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So you started your business and established your company, now what’s next how to go on to new level a new expansion. Yes you need to expand outside your locality your country and here you need Import Export Code Registration.
What is import export registration?
it’s basically a unique code issued by the Directorate General of Foreign Trade (DGFT),
Who requires an Import export Code IE Code, IEC number?
Any person who wishes to import- export goods and services outside India requires this code.
All Exporters who export goods or services from India requires this code for shipping out any shipment abroad as all parcels need to have this import export code placed on them.
Basically people who are engaged in business of importing the goods to our country requires this code for getting clearance at custom or while making any monetarily transaction for sending money to foreign banks.
How one can get Import export Code?
You are required to fill Ayaat Niryaat ANF2A form, which you may fill online as well.
What documents are required to secure Import Export Code (IEC)?
- PAN Card
- Current Bank Account
- Banker’s certificate
Benefits of Import export Code?
Any individual can have this code and this registration does not require a legal entity registration.
There is no such annual filings is required , once you have this code there is no further requirement I required to be fulfilled to keep it valid. Unlike service tax or GST, IE code do not have any return filings even if there is number of transaction happens.
There is no renewal for IE code once you get this you may affect your business transactions easily.
How much time does it takes to get the import export code?
It might take 15-20 days to get your IE code done.