Import Export KYC

Introduction

Ensure Uninterrupted Global Trade with CorpIQ's IEC KYC Update Services

In the world of international trade, the Import Export Code (IEC) is your business passport. Maintaining its validity with annual KYC updates is not just regulatory compliance but a business necessity. CorpIQ is dedicated to facilitating your IEC KYC updates, ensuring that your global trade endeavors remain uninterrupted and in full compliance with the Directorate General of Foreign Trade (DGFT) regulations.

STREAMLINE YOUR IEC KYC COMPLIANCE WITH CORPIQ:

- Annual KYC Update Advisory: CorpIQ keeps you informed on the latest DGFT mandates for IEC KYC updates, offering you expert advice on how to maintain compliance efficiently.

- Document Compilation and Review: We assist you in compiling all the required documents, checking their validity and relevance for the KYC update process.

- Online Form Filing: Our team adeptly handles the online filing process for the IEC KYC update, ensuring accurate and prompt submission.

- Digital Compliance: Given that IEC KYC updates are mandatory to be filed online, we help you manage digital documents and e-signatures wherever necessary.

- Deadline Management: CorpIQ ensures that your IEC KYC updates are completed before the deadline, helping you avoid any disruption in your import/export operations.

- Issue Resolution: If there are any discrepancies or data mismatch issues flagged by the DGFT, CorpIQ provides immediate assistance to rectify and resubmit the necessary information.

Keep Your Trade Channels Open with CorpIQ

With CorpIQ handling your IEC KYC updates, you can focus on expanding your business horizons without worrying about compliance roadblocks. Our service is designed to be comprehensive, timely, and hassle-free, allowing you to navigate international trade with confidence. Partner with CorpIQ for a smooth IEC KYC update process and ensure your business continues to trade across borders without any compliance concerns. Reach out to us to keep your IEC details up-to-date and your trade flowing.

LEGAL SIDE OF IEC UPDATION/ KYC

In February 2021, the Directorate General of Foreign Trade (DGFT) revised the Importer-Exporter Code (IEC) guidelines, instituting a new requirement for the renewal of IEC codes for all entities possessing an IEC Number in India. This unique business identification number is mandatory for all Indian importers and exporters, without which international trade is not permissible. Prior to these changes, an IEC code once allocated would remain valid indefinitely, simplifying the management of import-export operations within the country. This content delves into the rationale behind the introduction of IEC code renewals, the steps for updating an IEC, and the implications of failing to renew.

WHY IS UPDATING YOUR IEC CRITICAL?

Previously, securing an IEC was a one-time affair, with the code remaining valid throughout the lifespan of your business. There was no annual update requirement. However, static IEC details often became outdated with any modifications in business information, leading to discrepancies. The renewal of your IEC code ensures that:

• Updated information, including changes to addresses, contact numbers, and details of owners or shareholders, is recorded, helping the DGFT keep an accurate and updated database.

• Without regular updates, IEC certificates may become deactivated, and since a valid IEC is crucial for any international trading from India, maintaining an active IEC is essential.

 

THE PROCESS FOR RENEWING YOUR IEC CODE

• Visit the DGFT Website: Navigate to the DGFT's official website to initiate the renewal process.
• Log into Your Account: Accessing your IEC details requires logging into your DGFT account. If you're a new user, you'll need to register first.
• Access the IEC Update Section: Within the 'IEC Portfolio Management' menu, select the 'Update IEC' option to proceed with modifications.
• Link Your IEC: If you were originally issued an IEC offline, you must first link it to the online portal. This can be done by entering your IEC number and verifying it.
• Update or Modify Your IEC: Post linking, you can update or alter your IEC details by filling out the presented form and selecting the information that requires revision.
• Complete the Verification: The final step involves verifying the updated information through a digital signature certificate or Aadhar verification.

 

INFORMATION MODIFIABLE DURING IEC RENEWAL

The annual renewal period allows you to update several aspects of your IEC record, including:

• The primary business address.
• Addition or removal of branch office locations.
• Contact information, such as mobile numbers or email addresses.
• Changes in partner or director details.
• Alterations to the business's nature.
• Updates to banking information as previously provided.

 

THE IMPACT OF NOT RENEWING YOUR IEC

It is compulsory to renew the IEC code annually between April and June. Failure to do so by the 30th of June may lead to deactivation of the IEC certificate. A deactivated IEC hinders your ability to trade internationally unless exempted from IEC requirements. Therefore, timely updates are vital for uninterrupted trade.

Managing the intricacies of international trade demands constant vigilance over business and regulatory compliances. To facilitate this, services such as those offered by CorpIQ can simplify the process. With our assistance, you can apply for and renew your IEC code online, link it to the DGFT portal, and stay compliant with minimal hassle.