What is Import Export Code?
Import and export business is a very usual and hot topic in the globe of a venture. This is the sector, which permits your ventures to develop quickly and enhance your worldwide reach. Import and export also enhance the economic infrastructure of a country by emerging the Gross Domestic Product (GDP).
There are some basic and processes which are necessary for the importer-exporter business. One of them is the Import Export Code (IEC) Registration It is an important need for the persons or any other venture type who deals in import and export business in India. Import Export Code is released by the Directorate General of Foreign Trade (DGFT) of Commerce and Industries Ministry of Government of India.
What is Import Export Code?
Import Export Code, which is frequently abbreviated as IEC is the first registration needed for the individuals who are dealing in Importing or exporting goods and services from India. IEC is a 10 digit unique code released by the Directorate General of Foreign Trade (DGFT). It is a mandatory document in import and export business.
Import Export Code is a criterion which does aid in developing up your venture to a level. IEC, once released can be utilized by the venture entity through the survival of the entity and there is zero renewal or filing issue. All the importers who import goods into India need the Import-Export Code Registration. Also, all the exporters who export goods out of the country require Import Export Code as well. Involving all this, banks too, require IEC if you demand to send money abroad.
Conclusion
Import Export Code is a chief document for the individuals who deal or are ready to start in the business of Import and export. Section 7 of the Foreign Trade (Development and Regulation) Act, 1992 states about IEC.
Do you want to do Import Export Code Registration? IEC is mandatory for every business entity before commencing import and report activities. To know more about IEC Registration Online, please contact BDS Legal Services team now.
