An IEC certificate, also known as an Importer-Exporter Code, is a 10-digit unique identification number issued by the Directorate General of Foreign Trade (DGFT), Ministry of Commerce and Industry, Government of India. It is mandatory for all businesses that want to import or export goods from or to India.https://content.dgft.gov.in/Website/DGFT%20-%20Profile%20Management%20(IEC)%20FAQs%20v1.0.pdf
The IEC certificate is required for a variety of purposes, including:
- Opening a letter of credit
- Applying for import or export licenses
- Getting clearance from customs
- Filing shipping documents
- Obtaining government subsidies or incentiveshttps://suvastika.com/su-vastika-earns-star-export-house-certificate/
What Is Import Export Code?
The Importer-exporter code number is a 10-digit code issued by the Directorate General of Foreign Trade (DGFT), Ministry of Commerce and Industries, Government of India.
The registration, once done, has lifetime validity, without which no person or company can practice the import or export business from India.
Every business that involves International trade, irrespective of the size and nature, requires IEC Registration as the goods involved will be cleared from customs using the code without which no seller can import or export the goods from India. Registering trade businesses surely allows the business entity to unlock the wider global market for their product or service.
- IEC Certificate by Su-vastika was taken in 2019, and they started exporting its products like Inverters, UPS, Lift Inverters/ERD, Battery Energy Storage Systems, Lithium batteries and Tubular Lead Acid batteries.
Advantages Of IEC Registration:
As said, it is the primary requirement for the import into and export from India of goods and specified services, which enables businesses to unlock opportunities across the globe in the international business market. It increases the business’s global reach and opens the door for growth and expansion.
Scope in the International Market
- The IEC registration paves the way for traders to introduce their products into the world market and expand their trade area.