Import and export business is undoubtedly a great option for the people who are new to the business and willing to unlock the corridors of the international market with their product or service. Import Export Code, also known as IE Code is a key requirement for such people which not only increases the growth and development of your business but also induces a certain level of standard of the business entity.
Following are the importance of Import Export Code
1. Expansion of Business
IEC assists you in taking your services or product to the global market and grow your businesses.
2. Availing Several Benefits
The Companies could avail several benefits of their imports/ exports from the DGFT, Export Promotion Council, Customs, etc., on the basis of their IEC registration.
3. No Filling of returns
IEC does not require the filing of any returns. Once allotted, there isn’t any requirement to follow any sort of processes for sustaining its validity. Even for export transactions, there isn’t any requirement for filing any returns with DGFT.
4. Easy Processing
It is fairly easy to obtain IEC code from the DGFT within a period of 10 to 15 days after submitting the application. There isn’t any need to provide proof of any export or import for getting IEC code.
5. No need for renewal
IEC code is effective for the lifetime of an entity and requires no renewal. After it is obtained, it could be used by an entity against all export and import transactions.