Benefits of IEC (Import Export Code) Registration

Import Export codes are important for importers at the time when shipments get cleared from customs and when funds are sent overseas. For exporters, it is essential when money is transferred to their bank accounts and when sending in their shipments. Below are some important benefits for your understanding:

Global Presence

IEC Code helps to bring your business at Global Platform. It is mandatory for export or import of Business and Services.

No Compliance

Once you have IEC Code Certificate, there is no need of filing any periodic returns or compliance. This is rare in any registration that a business gets in the course of business.

No Annual Maintenance

As there is no compliance listed, there is no requirement of annual maintenance fees to be paid after obtaining this code. There is no requirement of filings or renewal of the registration for each Financial Year or otherwise.

Custom Clearance

IEC Code helps your business to have smooth and hassle-free import export transactions.

PAN Based Registration

The IEC Code is provided based on the Permanent Account Number of the business organisation instead of erstwhile 10-digits number.

GST Refund Benefits

With IEC Code one can file claim for refund of Goods & Service Tax paid by its business. The exporter can make exports without payment of taxes or claim refund if tax is already paid. 

Life Time Validity

IEC registration is permanent registration which is valid for life time. Hence there will be no hassles for updating, filing and renewal the IEC registration. It is valid till the business exists or the registration is not revoked or surrendered.

Ease of international Banking transactions

IEC Code helps you to have smooth and hassle-free business transactions with international entities, Bankers will credit your inward remittance with very less documentation.

Reduces the risk of Illegal transportation

IEC helps to eradicate the illegal transportation or illegal exports and imports. The centralised registration helps the officials to supervise and better administer the transactions undertaken as a part of cross border business. The accountability of prohibited or restricted transactions is apportioned well.

Who is Eligible for IEC (Import Export Code) Registration?

Every business whether Sole Proprietorship firm, Partnership Firm, Company, Society, Trust, HUF or any other form of business in India are eligible to apply for IEC Code. The State government or Central government departments are not required to take IEC registration. They are allotted a fixed number which is quoted for any such transactions.  

Documents Required for IEC (Import Export Code) Registration

If you are looking for IEC Code Registration with the help of Compliance Calendar LLP, you need not worry on the checklist as we look after end to end service delivery and help you compile all the documents and information required in the processing of IEC Application.

Go through the below documents list:

Procedure to get IEC (Import Export Code) Registration

Getting IEC Code can be very harassing if you are a businessperson and have no knowledge about its procedure. Let Compliance Calendar LLP help you be involved in the process and let you focus on your business. Below will be the procedure for you to obtain the IEC Code:

• Arrangement of documents as mentioned above
• Authorisation to CCL/ its representative to file the Registration form
• Filing of Application form for Registration of IEC Code
• Obtaining Certificate of registration of IEC Code