IE code registration in Bangalore
Bringing our products or services to the international market is a challenging one but it facilitates to expand our business. To initiate this first requirement is to obtain the import/export code. It is very necessary for importing or exporting of goods. When deals with the specified services or technologies, there are some restriction, it can only be possible for the certain circumstances. Some international trades such as dealing with nuclear weapons or automatic guns are restricted by the Government of India for some security purposes.
Import Export Code or IEC is the one which is issued by the Directorate General of Foreign Trade (DGFT). It is a 10 digit code and possesses lifetime validity. It is required only you need to import or export any goods in India. Without IEC, no import could be allowed.
This code enables to identify the seller of goods and reduces the transport of illegal goods. Anyone who wants to do import/export business before commencing, first obtain the IEC. Based on the IEC, customs authority would allow you to clear off your goods.
Benefits of IEC:
It is mandatory for any company or the enterprise that operates in India and wants to expand the business across the globe. There are many additional factors to be considered when the business starts operating internationally because that may be the huge impact for its success. Importing and exporting goods helps for the economy growth and expanding the business.
Each country is enriched with some own unique resources and at the same time it may lack of other essential resources. In order to develop and improve the overall economy, importing and exporting plays a vital role.
For example, in some countries they may have precious metals or fossil fuels and rich in minerals whereas in other countries they may experience the shortage of these essential resources. In some places you can find the excellent infrastructure and the highly standard educational systems while others do not.
You can become a leader in the international market:
Key benefits of importing products are the opportunity to become a great leader in the market. Manufacturing the new and the improved products is a never-ending process. How quickly we use the opportunity and import new and unique products before your competitors do, would make you stand unique. Being the initiator and the first one to introduce a new product makes you a leader in the growth oriented industry.
The major benefit can be experienced in the importing is the reduction in the manufacturing costs of the product. Many businesses find that importing products such as smart phones, car, bike, computer etc. are more affordable and comparatively cheap than producing them in the respective country.
Sale profits can be increased:
Importing products can help businesses to reduce the cost; in the same way exporting the products ensures to increases the sale profits and potential. Businesses which focus on exporting might expand the markets and vision regionally, internationally or globally. Rather selling the offerings in the market to earn money, it focused fully on discovering new opportunities to represent the work in other countries for more profits.
IEC is not required under specific circumstances. They are:
- Importing or exporting of goods will not be applicable for personal use which means it is not connected with the manufacture or agriculture and trade.
- Import or export which is carried out by government ministries and departments and some specified charitable organisation would not be allowed in this process.
Advantages of IEC:
- IEC holders are not required to file any returns.
- It is issued to enjoy the benefits for lifetime; there is no need of renewal.
- Individuals can also obtain the code in their name if he/she is a proprietor. It is not necessary to setup a business specifically for import/export.
|Documents required for IEC:|