What is import and export code?
It is mandatory for a person to register for the import and export code in order to carry put import and export of goods within the country legally. A 10 digit code is provided to the person who registers for the IEC.
What are the features of Import and Export Code?
- The IEC does not apply to the technology and the services used by the people
- The IEC has a permanent validity after registration
- The IEC can be registered by the individuals and not just by the people who have registered themselves
Why should you register for IEC?
- The individuals do not have any compliance when it comes to the IEC
- The person registered for the IEC is able to expand the business to the international market
- Modifications in the IEC can be made if there are any modifications in the PAN card used for registration
Some things that you should know
Validity of IEC
Once you register for the IEC, the lifetime validity is provided to the person. As PAN card is used for the registration, any form of modification in the same will lead to the modification in the IEC.
Types of IEC
The IEC is divided into two types depending upon the nature of the business. One if the merchant exporter and the other is the manufacturer exporter.
Increase in opportunities
The purpose of IEC is to legalize import and export. Therefore, with this legal registration, the merchant or the manufacturer will be able to expand their business in the international circle.
Documents required
- PAN card of the director and the company
- Copy of the cancelled cheque from the bank account
- Passport size photograph
Process of registration
- Get the DSC and fill the application
- Submit the documents and wait for the verification
- Follow up with the officials and get the registration done
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