Import Export Code
Import Export Code
Import Export Code is a ten-digit unique code assigned to an individual/company and is required for every import/ export operation. The first step in expanding a business abroad is to export and import products & services.
The various provisions of the Foreign Trade Policy and measures taken by the government in the direction of trade facilitation have been consolidated for the purpose of import and export trade. The most important aspect of a company’s success is growth. Expansion of business globally could be the very first step towards this. Import Export Code Renewal every year is mandatory now for IEC License holders.
This code has many names, like import export code, import export license, import export number, IE code, IE license, etc. You can issue this code in either your name or under the company’s name. Once issued, it is valid for all its divisions/ units/ factories/ branches.
When is IEC required
- It is needed by the customs authorities to clear the shipments in the case of any imports/ exports.
- It is needed by the bank to transfer the amount in the case of any imports/ exports made.
