IEC code registration is mandatory in the import and export business sector. To be in this trade one must possess an Importer Exporter (IE) code, which is issued by the Directorate General of Foreign Trade. One can also make use of the added advantages of SEIS and MIES that comes with it. It can be applied as both a business entity as well as an individual. Essentially, it is a ten-figured code that has lifetime validity.