How to Easily Register and Update Your IEC Code

The Import Export Code(IEC) is a crucial requirement for businesses engaged in international trade in India. It is a 10-digit code issued by the Directorate General of Foreign Trade (DGFT) and serves as a mandatory identification for businesses dealing in imports and exports. Whether you’re looking to register for a new IEC or update your existing code, this guide provides a step-by-step overview to simplify the process.

What is IEC and Why is It Important?

IEC, or Import-Export Code, is a unique identifier necessary for importing or exporting goods and services from India. It is a prerequisite for availing benefits under export promotion schemes and is required for customs clearance.

Key Benefits of IEC:

1. Global Trade Access: Enables businesses to trade internationally.

2. Government Benefits: Eligibility for export subsidies and benefits under schemes like SEIS and MEIS.

3. No Renewal Needed: Once issued, the IEC is valid for a lifetime.

4. Customs and Bank Documentation: Mandatory for customs clearance and processing international transactions.

How to Register for IEC Code

The process for IEC Registration is completely online, making it convenient for businesses. Here is a step-by-step guide for Import Export Code Registration:

Step 1: Visit the DGFT Portal

• Go to the official DGFT website (https://dgft.gov.in).
• Register as a user by creating an account.

Step 2: Login to Your Account

• Use your credentials to log in.
• Direct to the Services section and select “Apply for IEC.”

Step 3: Fill the IEC Application Form

• Complete the online application form with the following details:
  • Business name and type.
  • PAN of the entity or proprietor.
  • Address and contact details.
  • Bank account details with IFSC code.

Step 4: Upload Required Documents

You need to provide the following documents for IEC Code Registration:

1. PAN card of the business or proprietor.
2. Address proof (electricity bill, rent agreement, etc.).
3. Bank certificate or a canceled cheque.
4. Digital photograph of the applicant (in case of proprietorship).

Step 5: Pay the Application Fee

• The fee for Import Export Code Registration is ₹500, which can be paid online via net banking, debit card, or credit card.

Step 6: Submit and Track Application

• Submit your application after verifying all details.
• You can track your application status through the DGFT portal.

Step 7: Receive Your IEC

• Upon successful verification, the DGFT will issue your IEC digitally.
• You can download the certificate from the portal.

Updating Your IEC Code

Businesses often need to update their IEC Code due to changes in business details, such as address, ownership, or contact information. The DGFT mandates an annual IEC update to keep the code active.

Why Update Your IEC?

1. To ensure accurate information is recorded.
2. To comply with DGFT regulations requiring annual updates.
3. To avoid penalties or deactivation of the IEC.

How to Update IEC Code

Updating your IEC is as straightforward as registration. Follow these steps for an IEC Update:

Step 1: Log in to the DGFT Portal

• Visit the DGFT website and log in using your credentials.

Step 2: Access the IEC Update Section

• Under the “Services” menu, click on “Modify IEC.”

Step 3: Update Business Details

• Modify the required details, such as:
  • Address or contact information.
  • Bank account details.
  • Business structure or ownership details.

Step 4: Upload Supporting Documents

• Provide updated documents for the changes made, such as:
  • New address proof.
  • Revised bank details.
  • Any other supporting documents relevant to the update.

Step 5: Submit the Application

• After reviewing the changes, submit your application.

Step 6: Pay the Update Fee

• There is no fee for annual IEC updates, but certain modifications may require a nominal charge.

Step 7: Confirmation and Approval

• Once the changes are approved, the updated IEC details will reflect on the portal.

Common Issues During IEC Registration and Updates

1. Mismatch in Documents: Ensure the name and details in your PAN, bank account, and address proof match exactly.

2. Inactive User ID: If your DGFT login is inactive, reset your credentials before proceeding.

3. Missing Annual Update: Failing to update your IEC annually may result in deactivation. Set reminders to avoid this.

Tips for Smooth IEC Registration and Update

1. Ensure Accuracy: Double-check all entered details and uploaded documents to avoid rejection.

2. Keep Documents Handy: Have soft copies of all necessary documents ready for quick upload.

3. Use a Digital Signature: If available, use a digital signature to expedite the process.

4. Track Application: Regularly check the status of your application on the DGFT portal.

Conclusion

Obtaining and maintaining an IEC Code is vital for businesses engaging in international trade. The process for IEC Registration and IEC Update has been streamlined by the DGFT, making it simple and accessible. By registering for an Import Export Code, businesses can unlock opportunities in global markets, avail government benefits, and ensure compliance with export-import regulations. Follow the steps outlined above to secure or update your IEC hassle-free and focus on growing your business internationally.