What IE License Work ?
IE Code License works for those people who want to expand their business worldwide.
Trading with different countries is not an easy task; you have to go through several government paper works and agreements with government conditions.
This license is issued by the DGFT (Direct General Of Foreign Trade)
What does the word IE Code do?
The word IE code means an Import Export code license.
- This license is for those people who want to trade outside India.
- For getting this license, one has to follow the government rules, and laws are per the conditions.
Requirement Of IEC License In Your Business
IEC is a ten-digit code; it comes with lifetime validity.
- IEC code digit is asked by the bank, for the transaction of money by the traders.
- Ask by the customs authorities before the clear the shipment from the importer
- Ask by the customs port from the exporter before he sends his shipment
- Bank ask for the code if money received in foreign currency in an exporters bank account
Documents Required For The Registration Of IEC Licence
- Firm, Company or Individuals Pan card for the income testimony
- All government-provided identity cards as like Adhar card, Voter card, and passport
- Firms current bank account passbook copy cancelled cheque.
- Copy of firm’s location proof as like electricity bill or rent agreement.
Benefits of IEC Registration Card In Trading
- Helps in expending your business
- Works for a lifetime, no need to renew
- Easy Process with a short period
- No filling of return of trade with DGFT
Frequently Ask Questions
Is It mandatory for all the traders who are registered under GST?
No, it is not mandatory.
Are charitable organizations also need an IEC license for trade?
No, notified charitable organization does not need IEC license for trade.
Is there any need of proof for getting the license?
No.
How can I get IEC code certification?
From the DGFT site. One can download it in PDF form.
Is the IEC license code is as similar to Pan card?
No, but the significance of the GST pan can be used for the motive of IEC.
Can a particular person get an IEC code?
Anyone can get who wants to trade with another country.
Is GST requires IEC?
No, Not mandatory.
Is the code IEC require services?
No, But in some specified condition only.
Who issues this IEC license?
DGFT ( Direct General Of Foreign Trade)
Can I expand my business and import without the IEC license? Is it legal?
No, You can’t. It is illegal according to the laws.