Advantages of Import Export Code
Not only is the IEC number a compulsory requirement for export and import business entities, it also streamlines the management and tracking of shipments. You are required to quote your IEC Number while sending shipments. Your current account, too, requires the IEC number for transferring funds. Listed here are some of the important benefits of having an IEC Certificate.
Any individual can apply for an IEC Code before the start of their export operations.
An IEC Code, once issued by DGFT, is valid for a lifetime and does not have to be renewed by the IEC code holder.
Having an IEC Code doesn’t require you to file any return and you need not inform the DGFT about the transactions made using the IEC Code.
Having an IEC makes you eligible for various benefits from Customs, the Export Promotion Councils (EPC), and the DGFT from time to time.
The IEC becomes your ticket to expand your new export business as it is a globally recognized identification marking you as a registered exporter, which enables you to spread your business across the world and venture into new territories.
There is no annual maintenance cost or fee involved in retaining the IEC code.
By using an IEC code, all your export dealings remain documented and you can easily prove your businesses’ compliance when it is sought by authorities. Thus, using an IEC Code increases your credibility.
The process of getting an Inport Export Code Certificate is very simple. It can be done online or, as mentioned earlier, as a PAN-based registration process. The documents required for the IEC Code registration is explained in the next section.