bank guarantees, and export credit.
Business Opportunities: IEC holders can participate in various trade fairs, exhibitions, and international business forums, providing networking opportunities with global trade partners.
Support for Small and Medium Enterprises (SMEs): By having IEC, MSME unit can access the global market.

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