After IEC registration, a 10 digit IEC code is issued to the businessperson and used by the business entity till the time it exists without the need of renewal. As import and export business is increasingly expanding these days, both importer and exporter require import and export code to do their business. This, however, helps in strengthening the relationship between two counties
Why is IEC important?
IEC is considered as important for international business. It helps in unlocking the international market and enhancing the quality of the business. The online registration process of IEC is very simple. The businessperson just needs to submit all necessary documents like PAN card, photograph, Address proof and canceled cheque along with basic fees to get a valid IEC registration certificate from DGFT. It is important to note that no one can get IEC without authentic details of the businessperson. Furthermore, IEC has lifetime validity and there is no hassle to renew it again and again.
Import and export business establishes a business standard and global reach thereby building a healthy relationship with two business clients. IEC gives numerous benefits to the companies including benefits on Import and export from DGFT customs, and Export Promotion council etc. One can also claim the refund of taxes paid for exporting the goods. IEC also reduces the risk of illegal import and export and transportation.
Benefits of Import Export Code Registration
• Easier processing of IEC
• No renewal
• Facilitates import and export
• Expand business
• No return filing
• Lifetime validity
IEC code registration gives identity to the business and serves as a business proof. There is numerous online business service platform that helps to manage their business at affordable cost. A team of an experienced chartered accountant, lawyers, and company secretary help the entrepreneur manage legal and regulatory requirements. The professionals help in numerous tasks from issuing IEC code to filing GST return etc. Since IEC is mandatory for a business before starting import and export activities, it is advised to take help of the professionals for getting IEC within 20 days and operate a business successfully.