What is Import Export Code and Why You Need it for Your Business


IEC which stands for Import Export Code is important for any company, because without the IEC any exports and import can be done within or outside India.

What is Import Export Code (IEC)?

Import export code (IEC) is used by importers and exporters in India for clearing their goods from customs authority or by services providers for export of services from India to foreign countries. IEC is issued by DGFT in India. It is a unique 10 digit number which is allotted on filling an online application in form ANF-2A with any regional office of DGFT.

As soon as a business starts operating worldwide, there are many additional factors which can have a huge impact on its success. Exporting and importing goods is the primary of any large, successful business; it also helps national economies growth and growth of business.

Some of the Benefits of the Import and Export Business are:-

For Import Business

Introduction of New Product in the Market:
Many businesses in India and China tend to produce goods for the European and American market. This is mostly due to the size of these markets and the purchasing power of the population there. But once a new product is introduced to these two markets, it may take a year or more before the product is introduced to other and in smaller markets.

Becoming a Leader in the International Market:
One of the key benefits of importing products is the opportunity to become a market leader. Since manufacturing new and improved products is a never-ending process, many businesses worldwide use the chance to import new and unique products before their competitors do. Being the first to import a fresh product can easily lead of becoming a leader in import and export industry.

Reducing Cost:
Another major benefit of importing is the reduction in the manufacturing costs of the product. Many businesses today find importing products such as parts of car, bike, computer, smart phones etc. and resources more affordable and cheap than producing them locally in the host country.

For Export Business

Increase in the sales profit:
While importing products can help businesses in reducing cost, exporting products can ensure increase in sales and sales potential in general. Businesses that focus on exporting expand their vision and markets regionally, internationally or globally. Instead of earning money by selling their offerings on the local market, these businesses are focused on discovering new opportunities to represent their work overseas in other countries and more profits.

Other Features:
  • Unlock worldwide markets
  • You can claim the refund of various taxes paid while exporting the goods.
  • The process of getting IEC code is completely online
  • Easy documentation
  • Permanent registration, no renewal required
  • No compliance for IEC registration
  • No annual maintenance fees
All IEC Applications can be processed by MyCorporation Consultants Pvt Ltd All IEC Certificates can be issued by the MyCorporation Consultants Pvt Ltd with Digital Signature.

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