Everyone wants their business’s growth on both the national as well as international levels. It can be very difficult to set up a business in another country. Registering for import export code is required for businesses that engage in import and export trade. It is a unique 10-digit number that can be used to identify a person who can export or import goods from abroad.
This code is issued and maintained by the Director General of International trade, which falls under the Ministry of Commerce & Industries, Government of India. You can register your import or export code once in your life. This registration is good for a lifetime. There are no problems updating and renewing the IEC license registration.
IEC codes registration in India are mandatory for all persons who intend to open an import/export business from abroad. No one is allowed to import or export services or goods without an import export code.
Online business services providers can help you quickly register your export import code. Expertbells India’s largest online platform to help you with mandatory and legal compliances. Expertbells can help you obtain an IEC certification.
Advantages of Import Export Code Registration for Businesses
Let’s look at the benefits that come with successful Import and Export Code Registration in India. These are some of the IEC codes in India you can get once you register for it.
1) Global Market Reach
The best thing about import and export codes registration is that it allows your business to expand on the global market. It will make it easier for you to reach new countries and increase your international reach. It can open up new opportunities for growth for you and your company.
2) Convenient Registration Process
You can now obtain an import and export permit much faster and easier with the help of experts. For your license registration, you don’t need to visit any government offices. Online registration of your import and/or export codes is the fastest, easiest, and most economical way to get your license.
3) Requirements for Simple Documentation
The mandatory documents needed to register an export or import license are easy to obtain.
You will need a PAN number of the applicant to apply, a passport size photo, a canceled check of applicant’s bank account, and proof that the business requires import and export codes or licenses for trade from abroad.
Export and import registration which is valid for a lifetime after it has been obtained. This means that there is no need to set reminders for the renewal or updating the ICE license. It is legal to use the code or license until your business is established.
5) No Compliance
If you have an import or export registration, you do not need to meet any other compliance requirements such annual filings and return filings. You don’t need to be compliant once you have obtained the ICE code registry.
6) There is No Need to Maintain an Annual Account
There is no compliance obligation. After you have obtained the import and/or export code, you won’t be required to pay any annual maintenance fees. It is not necessary to renew the registration or file a renewal. The registration is valid for life and does not require any payment in future.
7) Illegal Transport Transactions
Import and Export code protects your company from illegal transportation risks.The government can scan, track, and analyze all import and export transactions made by the company that has IEC registration in India.
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