Import and export business may be a quite common and hot term within the world of business. this is often the world, which allows your business to grow rapidly and increase your global reach. Import and export also increase the economic infrastructure of a rustic by raising the Gross Domestic Product (GDP).
There are some criteria and procedures which are mandatory for the importer-exporter business. one among them is that the Import Export Code (IEC) Registration it’s a key requirement for the individuals or the other business type who deals in import and export business in India. Import Export Code is issued by the Directorate General of Foreign Trade (DGFT) of Commerce and Industries Ministry of the state of India.
What is Import Export Code?
Import Export Code, which is usually abbreviated as IEC is that the first registration required for the individuals who are dealing in Importing or exporting goods and services from India. IEC may be a 10 digit unique code issued by the Directorate General of Foreign Trade (DGFT). it’s a necessary document in the import and export business.
Import Export Code may be a criterion that does help in growing up your business to A level. IEC, once issued is often employed by the business entity throughout the existence of the entity and there’s no renewal or filing issue. All the importers who import goods into India require the Import-Export Code Registration. Likewise, all the exporters who export goods out of the country require Import Export Code also. Including all this, banks too, require IEC if you would like to send money abroad.
Importance important and Export Code
Import and export business is undoubtedly an excellent option for the people that are new to the business and willing to unlock the corridors of the international market with their product or service. Import Export Code, also referred to as IE Code may be a key requirement for such people which not only increases the expansion and development of your business but also induces a particular level of ordinary of the business entity.
Following are the importance Import Export Code (IEC)
- Unlocking the international market
Since the IE Code may be a requirement for import and export business, it does allow people to possess their reach to the international market. This enhances the business quality and takes it forward.
2. Establishing business standard and global reach
Import and export business has certain factors. Import Export Code maintains a healthy account between two clients. Promoting the worldwide reach also establishes a Business standard of your entity.
3. Lifetime validity
one among the key features of the Import Export Code is that it the validity of lifetime i.e a business entity may entertain its benefits till the time it exists. The unique 10 digit code doesn’t even require any quiet renewal.
4. Reduces illegal goods transportation
As per the instructions and requirements for getting the Import Export Code, you would like to offer your authentic information. nobody can get the IE Code without giving full authentic information. This restricts the transportation of illegal goods.
5. Companies may entertain certain benefits
There are many benefits if you’ve got obtained an Import Export Code for your business. a corporation may entertain benefits on Import and export from DGFT customs, and Export Promotion council, etc. One also can claim the refund of taxes paid during exporting the products.