The Federation of Indian Export Organization is known as FIEO. The organization promotes international trade and represents and assists entrepreneurs and exporters in foreign markets.
Overview of FIEO Registration
The Federation of Indian Export Organizations is known as FIEO. FIEO was founded in 1965 by the Ministry of Trade and Commerce and private trade and industry. In addition to promoting international trade, the Organization represents and assists entrepreneurs and exporters in foreign markets. The FIEO works actively to expand and enhance India’s exports and market.
The Organization represents the interests of government-recognized exporting firms. Trading House/Export House/Star Export House. As well as promoting merchandise exports, FIEO also promotes services exports.
A FIEO serves as an indicator for all Indian businesses that are involved in export-import business. FIEO regulates all export-related organizations in India through FIEO registration. In this way, it assists the Government of India in promoting India’s exports. Businessmen can benefit from FIEO registration by gaining global exposure, receiving comprehensive guidance on key areas of global trade such as Foreign Trade Policy (FTP) and receiving concessions for MSMEs.
Types of Membership for RCMC Registration under FIEO
Government of India’s Foreign Trade Policy and FIEO’s Memorandum and Articles of Association govern FIEO’s membership rules. A foreign trade policy requires exporters to obtain a Registration-cum-Membership Certificate (RCMC) in order to access the benefits. The government has recognized FIEO as an export promotion council for registration.
For RCMC registration under FIEO, there are two types of membership:
- Ordinary Membership
– The name here itself indicates this is a basic membership and will be available to organizations that are just starting out as exporters or importers.
- Associate Membership
Associate membership is offered to organizations with a long history of export and import activities. Associates are charged more on the basis of a fee in addition to the nominal GST rate.
What are the Benefits of FIEO Registration?
- Global Exposure
Through FIEO registration, exporters receive proper international exposure guidance.
- Guidance Via Online Chat
Exporters who are registered with FIEO have access to necessary guidance via online chat on issues such as FTP and corporate law.
- Free Online Business
Portals such as eBay and Amazon allow FIEO Members to run free online stores for 6 months or 3 months, respectively.
- Subsidy On Air Travel
Exporters can benefit from 10% discount on domestic and international air tickets by registering with FIEO.
- Easy And Affordable Credit Rating
CRISIL, one of the leading credit rating agencies, offers FIEO exporters a 10% discount on credibility analysis.
- Compliance With The Government
Once an organization or company obtains this registration, it is mandatory to follow the rules and laws of the government.
- Updates From FIEO
In addition to receiving concessions from FIEO, updates on India’s foreign trade policy will also be granted. An individual can still register as an individual exporter if he or she wishes to benefit from FIEO benefits without obtaining the RCMC certification.
What are the Eligibility Criteria for RCMC registration?
To obtain the RCMC certificate, the applicant should adhere to the following criteria:
- Merchandiser (Merchant) Or Exporter
The applicant must ensure that the business is exports and imports. A business license is one of the most important requirements for starting an export business in India. In addition, the exporter must guarantee that they have applied for the Import Export Code (IEC) with the relevant authority. It is the Director General of Foreign Trade (DGFT) who is responsible for the IEC.
- Declaration Of The Focal Line Of Business
A merchant or exporter must state the main line of business they are involved in. It is important to obtain the appropriate consent of the Coffee and Tea Promotion Board, for example, if tea and coffee are the major lines of business. The FIEO must give its assent to the export of the products if they are not included in any export promotion board.
- Consent From Board Of The FIEO
It is the applicant’s responsibility to ensure that the relevant consent is obtained from the FIEO or the particular board. It is the applicant’s responsibility to apply to the FIEO for consent if there is no specific board for the product. It must be sanctioned by the FIEO.
Documents Required to obtain RCMC/FIEO Registration
The exporter obtaining RCMC can submit an application in the format specified in the appendices register in order to become a member of the Indian Export Council.
To become a member, you must submit the following documents.
- Providing information about the business line for the Registration -cum- Membership application.
- The Importer and Exporter Code (IEC) should be self-attested.
- The applicant’s bank statement.The applicant’s bank statement.
- An SSI/IEM certificate is required where the applicant is in the manufacturing industry.
- Export and import declaration for the previous financial year.
Applicants should submit a copy of their Memorandum and Articles of Association for companies, and partnership deeds for partnership firms.
Registration Procedure for FIEO Registration
- In order to obtain a RCMC, an exporter must identify his primary line of business in his application to the Export Promotion Council.
- RCMC is to be acquired from FIEO if the fare item is not secured by any Export Promotion Council/Commodity Board.
- Multi-item exporters without EPC membership, whose principal line of business has yet to be settled, need to acquire RCMC from Federation of Indian Exporters Organization (FIEO).