26 Jul 2021, 10:45 — 4 min read
If you are planning to start an import and export business, then there is a whole set of opportunities waiting for you. The reformed policies of the government have made it easy for the companies willing to start the import and export business to register and start their business operations. At the same time, once the company gets registered and gets an import-export code (IEC), it doesn’t need to re-register or renew the registration every now and then. The IEC is valid for life, thus making this a hassle-free way of doing business.
An important question arises as to whether a company can do import and export without IEC registration. Well, the answer is that every company needs to go for IEC registration; this code is an indication that the company is credible and can be trusted with its business operations. Moreover, one also needs to open a bank account which should be mentioned at the time of registration for IEC. This account is mandatory as all the funds that you will receive as a part of your business operations will be done in this account.
When it comes to a number of products that one can export via a single IEC, then one can export all products that are not prohibited. One has to see the EPC to check if the products category they want to export is mentioned in it or not. There are many products that one can export under one IEC, but you need to check the EPC for the same.
Now that you know about the benefits of IEC registration, we will be highlighting the steps involved in registration. If you are planning to start an import and export business, then you can do so under the following categories:
So, the first step of registration that one has to do is to form a company and, for this, you would need the following documents:
The bank certificate will work as a certificate of authentication, and hence it becomes a mandatory document when you are applying for an IEC code. When you are conducting an export business, then you will receive money in your account, and you will be dealing with a foreign client. The bank certificate, along with the account details, will show that you have an up and running account.
So, now you know about the process of IEC registration and the benefits associated with it. Whether you are planning to stick to one product or more, you can do so with a single IEC, but the product must be enlisted with the EPC.
Also read: How to start an export business
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