IEC Code
Import Export code is a ten digit unique code to an individual/company and is required for every import/export operation. The first step in expending a business abroad is to export and import products & services.
Trading not only helps the business personnel individually but also provide benefits to the country as well. The government has prioritized trade facilitation in order to reduce transaction costs and time.
This code has many names, like importer exported code, import export code, import export license, IE code. You can issue this code in either your name or under company’s name. once issued, it is valid for all its division/units/factories/branches.
When is IEC Required
✤ It is needed by the custom authorities to clear the shipments in the case of any imports.
✤ It is needed by the bank to transfer the amount in the case of any imports made.
✤ If an exporter needs to send the shipment, then it is required.
✤ If the exporter is supposed to receive money in foreign currency and it is transferred directly into his bank account.
RDVS provides support relating to IEC registration.
Documents Required
✤ PAN of the business entity.
✤ Address proof of the applicants entity.
✤ Registration/certification Number.
✤ Bank account details of the entity with cancelled cheque.
✤ Identity proof (Adhaar card, voter id card, passport) Passport size photograph.