IEC Code
Business

How Do I Update My Existing IEC Code: Application Process & Cost

If you are an exporter or importer from India, maintaining an up-to-date Import Export Code (IEC) is essential for the smooth operation of your business. The IEC code is a 10-digit number issued by the Directorate General of Foreign Trade (DGFT), Ministry of Commerce and Industry, Government of India. Over time, you may need to update your IEC code due to changes in business operations or personal details. 

In this post, we’ll guide you through how to update the IEC code, including the application process and associated costs.

Understanding the Need for Updating IEC Code

Updating your IEC code is necessary when the details initially provided in your IEC application change. These changes can include changes in your address, and company name, or adding or removing directors. Keeping your IEC updated ensures compliance with export-import regulations from India and facilitates hassle-free customs clearance.

Preparing for the Update Process

Before you begin the update process, gathering all the required documents that reflect your new details is important. Commonly required documents include a proof of address change, PAN card, and updated Articles of Association or a board resolution in case of changes in company structure.

Step-by-Step Guide on How to Update IEC Code

1. Access the DGFT Website: Visit the official DGFT website. This portal is the primary resource for all matters related to foreign trade in India.

2. Navigate to the IEC Section: Find the section dedicated to the IEC code within the website. You will find options for new applications and updates to existing codes.

3. Fill in the Required Details: Accurate your existing IEC number and other required details. Any discrepancy in the information provided can lead to delays or rejection of your application.

4. Upload Necessary Documents: Upload digital copies of the documents that support the changes in your IEC details. Ensure that these documents are clear and valid at the time of submission.

5. Pay the Listing Fees: While the DGFT does not charge a fee for issuing or modifying IEC codes, you may encounter listing fees if you use third-party platforms or services to assist with your application. Always verify any fees involved before proceeding.

6. Submit the Application: Apply after checking all the details and attachments. You will receive an acknowledgement form with a reference number, which you can use to track the status of your application.

7. Verification and Approval: The DGFT will verify the submitted details and documents. If everything is in order, your updated IEC will be issued. The process takes a few days to a few weeks, depending on the workload and the accuracy of the provided information.

What to Do After Receiving the Updated IEC Code

Once you receive your updated IEC code, it’s important to incorporate the new details into your business operations. Update any business documents, licenses, or registrations that include your IEC code. Notify your banks, customs brokers, and other relevant entities about changing your IEC details to ensure smooth international transactions.

Conclusion

Knowing how to update your IEC code is important for maintaining the legality and efficiency of your export or import business from India. You can ensure a smooth update process by following the outlined steps and preparing the necessary documents in advance. 

Remember, the IEC code is a significant part of your business’s international trade framework, and keeping it updated is key to avoiding disruptions in your business activities.