IRC stands for Import Registration Certificate, while ERC stands for Export Registration Certificate. These are documents often required for businesses involved in international trade.
In many countries, an importer needs an IRC, and an exporter needs an ERC to legally conduct import/export activities. Holding these certificates often allows businesses to import and export permissible items without specific value or quantity restrictions, or the need for permission from individual authorities for each transaction.
Here's a breakdown:
- Import Registration Certificate (IRC): Required for businesses importing goods into a country.
- Export Registration Certificate (ERC): Required for businesses exporting goods from a country.
These certificates are often issued by a government agency responsible for regulating international trade.
