In the era of cut throat Competition, each and every person wants to expand his business beyond the domestic market. But, doing business internationally is not a cup of tea, before going internationally, you have to follow different laws and procedures, and obtain different license or registration. IEC license is one of such buzz word whenever you think of import or export from India.
IEC (Import Export Code) license is a code which is required by a person for exporting or importing goods. It is a 10 digit code which is issued by the Directorate General of Foreign Trade (DGFT), Ministry of Commerce and Industries, Government of India. It is an essential requirement for a businessman in India who is into a business of import and export.
Features of IEC:
Who is required to obtain IEC?
Who is not required to obtain IEC?
Procedures to obtain IEC:
An application must be made in the Aayaat Niryaat Form 2A (ANF 2A) format to the Regional Authority of the (DGFT) in the region where the registered office of the company is situated.
The DGFT has provided online filing facility for obtaining IEC and other authorizations. Applications which are complete in all respects are normally disposed of within seven days. For practical purposes, you can provide for a week’s time (after factoring in the time required to make any changes in case your initial application is incomplete in some respect).
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