1. Is there two separate licenses for Import and Export?
Import Export Certificate issued by the Govt. can be used for import and export both. We have heard people giving wrong advises to people who want to start their export/import business, most of them do not have knowledge about this, or they just share their ideas without checking if its true.
2.Should I possess any Educational Degree to start Export/Import Business?
Not necessary, you can start the business without any educational qualification; you should have passion and learning of doing this business, which can take you to different heights.
3. Is IEC required for doing services overseas?
We have an assumption that only cross border transaction of goods alone is requires IEC. But actually it is necessary for both goods and services. Import/Export of Services is an overseas transaction. So if you are providing services outside the border of India has to obtain IEC Registration
4. How long is IEC Valid?
IEC registration is a one-time registration. So its lifetime validity, there is no renewal.
5. How is the registration number allotted for IEC number?
Earlier, the Govt. issued IEC as a separate number. Later, the Ministry revised the terms and made the PAN number as IEC number. So this has expedite the process of issuing the IEC at a very faster rate.
6.Is GST Required for Exports?
Definitely, you require GST registration if you start business transaction through IEC.
7. Does Govt. Support Export business?
Govt. supports export business as it increases the country’s economy.
8. Do I get any benefit because I am helping the country’s Economy?
Govt, has lot subsidies for various products that is being exported from India.