Quick Summary:
Feeling Lost?
Have questions or need help? Reach out to us via email or phone. We're here to assist you!
Learn the step-by-step process to modify your IEC (Import Export Code) when changes occur in your business. Ensure your details are updated and avoid disruptions in your international trade.
5 May 2024
Afinthrive Advisory
IEC (Import Export Code) Modification is the process of updating the details associated with an existing IEC registration with the Directorate General of Foreign Trade (DGFT). It is essential for businesses involved in international trade to ensure their IEC details are accurate and up to date for smooth operations.
IEC is a mandatory registration for any entity engaged in the import or export of goods and services. Any changes in the business’s legal structure, address, or ownership must be reported through IEC modification to avoid any complications or discrepancies in trade operations.
Failure to modify the IEC details in case of changes can result in penalties, suspension of import/export operations, or other legal issues. Thus, it is crucial to update IEC details promptly whenever there is a change in the registered information.
Common Reasons for IEC Modification:
Steps for IEC Modification:
Importance of IEC Modification:
How Afinthrive Advisory Helps?
Afinthrive Advisory assists businesses with the IEC modification process, ensuring that all necessary updates are made in accordance with DGFT regulations. Our team handles the preparation of documents, submission of applications, and follow-up to ensure that your IEC registration is modified smoothly and efficiently. We help you stay compliant and avoid delays in your international trade activities.
You won’t get the services at this unbeatable price range anywhere in India.
Essential
₹2500
(20%)
₹
2000
Plan inclusive of all charges
KEY FEATURES
Prime
₹5000
(20%)
₹
4000
Plan inclusive of all charges
KEY FEATURES
Elite
₹8000
(19%)
₹
6500
Plan inclusive of all charges
KEY FEATURES
Make necessary changes to your Import Export Code (IEC) to ensure seamless business operations across borders
Why Modify Your IEC?
Modifications are needed when there are changes in your business structure, company details, or ownership, which ensures your import/export operations remain compliant.
Common Reasons for IEC Modification
Changes in business name, address, type of organization, or authorized signatory details are the most common reasons to update your IEC.
Steps to Modify IEC
Log in to the DGFT portal, fill out the modification form (ANF 2A), provide updated documents, and submit the form for approval.
Documents Required for IEC Modification
You’ll need your existing IEC number, proof of new business details (like address proof or partnership agreement), and authorization for signatory changes.
Consequences of Failing to Modify IEC
Failure to update your IEC can lead to non-compliance, delays in shipments, and legal issues that may hinder your ability to conduct international trade.
Timeframe for Modification
IEC modifications can typically be processed within a few days to weeks, depending on the nature of the changes and the verification process.
How to Modify Your Import Export Code (IEC) for Smooth Business Operations
IEC (Import Export Code) Modification is the process of updating the details of your IEC registration with the Directorate General of Foreign Trade (DGFT). This is required when there are changes in your business details such as company name, address, or ownership, ensuring that your import-export activities remain compliant with government regulations.
You must modify your IEC details in the following cases: • Change in the business name or registered company name. • Change in the business address. • Change in the ownership or legal structure of the business (e.g., from sole proprietorship to partnership). • Addition or deletion of directors or partners in the business.
1. **Visit the DGFT Website**: Log in to your DGFT account. 2. **Fill the IEC Modification Application**: Navigate to the 'IEC Modification' section and fill out the required form. 3. **Submit Required Documents**: Attach supporting documents such as the new business address proof, ownership change details, or company name change certificate. 4. **Pay the Modification Fee**: A nominal fee may be charged for processing the modification. 5. **Submit the Application**: After verification, submit the application for DGFT approval.
• Proof of new business address (e.g., utility bill, lease agreement) • Certificate of incorporation or partnership deed (for business structure changes) • A copy of the PAN card • A resolution or document stating the change of ownership or directors (if applicable)
Failure to update your IEC details can result in: • Disruption of import-export activities, as you may not be able to clear shipments or file customs declarations. • Legal issues or penalties for non-compliance with DGFT regulations. • Inability to conduct business transactions with international clients due to incorrect IEC details.
Once the IEC modification request is submitted, it generally takes around 7 to 10 business days for DGFT to process the changes and update the records. After approval, your updated IEC will be available in your DGFT account.
After modifying your IEC, ensure to update your records with the Customs Department and other relevant authorities. Notify your banks, freight forwarders, and business partners about the change to avoid any operational issues.
• Failing to submit accurate or complete documents. • Not notifying all relevant stakeholders about the IEC change. • Missing deadlines for updating IEC, which could result in operational disruption.
Get Answers to your most asked questions.
IEC Modification refers to the process of making changes or updates to an existing Import Export Code (IEC) issued by the Directorate General of Foreign Trade (DGFT). The IEC is a mandatory license for anyone engaging in import or export activities in India. Modifications are necessary if there are changes in business details like company name, address, bank account, or product/services being traded.
IEC Modification is required to ensure that the information on your IEC remains accurate and up-to-date. As per DGFT regulations, any changes in your business operations or details must be reflected in your IEC to avoid discrepancies in the future, especially during customs clearance and international trade processes. Failure to update can result in penalties or delays in exports/imports.
Depending on the type of modification, the following documents may be required: 1. **Proof of business address** (e.g., electricity bill, lease agreement). 2. **Bank certificate or cancelled cheque** showing the updated bank details. 3. **Pan Card copy** of the company/individual. 4. **Certificate of incorporation or partnership deed** (if business name or structure changes). 5. **Board resolution** or authorization letter (if there is a change in authorized signatory).
IEC modification typically takes **7-10 working days** for processing, provided all the required documents and information are submitted correctly. Delays can occur if there are discrepancies or missing documents. It’s important to check the DGFT portal for status updates.
In most cases, modifying your IEC is **free of charge**. However, certain modifications, such as those requiring additional validation or review, may attract a nominal fee. It's advisable to check the DGFT portal for the specific fee structure related to your modification request.
