Several reasons contribute to Mumbai’s position as the epicentre of import-export activities:
Importers cannot clear goods from customs.
Exporters cannot claim export benefits or ship goods abroad.
Banks will not process international trade transactions.
While most traders dealing with international trade require an IEC, there are specific categories:
Individual Traders: Even if you are a sole proprietor importing goods for resale.
Partnership Firms: Businesses run by partners engaged in import/export.
Private Limited Companies: Including start-ups and SMEs.
LLPs and Other Registered Entities: Engaged in overseas trade.
PAN Card of the business or proprietor.
Address Proof of business (electricity bill, rent agreement, etc.).
Cancelled Cheque or bank certificate.
Passport-size Photograph of the applicant.
Partnership Deed / Incorporation Certificate (if applicable).
Having all documents in order ensures a smooth application process without delays.
4️⃣ Payment of Government Fee
As of now, the application fee is ₹500, payable online.
Gateway to International Trade: Enables legal import and export activities.
No Renewal Required: Valid for the lifetime of the entity.
Government Incentives: Access to benefits under schemes like MEIS, SEIS, and RoDTEP.
Global Recognition: Builds credibility with foreign clients and suppliers.
Simplified Compliance: Easy integration with other registrations like GST.
From our experience at Taxaj, we’ve seen traders make avoidable mistakes such as:
Mismatched details between PAN, bank account, and business registration.
Uploading documents in incorrect formats.
Not updating IEC details after change in business address or ownership.
Avoiding these errors can save time and prevent rejections.
End-to-end documentation support.
Online application filing and tracking.
Liaison with DGFT officials for speedy approvals.
Guidance on post-IEC compliance and export incentives.