Taking your product or services to the international market will expand your businesses. The first requirement before you start an import/ export business in India is to obtain an IEC. An IEC is necessary for import/export of goods.
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IE Code License
Every establishment dealing with Imports/Exports is required to get a IE Code from the concerned state government authority.
The first requirement before you start an import/ export business in India is to obtain an IEC. An IEC is necessary for import/export of goods. In case the import/export is of services or technology, IEC is required in only limited circumstances, when import/export is in ‘specified services’ or ‘specified technologies’, i.e. services or technologies in which international trade is restricted by the Government of India as they pertain to national security, such as dealing in nuclear weapons, automatic guns, etc.
Looking For a Professional Help For Your Business To Grow?
IEC forms the primary document for recognition by Government of India as an Exporter/Importer. On the basis of IEC, companies can obtain various benefits on their exports/imports from DGFT, Customs, Export Promotion Council etc..
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All Importers who import goods into India require an IE Code. The IE Code must be quoted while clearing customs. Also, banks require the importers IE Code while sending money abroad.All Exporters who export goods or services from India require an IE Code. The IE Code must be quoted while sending shipments. And banks require the exporters IE Code while receiving money from abroad.
Validity of IE Code License?
An IEC number once allotted, shall be valid for all its branches/divisions/units/factories as indicated in the IEC. While applying for registration, care shall be taken to include all desirable addresses of branches/divisions/units/factories. Address proof for the same would be required. Validity is for life.
Can IEC be hand Delivered/ Over the counter?
No, IEC will be issued in digital format only.
How an Applicant NRI can Apply for IEC?
NRI has to follow the normal application procedure. In addition permission from
RBI/ FIPB is needed in some cases.
How many days it will take to get IE Code License?
The data is automatically transmitted electronically on the day of issue of IEC.