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Usually, after you submit your complete application to obtain the IEC registration it will take approximately 1-2 days of business time for its processing.
The IEC code is valid for a lifetime, and its renewal process is not required.
An Individual can take up to One IEC Code against a single PAN Number.
Yes, an IEC code is compulsory and required for both importing goods to India and exporting any kind of Services from India.
The amendment of address or any changes in entity can be registered in the IEC code, and it will help you attain an updated version by applying online.
Some categories of exporters/importers are exempt from obtaining IEC. Examples include: Importer/exporter is individual, i.e., not proprietor/LLP/private limited/public company whether deceased or alive, Imports and Exports by specified departments and Categories as per FTP.