The Procedure for Changing Address in IEC
As a part of globalization, many companies are getting engaged in import-export activities on a higher scale. Export activities are done by the companies for increasing their market coverage and thereby also increase their profit-earning capacity. At the same time, they are engaging in import activities to procure the raw materials required for manufacturing at a lower price. And as per the law in the country of India for engaging in the import and export, the entrepreneur is required to get certain registrations and certifications out of which IE certification or license is an important one.
The IEC certification stands for Import export code. As it is one of the important certifications or licenses that should be obtained by the importer or exporter for engaging in such activity, it is vital that all the changes and advancements that are taking place with respect to the law are being complied with. And the major point of discussion in this article is the procedure for changing the address with respect to the IEC certificate.
Requirement of IEC in Business
IEC is a ten-digit unique identification number that is issued by the DGFT or Directorate General of Foreign Trade to the importer or exporter. And the entrepreneur cannot engage in the import-export activity unless and until he has obtained the IEC certification and there are certain specific requirements for which this can be used by the entrepreneur while conducting the business.
Import and export
IEC certificate is one of the major prerequisites for conducting the export or import activity by an entrepreneur. So, we can say that for any entrepreneur who wants to import or export goods or services from one country to another, that is from India to another country, he or she should have obtained the IEC license or certification from the Government of India or the DGFT.
When an entrepreneur is exporting his products there is a shipment clearance to be obtained by him. And for obtaining this clearance of the shipment of the goods that are to be exported, he should be producing the IEC certificate before the concerned authorities. And the processing of the shipment or the shipment clearance is the final step in the exporting of goods which will get canceled if the IEC certificate is not produced as stipulated.
Now when the importer is importing the goods then he should be getting the customs clearance. This is to be done solely by the customs department of the country. For getting the customs clearance for the goods which are being imported by the entrepreneur, he should be producing the IEC certificate with the concerned authorities. And this is mandatory for the person who is importing the goods to get the customs clearance easily done with.
Remittance of payment for import or export
In case when an entrepreneur is making payment or is receiving payment with respect to the export made or the import made by him, he should be producing the IEC certificate with the concerned authorities. If the entrepreneur fails to comply with this obligation, he shall not be able to receive the payment or make the payment with respect to the import or export made.
Procedure for Changing Address under IEC
Any successful entrepreneur would like to enter the international market or conduct trading in such a market, which will give him a wider horizon for earning more profit and also widening consumers or the customer base. For this, the unique IEC or the Import Export Code acts as a means, which would help him enter into the international business world. The government of the country, India has been supporting the export activities which are to be undertaken by the Manufacturers and Traders who are located in the country and are conducting business in the domestic market also.
As a part of this, the Government of India and its concerned departments are coming up with various schemes and benefits which would help to instigate the manufacturers who have involved themselves in the manufacturing activity or trading in the domestic market to enter international business world through export. And for getting themselves easily involved or entering the international market, they should be obtaining the registration or license which is IEC.
Modification of IEC
At times, entrepreneurs make certain significant changes to the details. This might range from changing the name to, changing the address or the registered mobile number and email ID. On the occasion of such change being made by the entrepreneur, it is mandatory that they make the necessary modification with respect to the IEC such that their current details are being reflected on the IEC certificate. Change in address is one of the most important changes. This is because it represents the change in the place of business or the business premise from which the entity is conducting its business.
Due to the same reason, it becomes vital that the change is being reflected on their IEC certificate also. And this change can be made in the Certificate by making the necessary changes with the DGFT. If the entrepreneur fails to make a change with the IEC or the DGFT they will become incompetent to conduct any international trade or export-import activity. This change of address is to be made with respect to the import-export code master details and the procedure for making the same has been discussed below:
Step 1: Log in to DGFT Portal
First, the user has to access the DGFT Portal. And you have to enter your mobile number, email address, PIN code, the name of the state, and the city the business is located in. Now from the drop-down menu, you will have to choose from the option importer or exporter as applicable. Now you should enter the PAN number of the business.
Once this has been entered, verification with the help of OTP generated on the registered mobile number should also be conducted. With this, the date of incorporation or registration of the business should also be provided. And then the user should click on the option namely ‘IEC Modification’ which will again require you to enter an OTP for confirmation or verification purposes. There will be a pre-filled application provided on the next page.
Step 2: Modification of IEC Master Details
Now you have to change the address which was given on the IEC certificate to the new changed address. When an entrepreneur is making an address change under the IEC, it is the updating of IEC master details. So, you have to select the IEC master option, which will demonstrate the IEC master screen with the details where you have to choose the modification of this business entity address to the new one.
Step 3: Processing of Application by Choosing the option Update
Once all the necessary details have been filled in the modification form, then you have to choose the Update or Edit button. This will necessarily update all the details which were filled in the modification from. So, this will mark the updating of the old address to the new address. And on the successful completion of the task, a message will be displayed on the screen saying “Task Completed Successfully”. This step is important to ensure that the change of address is made successfully without any failure.
Documents for Marking the Change in Address
For making the change in address, there are certain documents that are mandatorily required and this will include the following:
– The original certificate issued by the DGFT or the original IEC Certificate.
– Documents which would provide the proof for the change of business address.
– And an Affidavit which is describing or defines the modification.
Hence, we can now conclude that it is important for every entrepreneur to make or mark necessary changes in their business details with the IEC. The entrepreneurs are also required to update their IEC certificate every year from April to June through the online system. Any failure to conduct such updating even if there is no change in details would lead to the deactivation of their certificate which would make them incompetent to hold any import or export activity in the country. thus, it is expected that all the entrepreneurs will make the necessary changes in their IEC when there is some important change in the details of their business. And they are also expected to make or update their IEC certificate every year even if there is no change.