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My Registration

IEC- Overview

An Introduction to IEC

At the time of discussing import and export, you must have come across the word "IEC registration". If you have been wondering what is IEC, then here is the answer! IEC stands for Import Export code is a mandatory registration for any business involved in the import and export activities. It is a ten-digit code that is provided to the individual post the IEC registration procedure gets completed. This particular registration aids in the overall growth of the company. Once the IEC registration gets successfully done, the business owner will be able to enjoy its lucrative benefits forever.

What are Some Lucrative Benefits Associated with IEC Registration?

Today, with high improvement in human innovation and technology; maximum businesses are expanding themselves in the worldwide market. They are importing and exporting their goods along with services for carrying out the same operation. As exporting falls within a business category, it is essential to consider the requirements of the business.

The IEC is one of the vital requirements that must not be missed at any cost. There are innumerable benefits associated with IEC registration. Why not dive deeply into this specific context?

What is the Importance Associated with IEC Registration?

There are lots and lots of importance associated with the IEC registration. Some of the highly remarkable ones include the following:

  • Lifetime validity – Once you are successfully done with the registration process of IEC followed by submitting all relevant documents; the code will remain valid for a lifetime. There will be zero hassle regarding renewal.
  • Higher chances of business growth – The successful obtaining of the IEC registration code will permit easy selling of the goods outside the country. It will open the gateway of taking the products and services globally, thus permitting easy expansion of the firm.
  • No hassle of returning filing – Also, the IEC registration is free from the hassle of filling any return. No additional step is required for preserving the validity associated with IEC registration code post-issuance.
  • Receipt of subsidies in terms of export – With the successful receipt of the IEC registration code, the companies will become eligible for receiving additional benefits including subsidies from the customs department.

Now, it is high time to learn about the situations where IEC is hardly required.

What are the Situations where IEC Plays an Important Role?

There are some specific situations where obtaining an Import Export code plays an important role. They have been mentioned in a nutshell as under:

  • Clearing of the shipments from the side of an importer by the customs department
  • Sending of money to the foreign bank by an importer
  • At the time of shipping by an exporter
  • Receiving of foreign currency by the exporter directly into the bank account

These are the situations where the IEC registration plays an important role. Now, it is high time to consider the suitable timing when the registration is not at all mandatory. They include the following:

  • Sending of the products to individuals without any business reason
  • Notified charitable organizations
  • Not all companies that are GST registered

At the time of growing the market, it is better to have words with specialists as they will be able to guide you through the thick and thin.

What are the Documents Required for Obtaining an IEC License?

After knowing about the situations where the IEC is required and not required, it is high time to come across the various documents required for obtaining the IEC license. The vital documents that are mandatory at the time of IEC include the following:

  • Xerox copy of the PAN card of the business
  • Cancelled cheque book leaf of the running bank account
  • Copy of aadhar card, passport or any other photo ID
  • Copy of electricity bill

Without any of the documents mentioned above, obtaining the IEC license will become very much difficult. Interested to know about some vital benefits associated with IEC registration? Here they are…

Benefits Associated with IEC Registration

Registering for IEC is considered to be a highly remarkable step in taking the business ahead, especially towards the foreign market. Below are some exclusive and highly remarkable benefits that are associated with the IEC registration that is vital for all to know:

  • Reach towards the global market – The IEC registration opens the gateway for business owners to take their businesses offshore.  With an offshore establishment, there are higher chances of having global customers.
  • Online registration possible – Registering for IEC is possible through a few clicks. That too from your comfort! It is advisable to approach a government recognized website. Also, a simple documentation process is involved.
  • Lifetime validity – Being a PAN based registration process, the IEC registration will be valid for a lifetime. Business owners will be able to reap the lucrative benefits of the scheme forever, without bearing the stress of renewing at several intervals.
  • Legally a clean chit – Post successful generation of the IEC registration code, importing and exporting will remain no more a hassle. Cross-border transactions will continue smoothly. It also helps in reducing the risks associated with any illegal step.
  • Reaping benefits of Government schemes – With the help of IEC registration, it will become easy for businesses to reap lucrative benefits that are provided by the Government. Exporting of goods can be carried out without the need of paying heavy taxes. In case any tax is levied, it will be reimbursed.

These are some lucrative benefits that are associated with the IEC registration. Now, are you planning to apply for the same? If yes, then start applying today at MyRegistration!

What Makes MyRegistration the Right Place to Apply for IEC?

Applying online for IEC at MyRegistration will let in easy and early obtaining of the license. We have years of experience in serving in this field. Our team of highly talented professionals will take the best care of every aspect so that the clients can reap the benefits from the government early.

From document verification to sending of the final code, every type of duty will be performed by us in the best possible manner. As a business owner, do not refrain from obtaining this license. It will fetch you a lucrative number of benefits in the future.