{"id":3307,"date":"2020-02-13T07:28:31","date_gmt":"2020-02-13T07:28:31","guid":{"rendered":"https:\/\/corpbiz.io\/learning\/?p=3307"},"modified":"2020-12-03T16:30:54","modified_gmt":"2020-12-03T11:00:54","slug":"iec-code-for-business-overseas-know-iec-benefits","status":"publish","type":"post","link":"https:\/\/corpbiz.io\/learning\/iec-code-for-business-overseas-know-iec-benefits\/","title":{"rendered":"Take \u2013 Off Your Business to International Market with Import and Export Code (IEC); Know IEC Code\u2019s Benefits"},"content":{"rendered":"\n<p class=\"has-drop-cap\">Businesses that are extending their product and services to an international level through import and export, mandatorily required to obtain IEC code. Import and Export activities shall be performed under the various guidelines drafted by the Government. Under this blog, we shall explain the IEC code and what are IEC code benefits.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title ez-toc-toggle\" style=\"cursor:pointer\">Page Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/corpbiz.io\/learning\/iec-code-for-business-overseas-know-iec-benefits\/#What_is_Import_and_Export_Code\" >What is  Import and Export Code?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/corpbiz.io\/learning\/iec-code-for-business-overseas-know-iec-benefits\/#What_are_the_Benefits_Import_and_Export_code\" >What are the Benefits Import and Export code?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/corpbiz.io\/learning\/iec-code-for-business-overseas-know-iec-benefits\/#Advantages_of_IEC_code\" >Advantages of IEC code<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/corpbiz.io\/learning\/iec-code-for-business-overseas-know-iec-benefits\/#Dos_and_Donts_for_IEC_Holders\" >Do\u2019s and Don\u2019ts for IEC\nHolders<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/corpbiz.io\/learning\/iec-code-for-business-overseas-know-iec-benefits\/#Conclusion\" >Conclusion<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_is_Import_and_Export_Code\"><\/span>What is  Import and Export Code?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Import and Export code is important for the businesses for import and export business. IEC is the first essential requirement before commencing the import and export business. Import and Export Code is a 10 digit unique code issued by Director General of Foreign Trade (DGFT), Ministry of Commerce. IEC is issued to the applicant, which shall be valid for all its factories\/units or branches as per, mentioned in the IEC number.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_are_the_Benefits_Import_and_Export_code\"><\/span>What are the Benefits Import and Export code?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul><li><strong>Benefits gain by&nbsp; Director General of Foreign Trade (DGFT);<\/strong> Certain benefits can be obtained on import and export from DGFT on the basis of IEC. Also, it provides benefits from customs and Export promotions council.<\/li><li> <strong>Validity; <\/strong>IEC code has a validity of lifetime. No renewal is required for IEC code.<\/li><li><strong>Individual Registration;<\/strong> Any proprietor can obtain IEC. <\/li><\/ul>\n\n\n\n<h4 class=\"wp-block-heading\">Import Factoring <\/h4>\n\n\n\n<ul><li> Improve your working capital <\/li><li>Unique Value Proposition <\/li><li>Notification and Verification <\/li><li>Inherently riskier, thus, more expensive <\/li><\/ul>\n\n\n\n<h4 class=\"wp-block-heading\">Export Factoring <\/h4>\n\n\n\n<ul><li>Risk of\nExport Factoring <\/li><li>Pros of\nExport Factoring <\/li><li>Cons of\nExport Factoring<\/li><li>Applicability\nof Export Factoring <\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Advantages_of_IEC_code\"><\/span>Advantages of IEC code <span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Through  Import and Export code, businesses receive great opportunities to unlock the international market and expand their products and services throughout the globe. Hence, IEC becomes the main requirement to expand the business on an international platform. It supports the growth and development of the business to a certain standard.<\/p>\n\n\n\n<p><strong><em>Following are the few benefits IEC code\nprovides to the businesses involved in import and export;<\/em><\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><em>1. Global Market Reach<\/em><\/h3>\n\n\n\n<p>As discussed above,  Import and Export code unlocks various business opportunities across the globe. IEC code makes it easy to import and export the services and goods, which help the applicant to marks its presence on the international market. Hence, we can say that  Import and Export code increases the global reach of business, which can open the door for growth and expansion.&nbsp; <\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><em>2. Online Registration<\/em><\/h3>\n\n\n\n<p>The whole process of obtaining IEC is online, which can be done through its common portal. The online process makes the registration process hassle-free and more simplified. All the required documents to support the application can be uploaded at one place. <\/p>\n\n\n\n<p class=\"text-left\"><b>Read our article<\/b>:<mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/corpbiz.io\/learning\/how-to-get-iec-code-in-india\/\">How to Obtain IEC Code in India\n<\/a><\/mark><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><em>3. Simple Document Requirement<\/em><\/h3>\n\n\n\n<p>Any applicant involved in the business of import and export can file an application for obtaining IEC. <\/p>\n\n\n\n<p>Few mandatory documents required for<strong> <\/strong><a href=\"https:\/\/corpbiz.io\/iec-registration\"><strong>IEC code registration<\/strong><\/a><em> are; <\/em><\/p>\n\n\n\n<ul><li>PAN Card<\/li><li>Passport size photograph<\/li><li>Cancelled Cheque<\/li><li>Address proof of Business&nbsp;\n<\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">PAN Based Registration<\/h3>\n\n\n\n<p>On the basis of the applicant&#8217;s PAN card, the code can be\nobtained. Further, the registration is not required to be based on the place of\nbusiness; instead, business only required single registration. On the time when\na business shuts down, registration also gets revoked. <\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Life Time Validity<\/h4>\n\n\n\n<p>IEC code registration does not require any renewal, as\nthe registration is valid for a lifetime.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Benefits of Schemes<\/h4>\n\n\n\n<p>IEC code provides a huge benefit to importers and exporters.\nThe registered business entities become liable to avail benefits that can be in\nthe form of subsidies or otherwise declared by the Customs, Export Promotion\nCouncil or other authorities. After business entity files LUT under GST, the\nexporters can make exports without payment of taxes. In case the export is\nbeing carried after payment of taxes, the exporter becomes eligible to claim\nrefunds of the paid amount in the form of taxes.<\/p>\n\n\n\n<ul><li><strong>No Compliance<\/strong><\/li><\/ul>\n\n\n\n<p>As like other tax registrations, the importer and\nexporter are not required to fulfil any specific compliance. The only\nrequirement is to file the annual filling or return filing. There are no\nfurther compliances after registration.&nbsp;&nbsp;&nbsp;&nbsp;\n<\/p>\n\n\n\n<ul><li><strong>No Annual Maintenance<\/strong><\/li><\/ul>\n\n\n\n<p>Here no compliances are listed. Hence, there is no such\nrequirement of maintaining fee after the registration. Even there is no\nrequirement of filing or renewal of registration for each financial year.&nbsp; <\/p>\n\n\n\n<ul><li><strong>Legally Clean<\/strong><\/li><\/ul>\n\n\n\n<p>IEC code makes the import and export business legal. It\nprovides benefits to the exporter\/importer to makes the transactions legal and\neasy.<\/p>\n\n\n\n<ul><li><strong>Reduces the risk of Illegal transportation<\/strong><\/li><\/ul>\n\n\n\n<p>IEC code helps in abolishing the illegal export and\nimport\/export. Its centralised registration helps the official to keep a check\nover the illegal transactions carried out under export and import business. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Dos_and_Donts_for_IEC_Holders\"><\/span>Do\u2019s and Don\u2019ts for IEC\nHolders<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul><li>IEC code holder should not apply more than one IEC code against the same PAN card and business. <\/li><li>Every applicant should provide authentic information to avoid any penal and legal actions for furnishing the wrong or incomplete information.<\/li><li>On recieving IEC code, applicants are required to furnish their details on <strong>DGFT web portal<\/strong><sup><a href=\"https:\/\/dgft.gov.in\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">[1]<\/a><\/sup>. In case where any changes are being made, needed to update the on the web portal. <\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion <span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>For commencing import and export business obtaining IEC code becomes mandatory. The online process of registration makes the process more simplified and hassle-free. One cannot neglect the necessity of import and Export code, as it is mandatory. <\/p>\n\n\n\n<p class=\"text-left\"><b>Read our article<\/b>:<mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/corpbiz.io\/learning\/iec-exemption-in-india\/\">\nKnow about the IEC Exemption in India<\/a><\/mark><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Businesses that are extending their product and services to an international level through import and export, mandatorily required to obtain IEC code. Import and Export activities shall be performed under the various guidelines drafted by the Government. Under this blog, we shall explain the IEC code and what are IEC code benefits. What is Import [&hellip;]<\/p>\n","protected":false},"author":9,"featured_media":3309,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[165],"tags":[167],"acf":{"service_id":"16"},"authorName":"Shailza Sharma","authorImageUrl":"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2019\/10\/IMG-20190927-WA0001-150x150-22.jpg","authorDescription":"Miss Shailza Sharma, BA. LLB graduate from Himachal Pradesh University. She holds an experience of 2.5 years in various Legal companies and organizations.","postViews":6656,"readingTime":3,"_links":{"self":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/3307"}],"collection":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/comments?post=3307"}],"version-history":[{"count":20,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/3307\/revisions"}],"predecessor-version":[{"id":21039,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/3307\/revisions\/21039"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media\/3309"}],"wp:attachment":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media?parent=3307"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/categories?post=3307"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/tags?post=3307"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}