On today’s date, every other person indulges in business every day. But If someone wants to take a step forward to kick start their business, they need to make it wider, spread it globally. However, taking any business to a global platform is not the easiest thing to do.
If you want to make your business large in India, you will require the Import Export Code. IEC code is one of the most necessary licenses for business. Anyone can apply for their Import Export code registration online. It is a lifetime license.
Director-General of Foreign Trade issues the unique ten-digit IEC code for each company, valid for a lifetime. Without the IEC license, no importer can import and exporter to export goods. Every business person will need the IEC code in several aspects: an importer sending money abroad or an exporter receiving foreign currency.
Even exporters send shipments and importers to clear the shipment from custom ports to require IEC code. It is now clear how essential the ten-digit code it for business. It is more comfortable to do the Import-export code registration online in a few steps.
Steps for IEC Registration Online
- Fill the application form in the Aayat Niryaat 2A format. File the form in a specified format with the respective regional DGFT office.
- Prepare required documents
- Identity proof of the owner (copy of voter card or Aadhar card or pan card of the company)
- Address proof (Electricity bill or rent agreement)
- Bank details (Cancelled check of the account made for the company)
- After completion of the application, file it with DGFT via DSC
- Pay the specified registration fee
- You will get your import export code registration online once the government approves your application.
Benefits of IEC Code
If you don’t get your IEC code on time, you will miss out on several benefits that come with this license. Here you can avail a list of benefits
- The best part of the import-export code license is that it comes with lifetime validation, which means it does not require any renewal.
- If you are ready to take your business to a higher level or instead take it in the global market, then IEC license is the key to the door in between.
- One of the best things that make it more accessible for a company or firm owners is that DGFT takes only ten to fifteen days to issue the code. It is more comfortable to apply for the import export code registration online. To get the IEC license, you don’t need to provide any proof of import or export.
- IEC license includes benefits from export promotion council, DGFT, custom, etc.
- After allocation, there is no need to fill any returns to sustain the validity.
Even though the IEC license is essential, there are certain cases where you don’t require the code. For example, if you have GST registration, then IEC might not be mandatory for you.