In the era of globalization, everyone wants to grow their business outside their country. However before going global, you are required to follow various rules and regulations. In India, if you want to start import or export of goods or services then you have to obtain license from Director General of Foreign Trade (DGFT) under Ministry of Commerce and Industry (Government of India). Import and Export code is 10 Digit unique Number mentioned in that license issued by DGFT. IE code is issued with life time validity and there is not compliance requirement annually. IE code is issue in the name of business or proprietor hence it is valid for all the branches/ divisions/units etc.
Why Import Export Code?
- When exporter/importer wants to export/import his shipments then this code is asked at custom port by custom authorities.
- Required by Bank in case exporter receives money in foreign currency.
- Required by Bank in case import wants to send money outside India.
Advantages of Import Export Code
- Easy to obtain.
- Business can be expanded globally.
- Even Proprietor/ Individual can obtain IEC without registering any company or LLP.
- Enjoy Benefits of various subsidies on Export/ Import.
- Valid for lifetime (No renewal required)
- No return filing required