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Chennai is the capital of Tamil Nadu . It is located on the Coromandel Cost of the Bay of Bengal. It is known to be one of the biggest economical , cultural and educational center of the country . Chennai is having the third largest expatriates population in India. It is also one of the largest municipal economies of the country . It is also selected as one of the city for the smart city out of the 100 cities under the smart city mission. The premier engineering Institute of India INDIAN INSTITUTE OF TECHONOLOGY , MADRAS is also located here.
In the age of globalization, and the growing speed of economy, it wouldn’t be wrong to say that the import-export between the countries have picked up speed, and how one maintains their international trade relations defines ones international relations with the other countries. The Ministry of Commerce and Industries provides for an Import Export Code (herein referred to as IEC), which helps in facilitating import and export between the different countries. The IE Code Registration Chennai is required for clearing custom duties, sending money off abroad, and practically any function that requires any commercial/monetary transaction where a foreign state is involved. Furthermore, IEC is also a great way of expanding one's business overseas, it opens more avenues and reaches a greater customer base. The IEC is a unique 10-digit code, which is varying in nature and digits, this code is a pre-requisite for facilitating business abroad, i.e. sending goods or providing services abroad, and also, for reaping benefits from any export gain abroad. IEC is an instrument which has helped the Indian Businesses flourishes in the foreign lands.
The IEC Code Online Delhi has followed the trend of globalization and has abided by the minimal tax tariffs on imports and exports now, there are many reasons one should get an IEC registered which can be enumerated as the following:
There has been a due emphasis on the import-export in India, an IEC is a simple yet comprehensive procedure, IEC doesn't need a renewal since it has unlimited validity. CompanyVakil.com specializes in providing Import Export Code, to the growing business and helps them establish a foothold in the foreign companies. Furthermore, IEC has developed to provide a great ground for flourishing business. The process of obtaining an IEC in India can be elucidated as follows:
There are certain pre-requisites that are required for getting an Import Export Code, which is as follows:
There is a certain list of documents that are to be submitted to the DGFT (Directorate General of Foreign Trade) for his consideration, and this also helps in the completion of the application that has been so submitted. These documents include:
There are many advantages of getting an IE Code Registration Chennai are immense, other than the fact that it eases the business operation in the foreign lands, the other advantages of IEC can be enumerated as the following:
An IEC Application can take up to 15-20 days of processing and be receiving an Import Export Code from the concerned authority.
The IEC has an unlimited validity; hence it’s not subjected to any renewal process of sorts.
The DGFT i.e. Directorate General of Foreign Trade scrutinizes the IEC application.
The exporters need an IEC in india for receiving a shipment from abroad or any monetary commission from overseas.
The importers require the IEC for clearance of the business transactions taking place abroad.
No, having an IEC is not mandatory; it is only a pre-requisite for businessmen to take over export and import activities.
IEC has 10-digits.
No, once the formalities of IEC filing have been completed there is no need for Return Filing.
No, IEC doesn’t attract any tax obligations or liabilities.
Submissions of the application for the IEC require to be affixed with Rs. 250.