IEC Code For The Export Of Services
IEC Code For The Export Of Services
In the last 10 years or so, India has witnessed growth within the Small and Medium Enterprises (SMEs) sector. However, even companies like Google and Amazon began as small enterprises before becoming the billion-dollar powerhouses they are today.
SMEs in India indeed recognize that this is the case and business owners know that to keep ahead of the game and stay ahead of the curve, they must expand their operations beyond the local market. However, setting up your company and transforming it into an international brand is not a simple task, and there are many steps to be followed before diving into the depths of the sea.
One option is to acquire the Import-Export Certificate which is commonly known as IEC for the services you provide.
What is IEC Code?
The simple answer is yes, you can. If you do not have an IEC code merchants won't be able to export services and goods to other nations. It is the IEC Code is required by the Customs Port in case a business is exporting goods or services. Also, you will require IEC Codes as an IEC Code as an exporter if you receive money in foreign currency straight into your bank account.
How Do You Register an IEC Code for Exporters and Importers?
It is mandatory to take the required steps to get for IEC Code for exporters and importers:
- It is necessary to create the application forms i.e.e Aayaat Niryaat Form 2Aformat and then file it with the relevant DGFT.
- Along with the form, you will be required to submit all identity documents such as your PAN Card\Passport\Aadhaar Card, etc, your proof of address Aadhaar Card\Voter ID\Passport, along with your bank details.
- After you have completed the application process and have completed it, you must submit it to the DGFT with the electronic signature as well as pay the required fee to be registered to the IEC.
- If your application is accepted after which you will receive a hard duplicate of your IEC Code from the government.
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