Well, we cannot ignore that Import and Export are a dominant contributor to the GDP of India. A huge amount of revenue is incurred from the Import Export Business if any individual wishes to venture a business in this domain should mandatorily follow certain regulations and procedures for the seamless functioning of the business. They should hold an Import Export Code or IEC this article focusses on IEC and when a business can be modified.

What is IEC code?

Directorate General of Foreign Trade or DGFT is the issuing authority of this 10 digit identification number. Every individual who wishes to run an Import or Export business they should get this IEC Modification form to initiate the business.

When does a business need the IEC Modification Application?

• When any importer would need to get the clearance of shipment from the custom.
• When the importer would need to provide the IEC number to the bank while sending money abroad.
• When the shipment is sent the exporter need to share it with the customs.
• When the exporter receives foreign currency in their bank account 

Who can apply for IEC Modification Online?

There are certain prerequisites of IEC Modification; Every Importer or Exporter should meet the following conditions, to get the IEC Modification. The eligibility criteria are mentioned below:

1. Any Proprietorship Firm, LLP, Trust, HUF or a Limited company can apply for the IEC
2. They must have a valid Business/ Office address.
3. You would need a PAN card to verify the address.

When can you apply for IEC Modification?

Any import and export company would need to go for IEC modification under the following conditions:

1.    When any business entity wants to change the address of the company or registered office address
2.  Where there is a change in the business activities
3.    When there is a change in the email Id or mobile phone number of the company
4.    When you need to update or modify the bank details 
5. When any business entity wants to change the name of the company
6.    When any business entity wants to add a new branch to the company
7.  When any business entity needs to add or delete a partner or director in the company

Documents are required for IEC Modification

For IEC Code Modification following documents are required:

• Individual’s or Firm’s or Company’s copy of PAN Card
• Individual’s voter id or Aadhar card or passport copy
• Individual’s or company’s or firm’s cancel cheque copy of current bank account
• Copy of Rent Agreement or Electricity Bill Copy of the premise
• Cancelled Cheque
• Digital Signature Certificate

Benefits of Import Export Code

• Global Market Reach
• Online Registration
• Simple Documents Required
• PAN Based Registration
• Lifetime Validity
•  Benefits of Scheme
• No Compliance
• No Annual Maintenance
• Legally Clean
• Reduces the risk of Illegal transportation

How can we help you?

IEC Modification  Online is mandatory for every Importer and Exporters who are specified by the government. If you are unsure and save your time as well Online Legal India™ is your next stop solution. Our highly qualified IEC Experts will guide you according to your need and would work round the clock to give you service. 

We offer a plethora of services like GST, ITR, Company Incorporation, FSSAI and many more.