Diversification of Business: One of the main benefits of applying for IEC is to expand business opportunities. This can be achieved not only through exports, but also through imports into India. Any entrepreneur or company can have seamless experience without any compliance burden.
Government Benefits: Registering under the IEC system would automatically provide the business with benefits. Any form of compliance related provisions can be adhered by the business. Apart from this, there would be certain schemes, which would provide benefits to businesses.
No Requirement to File Returns: No returns are required to be filed under this system. Hence one the code is assigned there is no requirement to prove the certification’s legitimacy by filing of returns.
Only One Time Registration: As per the requirement of the business, this compliance for registration has to be carried out only once. Though a business cannot carry out any activities related to export and import without this license. However, when a business or proprietor takes this license, there is no requirement to renew this license.
Seamless Processing: The system related to IEC registration is completely online. Hence, processing time would be quick when compared to the offline procedure. Under this system, the applicant is provided an OTP number when an initial application for registration is made. Therefore, through this system, seamless processing times can be achieved.
Authorised by Government: When carrying out exports from India, products, which are shipped, would be certified as per the requirements of the DGFT. Therefore, through this process, increased reputation can be achieved.