Import Export Code Licensing
Import Export Code is a ten-digit unique code assigned to an individual/company and is required for every import/export operation. The first step in expanding a business abroad is to export and import products & services. Trading not only helps the business personnel individually but also provide benefits to the Country as well. The government has prioritized trade facilitation in order to reduce transaction costs and time.
The various provisions of the Foreign Trade Policy and measures taken by the government in the direction of trade facilitation have been consolidated for the purpose of import and export trade. The most important aspect of a company’s success is growth. Expansion of business globally could be the very first step towards this. Import Export Code Renewal every year is mandatory now for IEC License holders.
This code has many names, like importer exported code, import export code, import export license, import export number, IE code, IE license etc. You can issue this code in either your name or under company’s name. Once issued, it is valid for all its division/units/factories/branches.
Corporate Mitra can help your business obtain import export License.
When is IEC required
-
It is needed by the custom authorities to clear the shipments in the case of any imports.
-
It is needed by the bank to transfer the amount in the case of any imports made.
-
Vis-à-vis if an exporter needs to send the shipments, then it is required.
-
Or, if the exporter is supposed to receive money in foreign currency and it is transferred directly into his bank account.
Documents Required For Obtaining a License
Before proceeding to the process of Registration lets have information regarding the documents needed to get Import Export Code License Online in India.The nature of the firm obtaining an IEC may be any of the follows- “Proprietorship, Partnership, LLP, Pvt & Public Limited Company, Trust, HUF and Society.”
The documents that would be required are as follows: