Top 10 Benefits of Having Import Export Code
Import export code or IEC is obtained by businesses for import into or export from India as part of Business transaction. Registration of the IEC code is applied under the foreign trade act 1992. This Certificate is issued and allotted by the directorate general of foreign trade as a 10 digit unique number. The import export code Certificate is deemed as the main document for the business which is into the import and export business.
Why is obtaining the IEC Registration important?
You have to apply for IEC code to import and export of goods and services. No one can operate the import export business without IEC Registration. The government of India has come up with a great idea of the IEC for all the business entities dealing in the export import business. The prime objective behind issuing the IEC code is to keep a check or record of all the activities of the Business entity dealing in international business by using the import export code.
Any company and even individual can apply for the IEC Registration. The renewal of import export code license is not needed as IEC are allotted and granted with life time validity. Application for the import export registration with essential Documents.
Below you’ll find the list of essential and services for smart up and businesses.
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Top 10 benefits of IEC for businesses
Business owners have great options through import export business to unlock the global market for their services and products they are involved in. The import export code is the key requirement to enter into the global market that supports the growth & Development of the business to a certain standard. The key advantages of IEC Registration for businesses are listed below, take a look at them.
Unlock global market opportunities
We know import export code Registration is the main requirement for the import export from India for the services and goods, let's you to unlock plenty of Business opportunities in the global market. It also boosts the international reach of your business and so opens the door for expansion and growth of your business.
Simple requirements for Documents
If you want to obtain an IEC Certificate, some of the mandatory documents that are required for IEC Registration include your pan card, cancelled cheque, Pan based registration, your passport size photograph, your business address proof, etc. The IEC code is given based on the permanent account number of your business. So, the registration is not necessary based on the place of your business, a single Business entity needs only one registration. The registration bus is revoked or surrendered when your business is dissolved.
One Time Registration
Remember import export code is only one time Registration and is valid for life time. That means no need to worry about updating it or renewing it. This registration is valid till your business exists.
Schemes and Incentives
Import export code Registration in Indiahas many benefits for both importers and exporters. For example- Merchandise Exports from India Scheme (MEIS), Service Exports from India Scheme (SEIS), Refund of IGST paid in India. Your business would be able to avail advantages in the form of subsidies. You can make exports without payment of taxes after filing Letter of Undertaking (LUT) under GST. In case you made payment of taxes, you are able to claim refunds of the amount you paid as tax.
Simple online IEC Registration
You can apply for IEC online through its portal. Also, the online registration for IEC makes no hassle with simplified documents to support the Application. What documents are required for IEC Registration, we have mentioned above in the benefits number two.
Get a competitive edge over your competitors
Conducting international trade provides you a competitive edge over your local competitors This is only possible if you possess a unique IEC number. Besides, having an IEC number helps businesses fetch a few additional business in their brand name and slowly expand their global presence.
It's legal License
Getting the import export code is the license for importing and exporting goods and services. It is a legal License that makes your cross border transactions very simple and of course legal.
You do not need to pay any annual maintenance fee after obtaining IEC code. Apart from this, there are no filing requirements or renewal of this registration for each financial year. So, you just get it and forget everything.
The key benefit of obtaining IEC code is you can expand your business opportunities. It can be achieved through both exports as well as imports in India. You can have smooth experience within carrying any compliance burden.
You, as an exporter or importer, do not need to fulfill any particular compliance requirement like annual Filings or even return filings. After Import Export Code Registration, the IEC code possesses no need for compliance.
IEC Registration in Indiais the first need for every exporter to conduct export from India. There are infinite number of benefits of import export code for international trade. The process of getting IEC code is smooth. Keep in mind that you can possess only one IEC and if you have more than one IEC allotted, you have to surrender your 2nd IEC to the DGFT office and file for IEC cancellation.
Let's know where IEC code is not necessary!
IEC code is not necessary for every business owner who is registered under GST. The Pan of the trader will be referred to as the new import export code for the importing and exporting goods. IEC is also not required in case that the products are imported or exported for individual purpose and are not used for business purposes.
If you want to grow your business market, then you can contact professionals at ExpertBells who are experienced and knowledgeable. You can make the IEC Application with your nearest regional authority or directorate general foreign trade. You must submit all the necessary forms. IEC will be issued against a single Pan number of yours.
We, at ExpertBells, are dedicated to offering you reliable support if you want any type of help in applying for IEC code.