Import-export business is one of the most trending and successful business schemes at this moment. Several people are joining this sector almost every other day, even if they start as an individual or as a company everybody wants to grow. To make your business grow on a higher tier, you need allowance from the government, for which you need to go through several legal procedures. Even though there are various registrations and licenses any business person will require for future growth, IEC code is the most essential of them.
Import-export code license is a ten-digit code that allows any Indian importer-exporter company or firm to make a place in the global market. Directorate General of Foreign Trade issues the unique code for every individual company based on its application form. If you want to kick start your business on a higher level, then the first thing you will need is to make the import-export code online application.
Since everything has become more comfortable these days, import-export code online application is no exception. It brings several benefits for the importer and exporter in various aspects of their business; there are certain things that are impossible to do without IEC license.
Benefits of Import-Export Code
For beginners in the business industry, the best business option is probably the import-export business. Not only beginners but also famous business persons who want to unlock the door in between their company and the world needs to get the IEC code from the government.
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Import export code online application is probably the most comfortable thing to do. It only took ten to fifteen days for the respected DGFT regional office to issue the soft copy of your IEC code. It makes it more accessible for owners to get their code as soon as possible.
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IEC license is something that never asks for renewal. It comes with a lifetime of validation which means you are free from the stress of not being able to renew the registration on time.
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If you don’t have a unique code, you will miss the special benefits from customs, DGFT, Export Promotional council etc.
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IEC is the key to unveiling the opportunity to work with people around the world. It lets you import or export in various cities and countries across the globe. In such cases, banks ask for IEC code to send money or receive other currencies. It clearly states that without IEC code, you will not be able to give services in other places.
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Since you have to put your details in the registration form it does not ask you for any further business proof. It not only helps you to grow your business and reduces the chances of any scam.
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Document Required for Import Export Code Online Application
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Voter card or PAN card or Aadhar card of the individual
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PAN card of the firm or the company
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Cancelled check of the bank account for the company
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Electricity bill or Rent agreement
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Conclusion
IEC online application is the most important document required for the growth of any business, but it might not be mandatory if you have a registration under GST.
See Also:
What is Import Export Code Registration Online, and Benefits?