Importer Exporter Code Registration
To expand the business easily and quickly, many entrepreneurs take their products and services to foreign markets. But, import/export operation can be a very complicated for an uninitiated person. It is because various commercial jargons and legal procedures are applied in the international trade. Anyone who wants to get involved in international trade, he/she must have an Importer Exporter Code. It applies to freelancers, programmers, web designers, and small companies too that depend on PayPal for foreign payment.
What exactly is Importer Exporter Code?
Importer Exporter Code is a unique 10 digit code issued by DGFT (Director General of Foreign Trade), Ministry of Commerce, Government of India to Indian Companies. No person or company can make any Import or Export without IEC Code Number.
- Traders can claim the benefits under the Foreign Trade policy (FTP) and
- Duty credit scrip listed under chapter 3, 4 etc such as 3.12, as Served from India, 3.13, Special agricultural and village scheme, 3.14 Focus market scheme, Chapter 5 Export Promotion, Capital Goods, etc,
Eligibility, Legal Provisions and Conditions for IEC Code Number:
For this, please view the DGFT Foreign Trade (Regulation) Rules 1993
Applicants need to file an application for grant of IEC number to the nearest Regional Authority of Directorate General Foreign Trade. Always keep in mind that Only one IEC will be issued against a single PAN number. If more than one IECs allotted to a proprietor, he/she should surrender it to the Regional Office for cancellation.
Duplicate Copy of IEC Number
If an original ICE number is lost or misplaced by mistake, you can request the issuing authority to provide a duplicate copy of IEC number. For this, you need to file an affidavit.
Surrender of IEC Number
If you don’t want to hold IEC code, you may surrender it by informing the issuing authority. When the issuing authority gets your request, it will immediately cancel your IEC transmit it electronically to DGFT for onward transmission to the Customs and Regional Authorities.
How soon can you get IEC Number?
IEC numbers are issued quickly if you complete all formalities rightly. Generally, it takes 7-10 days. The IEC number remains valid for life.
So, do you want to apply for ICE and start your international business as soon as possible? If yes, then give us a chance to serve you with our services. Get started with us, provide us all the details asked by our experts and get your ICE within a few days just by spending $499. Get a quote for our services now.