How to Start Import Export Business in India?
If you are planning to begin an import export business in India then firstly you will require an Import Export Code (IEC). An IEC is very important when you are in a business of importing or exporting goods. If in case, the import/export is related to services or latest technologies then IEC Registration is must.The limited circumstances such as dealing with nuclear weapons, guns, managing in atomic weapons, programmed firearms, etc they are pertain to the national security and hence restricted by the Government of India.
What is The Need for IEC Registration?
IEC is a unique 10 digit number which is issued to any person or company by the Director General of Foreign Trade (DGFT), part of the Ministry of Commerce and Industry so that he may carry his Import Export business in India. IEC Registration is required to get the License for Importing and Exporting goods. It is enrolled with the dealer code details with the port through which the goods are being imported or exported. Illegal transport of goods is restricted and IEC helps in reducing that as it is impossible to get IEC Registration without giving the complete information of goods. Custom authorities clear the goods only by checking the IEC Registration. Organizations can avail different advantages from DGFT, Customs, and Export Promotion Council on import & export.
How to do IEC Registration Online?
First of all you must be sure that you are eligible for obtaining IEC Registration, and then an online application can be filed with the Directorate General of Foreign Trade (DGFT). After the submission of this form application IEC Registration is provided to the applicant within 15 to 20 days by the DGFT. Fees for the Import export license required is Rs 2499 only.