Customs clearance and sending shipments requires quoting of the IE Code. Therefore, to import/export goods into/from India and while making/receiving payments to/from abroad, IE Code must be required by the Importers/Exporters and banks respectively.
IE Code is One-Time registration code which can be used for all its import/export throughout the existence of the entity and no annual renewal is required.
Once IEC number is issued, there are no further compliances to be made thereafter to keep its validity intact.
It is not mandatory to incorporate a business entity for acquiring IEC number. It can also be obtained by the individuals who are sole proprietors of their respective businesses.
There are no annual maintenance or compliance costs as there are no legal compliances prescribed.
When application besides all the necessary information has been submitted, IE Code can easily be attained from Office of DGFT within 6-8 working days thereafter. No proof of any import/export is required to obtain IEC.