Import Export Code (Known as IEC) is an issue by the Director General of Foreign Trade (DGFT) had a 10 digit identification number. It’s required when anyone want to start the import or export business in India. Without this code, no one can start any type of business dealing in Indian Territory. Department of Commerce makes the rules and regulation through DGFT for obtaining the IEC Code and other requirements.
At the time of obtaining the IEC Code, some set of rules and regulation should be followed before applying the IEC Code. When you fulfill the certain conditions you can get the IEC Code from DGFT. Basically, IEC Code is a PAN number of the applicant and the DGFT registered applicant PAN no is in the DGFT database and after confirmation of the DGFT the applicant use the PAN no as an IEC Code.
After the issue of the IEC Code, they are valid for a lifetime and there is no need for any renewal.
#1. Unlock International Market: IEC code to open new market place for business. You can export your goods or services the whole of the word. Even you can register your business in another country online platform.
#2. Lifetime validity: IEC code is valid for a lifetime. If Company or firm relocate or change in management than IEC modification required.
#3. Export Incentive: The govt also promote the export of goods and services due to foreign currency will come and boost the economy. The govt launch multiple schemes from time to time and given a refund of tax or incentive to the exporter to promote the exports.
#4. Online Process: IEC code obtaining process is online and less time-consuming. All the documents are upload online and attaché the DSC.
#5. No Compliance: after obtaining the IEC Code there was no need to file any monthly or yearly file. It’s a one-time license and valid for a lifetime.
#6. No Annual Fee: No annual maintenance fee required for IEC code.
In case the business is closed and there is no need for further IEC, it can be surrender at any point in time. IEC Closure application can be submitted through the DGFT website. After receiving the cancelation application the issuing authority shall cancel the IEC and authority can further intimate to custom and other regional authority about the cancelation of IEC.