IEC Code Renewal Process: To engage in international trade, businesses are required to have an Importer-Exporter Code (IEC), also known as an import-export license. This code, issued by the Directorate General of Foreign Trade (DGFT), is a compulsory requirement for selling or buying goods overseas. Therefore, as you consider various factors such as selecting the appropriate market among approximately 195 countries where India conducts trade, determining pricing and sampling, comprehending payment risks, packaging, export insurance, shipping invoicing, and more, obtaining an IEC for your business will grant you the necessary eligibility to expand internationally.
IEC is essentially a unique alphanumeric number consisting of 10 characters. It is assigned to individuals or entities involved in the import or export of goods. In the case of exporting services or technology, having an IEC is mandatory at the time when the services are rendered. It is worth noting that the IEC serves a similar purpose as the Permanent Account Number (PAN) of a company, as it is distinct and unique to each company and individual.
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How to Update or Modify IEC Registration Online:
- Visit the DGFT web portal and click on ‘Update IEC’ under ‘Register for your IEC box on the page
- Login and select the ‘Update/modify IEC’ option on the dashboard
- There are six categories wherein you can update your information
- General information around company name, PAN, contact details, proof of establishment, etc
- Here only the proprietorship firms can enter or edit the firm name manually
- To change PAN, exporters need to link their IEC and then apply for modification. The request is submitted to RA (regional authority) office for approval. Once approved the IEC is then transmitted to customs.
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- Parter details including adding or deleting partner, director, etc., information along with providing DIN, name, PAN and date of birth
- Bank account details, your preferred sector of operation. For instance, modifying the category of goods that you export
- Check the declaration box, preview the changes made and submit the changes.
- If the Status of the request for change is “In Process” then the request will be approved by the RA officer. You will have to connect with the concerned RA (mentioned in IEC) for further approval. Once the RA approves the request, the changes will reflect in the IEC profile.