Importer Exporter Code (IEC)

Importer Exporter Code (IEC) is a unique 10-digit code issued by the Director General of Foreign Trade (DGFT), Ministry of Commerce, Government of India. To carry on import or export in India, IEC is mandatory.

Benefits of Incorporated Business

An incorporated business means a business entity registered and incorporated under any Law. In India, ‘Limited Company’ and ‘Limited Liability Partnership’ are the incorporated business forms. Limited Companies are classified as One Person Co..

Conversion of Partnership to Limited Company

By converting a firm into a company, the partnership can avail the benefits of a company. This method is preferable if the partnership firm has immovable assets in the name of the firm.

Conversion of Proprietorship to Limited Company

A proprietorship cannot be converted directly into a limited company. The only solution is to incorporate a new company with a specific object clause, listing the particulars for a takeover of the existing proprietorship business.

Registers and Records by Company

A company registered under the Companies Act has to maintain certain prescribed registers and records. Non-compliance of record-keeping invites penal action against the company and its directors.