Business Formation Services
Cross-selling products outside the domestic boundaries is known as Import/Export.
For doing such activities, we need to get registered and hence the code is required which is known as Import/Export code.
Import Export code is required for selling the products outside the domestic boundaries.
It's important to grow the business as it's not limited to any boundaries.
Is it mandate to get IEC code?
It is mandatory for persons to obtain IE code before importing and exporting goods and services from India. As there is no need for renewal and any filling, it is recommended to obtain IE Code, irrespective of if they need it at the moment.
Advantages of IEC.
1) Quick process via MyCorporation.in,
2) Full-time support,
3) Expansion of Business outside the country,
4) Eligible for buying/selling throughout the world,
5) No filing of returns,
6) Just 1-time requirement(No renewal required).
IEC Stands for IMPORTER EXPORTER CODE
No. IEC forms a primary document for recognition by Govt. of India as an Exporter/ Importer
On the basis of IEC, companies can obtain various benefits on their exports/ imports from DGFT, Customs, and Export Promotion Council etc
Yes, PAN is mandatory. Self Certified Photocopy of PAN card has to be submitted along with the application.
Only one IEC would be issued against a single PAN number. Any proprietor can have only one IEC number and in case there are more than one IECs allotted to a proprietor, the same may be surrendered to the Regional Office for cancellation
NRI has to follow the normal application procedure. In addition permission from RBI/ FIPB is needed in some cases.