FIEO or Federation of Indian Export Organisation was established to promote international trade. FIEO is responsible for representing and aiding entrepreneurs and exporters in foreign markets. This article brings out the benefits FIEO brings to exporters.
The Ministry of Trade and Commerce and the Private Trade and Industry in 1965 together established FIEO. The FIEO actively takes steps to expand and improve India’s market and exports. The FIEO not only works for the promotion of goods exports but also for the promotion of service exports. This organisation also represents the interests of government-approved exporting companies. This article brings out the benefits FIEO brings to exporters.
For all Indian businesspeople involved in the export-import sector, the Federation of Indian Export Organisations serves as a guide. Through registration, the FIEO regulates all export-related organisations and thereby assists the Government of India in marketing Indian exports.
Registration Cum Membership Certificate (RCMC) Under FIEO
An organisation’s membership rules are regulated by the Memorandum and Articles of Association of FIEO, as well as the Foreign Trade Policy (FTP) of the Indian Government. As per the FTP, every exporter must get the Registration- cum –Membership Certificate (RCMC) so that they can profit from the benefits of the policy. For registration purposes, the Indian government has FIEO as the Export Promotion Council.
There are 26 Export Promotion Councils (EPCs) and 9 commodities boards in India. These EPCs and community boards are accountable for the handout of RCMC. The central government authorises these boards to issue RCMC to exporters. Every commodity board and EPC in India categorises itself on the footing of species of commodities.
Validity of FIEO/RCMC Registration
If licensed, the RCMC certificate is valid from April 01 of the year and will be reasonable for up to five years.
What Are the Benefits of FIEO Membership?
FEIO registration brings a variety of benefits to businessmen in India. Such benefits include different exemptions for Micro, Small and Medium Enterprises (MSMEs), detailed guidance on key areas of global commerce like FTP, and global exposure.
The following are some important benefits of FIEO to exporters:
- RCMC: Both status and non-status holders can obtain a Registration-cum-membership certificate (RCMC) from the FIEO. Businesses can use the RCMC to earn benefits under the Foreign Trade Policy.
- Market Access Initiative (MAI) grant: FIEO awards MAI scheme grants to members who participate in international exhibitions, trade fairs and delegations. The organisation also provides subsidised booths at international exhibitions. FIEO exhibits in approximately 50 well-known exhibitions around the world.
- Hosting on the FIEO website: Registered member exporters can submit their product images to the FIEO’s official website, and also create a searchable profit on the official website of the FIEO.
- The search engine of FIEO: The official website of FIEO has a search engine which allows buyers to search for exporters from India who deal in a variety of items. The website publishes the names of only registered members. Buyers can directly contact the member exporters. The FIEO search engine is also available on various Indian mission websites. The scope of the search engine will further expand in the future.
- FIEO Council: The FIEO council provides its members with Visa Recommendation letters to help them travel internationally. FIEO also provides its members with Certificates of Origin.
- Global Exposure: Obtaining RCMC registration under the FIEO provides the exporters with proper guidance related to international exposure.
- Easy access: FIEO provides most of its services online to the exporting community through its official website and mobile app Niryat Mitra.
- Guidance through online chat: A registered exporter has access to necessary guidance via online chat on issues like Foreign trade Policy and corporate laws.
- Free Online Business: Free online stores are provided to FIEO members on eBay for 6 months and Amazon for 3 months.
- Air Travel Subsidy: Registered exporters can avail of a benefit of 10% on all international and domestic air tickets.
- Affordable and easy credit rating: CRISIL, one of the most prominent credit rating agencies, allows a discount of 10% on credibility analysis services for FIEO exporters.
- FEIO updates: Along with various other forms of concessions from FIEO, any updates corresponding to foreign trade policy in India will also be available to member exporters. Even an individual who wants to avail of different benefits from FIEO without registering for an RCMC still gets an option to register as an individual exporter. FIEO publishes many weekly and monthly reports, bulletins, and articles on various topics to keep the industry updated on the latest happenings in the international trade market.
The Government of India pushes hard to expand Indian trade globally. Therefore, the government has provided various free online platforms, where you can learn about global trade and markets, so you can become a good exporter. The government answers all queries about export businesses.
Vakilsearch which is now transitioning into Zolvit has business experts who will help you register for FIEO registration and obtain RCMC with ease and in a speedy manner. Member exporters are obligated to comply with the rules and regulations of FIEO. To hire Zolvit to register for RCMC, click here now!
- Eligibility Criteria for RCMC Registration
- What Are the Types of RCMC Membership Under FIEO?
- How to Get an RCMC Certificate Online