Not every firm needs to apply for a separate IEC. IEC is associated with PAN. If a person has multiple proprietorship firms, only one IEC registration is required for each firm. This is because proprietorship firms do not have a separate identity, and the PAN of the individual is used as the PAN of their proprietorship firm. If more than one IEC is allotted for one PAN, it must be surrendered to the Ministry for cancellation. Partnership firms, LLPs, and companies need to quote their own PAN as they have separate PANs allotted to them.