CAN ONE IEC CODE AT ANY POINT BE USED FOR TWO BUSINESSES?

 CAN ONE IEC CODE AT ANY POINT BE USED FOR TWO BUSINESSES?

IEC Code is a remarkable ten digits number given by the DGFT  ( PAN NO.) - Directorate General of Foreign Trade, which is a Ministry of Commerce and Government of India to the Indian Companies. There are a few systems and regulations which ought to be followed before firing up with organizations internationally, and IEC (Import Export Code) is one such essential which is to be compulsorily followed and get its enlistment and permit. IEC (Import Export Code) permit is compulsorily expected for the business undertakings engaged with bringing in or trading from India. IEC is otherwise called Importer-Exporter Code. In this article, we will respond to the inquiry that most shippers and exporters are interested in realizing that whether one IEC Code is utilized for two organizations or a separate IEC Code will be expected for every business. Keep perusing to know more.

Maintaining one's very own business is the fantasy of each and every business-disapproved of person. There are different business fragments where one can investigate the open doors, and one such portion is import and commodity. It frames an extraordinary piece of the country's economy, and there are numerous who need to begin an import and product business. In India, one needs to enroll first if they wish to begin an import and commodity business. Allow us to feature the utilization of one IEC for organizations in India.

Whether you want one IEC code for two organizations or a different one for each is an inquiry that most merchants and exporters need the solution to. We will be responding to this question later, however before that, any person who wishes to begin an import and commodity business necessities to enroll for IEC. After enlisting their organization, the DGFT, or the Director-General of Foreign Trade, gives an IEC, or Import Export Code. This is a 10-digit code that is legitimate forever, meaning one doesn't have to reestablish the code whenever it is given.

Why Do You Need an IEC Code?

The Government of India gives a few advantages to the ones who have enlisted their business. A portion of the key advantages are recorded beneath:

1.  Helps in business extension It becomes simpler to grow your business in the worldwide market. Organizations who wish to begin significantly and send out the business need to have validity. An IEC code thinks about the validity of the business.
2.  Profit from different advantages Besides giving validity to your business, and IEC additionally allows your business to benefit from a few different advantages presented by the DGFT, customs, and product and import board.
3.  Don't bother documenting returns-The following benefits that your business gets after IEC enrollment is that you don't need to record returns. When an organization has enlisted with the DGFT, they don't have to follow any cycles for supporting its legitimacy. The organization doesn't have to document any profits with the DGFT.
4.  Quicker handling The most common way of enrolling with the DGFT is exceptionally simple. It requires 10-15 days for application endorsement.
5.  No restoration With any type of business enrollment, there is generally a need to reestablish the permit and one needs to follow the total system once more, yet with regards to IEC enlistment, then, at that point, there is no requirement for recharging. When your organization has acquired the IEC, there is a compelling reason need to enroll for the IEC once more.

Can we Use One IEC for Two Businesses?

In the event that a business vendor is wanting to enlist its organization with the DGFT for managing imports and products then enrollment for one IEC code is a pre-imperative fundamental condition. Be that as it may, there are numerous organizations managing the import and product who continues to enquire assuming that each business firm necessities to apply for isolated IEC.

While applying for acquiring enlistment under IEC, the IEC is connected with the client's PAN card. Subsequently, there is no requirement for discrete IEC enlistment in the event that any individual is firing up with more than one ownership firm. In the event that the individual has proactively enrolled its business under one IEC code and it is connected with his PAN card then assuming that he further designs, to begin with a subsequent business, in such a case he can go on with his generally existing one IEC code which he recently got.

On the off chance that the individual has gotten more than one IEC under one PAN for his various organizations then he should apply for a scratch-off of something very similar. Just a single IEC code can be given against a solitary PAN and different IECs given against a solitary PAN will be suo-moto deactivated.

Likewise, every one of the shippers and exporters with various IECs against a solitary PAN can decide to hold anyone IEC code and is committed to giving up any remaining IECs to the concerned experts for dropping

What is the Requirement for the IEC code?

IEC is required for various purposes, the given below are some major purposes for its requirement:

Expecting the individual has gotten more than one IEC under one PAN for his different associations then he ought to apply for withdrawal of the same. Simply a solitary IEC code can be given against a lone PAN and various IECs given against a single PAN will be suo-moto deactivated.

Moreover, all of the transporters and exporters with various IECs against a single PAN can choose to hold anybody IEC code and is focused on surrendering any excess IECs to the concerned specialists for clearing out.

Steps for Obtaining IEC Registration

The following steps should be mandatorily complied with for obtaining IEC code registration:-

Step 1: Application Form

In the first place, for a web-based application, an application structure will be ready in the recommended design - Aayaat Niryaat Form ANF-2A arrangement and it ought to be documented with the concerned Regional office of DGFT.

Step 2: Prepare Documents

Furthermore, set up the fundamental reports for getting the IEC enrollment and archives ought to be concerning the individual's character, address evidence, lawful substance, contact subtleties and with bank[1] subtleties, and the authentication in regard to ANF2A.

Step 3: Filing Application

When the topping off of utilization is finished, it is expected to be documented with DGFT through DSC (Digital Signature Certificate) and afterward, the installment of the necessary charge for the IEC Registration will be submitted.

Step 4: IEC Code

At last, after the endorsement of the application then the IEC Code will be gotten in a delicate duplicate from the public authority.

Documents for IEC Registration

If you are planning on an import and export business, then you need to provide the following documents:

1.     You would be required to provide your or the company’s PAN card 
2.     Voter ID and Aadhaar card or even passport copy would work
3.     You must also submit the canceled cheque of your current bank account
4.     Rent agreement or utility bill of your company

Cases where Import Export Code (IEC) is not Mandatory

As indicated by the round as has been given by the public authority, IEC isn't compulsory for every one of the merchants enrolled under GST. Hence, in such cases, the PAN of the broker will be considered a new IEC code for the expectation of import and commodity.

Import and Export accomplished for individual purposes and not utilized for any business reason doesn't need Code (IEC). Import and commodity done by the Departments under Government of India and Ministries, Notified Charitable establishments isn't expected to acquire the Import Export Code.

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