Import Export License Online
A productive way of earning money is by selling one’s product or services in foreign markets or importing foreign products to sell in one’s own country. Such trade though lucrative can be very complicated for the uninitiated because of the commercial jargon and legalities involved. Import Export Code or IEC registration in India is mandatory for anyone planning to get involved in international trade. Import export code registration is online and not only business houses but any individual providing services to a foreign entity and getting overseas payment also needs to get it done.Getting an Import export license online is a complex process and we can be banked upon for providing the necessary guidance.
What is Import Export Code ?
Any person looking to start an import or export business has to apply to the Directorate General of Foreign Trade, Ministry of Commerce to get a license for the intended business. The process to get an import export license is online and on acceptance of the application a unique 10-digit code is issued, called the Import Export Code (IEC). The code is necessary for importers as it is required for customs clearance and making bank payments while exporters need it to quote it in their shipment details. This code comes with lifetime validity and can be issued either to the owner personally or the business, whatever may be the choice.
Features of Import Export Code (IEC)
IEC registration in India is a one time process with the applicant not required to apply for renewal at fixed periods of time as the code comes with lifetime validity.
The government through various department like DGFT, Customs etc. provides for subsidies or other such benefits like tax refunds to import/ export businesses and this number is helpful in availing them.
No Return Filing
The IEC registration process does not require any return filing. Moreover, there are no periodical compliances needed afterwards also to maintain the validity of the code.
Aids in Expansion
The IEC code gives a business or its owner not only a legal identity but also credibility. It makes processes like banking transactions smooth and helps in growing one’s business.
The IEC can be applied by and issued to an individual or the business organization depending on the choice of the business owner.