Import-Export License is essential for the enterprise who wants to grow their business beyond the domestic territory. As before doing business globally, an enterprise needs to follow several procedures and get a different license or permit. Import-Export Code (IEC) is one of the pre-requirement for importing or exporting any goods or articles from or to outside India. Import-Export Code is a 10-digit code which has lifetime validity. At present PAN-based, e-IEC is available after submitting prescribed documents.
Useful Resources for Import – Export License
Following situations in which IEC is required
- When an importer wants to clear his shipments from the Indian customs port.
- When an importer wants to pay in foreign currency through Indian Banks then IEC is required to be submitted in the bank.
- When an exporter wants to send his shipments from the Indian customs port.
- When an exporter wants to receive remittance in foreign currency directly into his bank account then it required to be submitted in the bank.
Documents require for IEC
- Copy of PAN Card of Applicant.
- Copy of Voter Id / Aadhar Card / Passport copy of Applicant
- Copy of Cancelled cheque of Applicant
- Copy of Rent Agreement or latest Electricity Bill of the business premises.
Why Import Export Code is Essential for Business
For Entering in International Market
IEC is a basic requirement for the Import-Export business. IEC allows your business to enter into internationally. It helps your business to expand and grow to the International level.
Reach to Global Standards
International Market has its own criteria for the quality of goods and services which are going to deal with. Hence, for the purpose to be fit in these criteria your products must have to maintain the standards which are introduced by the International Market.
To Prevent Illegal International Transactions
As per Directorate General of Foreign Trade guideline, you have to provide authentic information to them. After verification of your information, your business is able to get IEC. Without IEC you cannot trade internationally. So, it helps to prevent the illegal transaction. IEC helps to maintain a good business relationship between you and your clients in internationally.
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