Are there any benefits of FIEO? What are the eligibility criteria to get FIEO? Know it here!
FIEO Membership Benefits: Sometimes, the organization is pertained to by its acronym, I.e., Criteria for FIEO, abbreviated Federation of Indian Export Organizations. This organisation was established in 1965 when the Ministry of Commerce collaborated with the Private Trade and Industry.
The Organisation must assist and advocate for different exporters and corporations running in the global market to enhance global trade. So, the organisation’s main function is to assist and guide the different exporters to spread India’s market share and make it famous globally and increase its export trades.
This FIEO is an exporting corporation that is established by the government and serves as an ambassador for other exporting firms that are recognised by the government, like the Export House. The FIEO reviews the spread of service exports as occurring on par with the publicity of property exports in terms of significance.
Various exporters and importers of India may benefit from the essential resource, I.e., the Foreign Trade Development Organization of India (FIEO). All the associations of India related to exporting the products are subjected to legislation as far as they are enrolled with this association of FIEO.
Accordingly, this organization is providing various kinds of help to the government of India in its actions to expand Indian trade worldwide. There are many advantages for those companies which are enrolled with the FIEO, like freedoms from micro, small, and medium-sized businesses (MSMEs), worldwide orientation, and detailed counseling about the various global commerce aspects, like as the FTP (Foreign Trade Policy)
Documents Required for Applying for Membership in the FIEO
Please do not forget to attach the following documentation with your application when you submit your form for enrollment of membership with the FIEO.
- An official licensing body gives the assigned code number for import and export.
- For membership, you have to pay a yearly membership subscription fee which is accepted only via demand drafts, cheques, or orders by the union of Indian Export organizations.
- An authorization letter will be available on the organization’s letterhead.
- A document of self – certification must be kept along with the industrial license, Certificate of SSI, or IEM.
- Certificates of Self-certification are accessible for various Export Houses, such as one-star, two-star, three-star, and four-star Export Houses.
Types of Membership for RCMC Enrollment Under FIEO
The FTA (Foreign Trade Policy) of the Indian government, Articles and Memorandum of FIEO association, regulates various laws and regulations about the membership of FIEO.
As per the Foreign Trader Policy, the person (exporter) requires to obtain the RCMC Registration Cum Membership Certificate to get the advantages given to all exporters under this strategy. The government has recognized the Export Promotion council by FIEO. For the enrolment of RCMC under the organization of FIEO, there are two different types of membership.
Ordinary Membership
The name of the membership depicts itself that it is the basic membership and such kind of membership is for those persons who have recently joined the world of import and export business.
Associate Membership
This kind of membership is for those firms already a part of the import and export business for a long period. The charges required in the associate membership are more based on the fee, along with the nominal charges of GST.
What are the Services of FIEO?
The various services provided by the Export Promotion Federation of India are as follows:
- FIEO recommends an e-bulletin every week to keep the exporters aware of the global market trends and the developments worldwide that can have an impact on the foreign trade-related matters of country information and also global trades as well.
- On the webpage of the Indian trade portal, a free service is available online, which is very important to understand various preferential tariffs, MFN tariffs, Rules of Origin, SPS/TBT, Import knowledge of 87 countries, and the contribution of India for imports.
- The association has two more services where you can get answers to your queries related to Arbitration, Brand Management, Corporate Legal Affairs, Trade Marks, Patents, International agreements, Copyright, Transfer, Technology and relevant topics to clarify the confusion about quality criteria.
- On the website of FIEO, press clips are available on various international trade issues.
- FOREX services begin with the FIEO, which encompasses FOREX Matrix, Currency Source, Pivot Points, Spot rates, Historical Data, Forward rates, LIBOR Rate, Forward Calculator, and Chart.
FIEO Membership Benefits
1. Global Exposure
Proper guidance and assistance are provided to the international exporters reacted to global exposure with the help of FIEO enrolment.
2. Guidance Via Online Chat
The FIEO registered association holder exporter has the permission to get necessary guidelines and assistance via chat online on several problems like corporate laws, FTP and AAMP, etc.
3. Free Online Business
Online portals such as eBay allow operating an open online store to members of FEIO for 6 months, and also, Amazon provides such offers only for 3 months.
4. Subsidy On Air Travel
The FIEO-registered exporters can benefit from a 10% discount on all air tickets, domestic or international.
5. Easy And Affordable Credit Rating
For FIEO registered exporters, the CRISIL, I e if the most prominent credit rating companies permit a 10% discount on all credibility investigation services.
6. Compliance With The Government
The registered association is required to comply with the laws and regulations of the government.
7. Updates From FIEO
Likewise, by getting various concession forms from the FIEO, regular updates about the foreign trade policy can be granted. Any person who desires to get various advantages of FEIO but does not go for a certificate of RCMC has the choice to enroll as an individual exporter.
What are the Eligibility Criteria for RCMC Enrollment?
While applying for availing the RCMC Certificate under FEIO, the candidate should meet the following criteria:
• Exporter or Merchandiser (Merchant)
The candidate has to ensure that the executed business is the business of imports and exports. This is one of the main requirements in India while setting up the export business. Moreover, the candidate has to ensure that they have made an application for the code of import-export (IEC) from the concerned officials. DGFT(Director General of Foreign Trade) is the higher authority for IEC.
• Declaration Of The Focal Line Of Business
The exporter or merchant has to tell about their main business. For instance, if the main business is regarding tea and coffee, then the appropriate consent from the board of coffee and tea promotion should be received. However, if the products are not encompassed by any board of promotion or other ginger officials, then the FIEO will be responsible for providing such export promotion.
• Consent From the Board Of The FIEO
The candidate has to ensure that they get appropriate consent from the respective board or FIEO officials. If there is no particular board for the particular product, FIEO will provide you with consent. The FIEO should provide its authorization for the same.
Conclusion
To become an exporter, you should know how to become an exporter. The government is on its toes to expand Indian trade globally. This will be possible only with the help of good exporters.
The government has provided various free online platforms where you will learn about the global market and trade. Also, the government is ready to answer any query about the export business. There are some obligations to becoming an exporter. Vakilsearch will help you understand such obligations and will help you step by step to become a good FIEO Member.
