If you do not have any clue regarding the membership of FIEO, read this blog. Let’s deep dive into the article to know how to become a member of FIEO.
The organization is sometimes referred to by its acronym, FIEO, which stands for the Federation of Indian Export Organizations. In 1965, the Ministry of Commerce and the Private Trade and Industry collaborated to establish FIEO as an organization.
The Foreign Trade Policy of the Government of India and FIEO’s Memorandum and Articles of Association control the membership regulations.
It is the responsibility of the Organization to advocate for and provide assistance to firms and exporters operating in international markets to increase international trade. As a result, the Federation of Indian Export Organizations (FIEO) is exerting a lot of effort to expand India’s market share and enhance its exports.
It is an exporting firm that is recognized by the government and acts as a representative for the interests of other exporting companies that the government recognizes, such as the Export House. The Federation of International Export Organizations (FIEO) views the expansion of service exports as being on par with the promotion of commodity exports in terms of importance.
Indian exporters and importers may benefit tremendously from the Foreign Trade Development Organization of India (FIEO), an essential resource. All organizations in India that are involved in exporting are subject to regulation as long as they are registered with the FIEO.
Consequently, it is helpful to the Indian government in its efforts to promote Indian exports. Companies registered with FIEO are eligible for several benefits, including exemptions for micro, small, and medium-sized enterprises (MSMEs), international exposure, and comprehensive counselling on essential aspects of global commerce, such as the Foreign Trade Policy (FTP).
Participating In The FIEO As A Member
The Memorandum and Articles of Association of FIEO, as well as India’s Foreign Trade Policy, are the primary documents that dictate the requirements for FIEO membership. For exporters to be eligible for the benefits offered by the policy, they need to get the Registration- cum –Membership Certificate (RCMC). For this reason, the Export Promotion Council FIEO has been given official status by the government.
The Federation of Indian Export Organizations (FIEO) was created in 1965 due to a collaborative effort by the Ministry of Trade and Commerce and the Private Trade and Industry.
The Federation of Indian Export Organizations is the organization that has been given the responsibility of representing and aiding Indian exporters and businesses operating in abroad markets to advance the cause of international trade. The Federation of Indian Export Organizations (FIEO) is dedicated to expanding and diversifying the Indian market as well as Indian exports.
FIEO Membership: Forms For Applying For Become a Member Of FIEO
When submitting an application for membership registration with the FIEO, please make sure to include the following documents with your application:
- Code number assigned by the appropriate licensing body for import and export (IE).
- The Federation of Indian Export Organizations accepts payments through checks, demand drafts, or pay orders made payable to them for the yearly membership subscription fee.
- On the letterhead of the organization, an authorization letter will be found.
- A copy of the self-certification should be attached to the SSI Registration Certificate, Industrial License, or IEM.
- Self-certification certificates are available for One Star Export Houses, Two Star Export Houses, Four Star Export Houses, and Three Star Export Houses.
To apply for FIEO Registration Click here: https://vakilsearch.com/federation-of-indian-export-organisations
Registration For FIEO Membership Qualifications And Availability
- To qualify for the RCMC, you will need to register with the FIEO as either a merchant who is both
a manufacturer and an exporter, a merchant who is both a manufacturer and an exporter, or a service provider. - The RCMC for an export product must be acquired from FIEO if it is not covered by an Export Promotion Council or a Commodity Board.
- Exporters of several products not yet registered are required to get RCMC from the Federation of Indian Exporters Organization (FIEO) when they’re not previously registered with an export promotion bureau (FIEO).
- The Foreign Trade and Investment Expansion Office (FIEO), the authorized agency for service exporters, handles services that the Handbook of Procedures does not cover.
Benefits Of FIEO Membership
Dispersed Across the Geography- When exporters join FIEO, they increase their chances of being given proper exposure to a wide variety of markets worldwide.
A helping hand on an online discussion forum- Through the internet, members of the FIEO have access to information and guidance on various topics, including business regulations and FTP, amongst other relevant issues.
Costless Online Commercial Activity- FIEO Members have the opportunity to set up accessible online storefronts on eBay and Amazon, respectively, for six months and three months when they utilize free online business portals.
Incentives for Travel by Air- Members of the FIEO may get a discount of 10% off of any flight, whether domestic or international.
Credit Ratings That Are Easily Computed And Don’t Cost Much- Exporters who use FIEO may be eligible for a ten percent discount from CRISIL, one of the most well-known credit rating firms.
Registration-Membership-Certificate
First, exporters who wish to cash in on the various benefits offered by the Foreign Trade Policy need to secure a Registration-cum-Membership Certificate (RCMC). The government considers FIEO an Export Promotion Council because of the organization’s membership.
The integrity of the RCMC and FIEO Registration- The RCMC is active beginning April 1 of the license year and continuing until the conclusion of the five-year term.
Registering With The Export Promotion Council Via The RCMC
India’s number of export promotion councils and commodity boards is 26. The EPC and Commodities Board are responsible for issuing the RCMC. Thanks to the national government’s action, they now have the authority to issue RCMC to exporters. Each electronic price board (EPC) and commodities board in India is classified into a specific category.
Procedure To Complete Your FIEO Registration
- An exporter who wants to be considered for an RCMC must specify their primary business line as part of the application procedure with the Export Promotion Council. This will allow them to be considered for the RCMC.
- If the fare item has not been secured by the Export Promotion Council or the Commodity Board, etc., the RCMC must be obtained from FIEO.
- If the primary kind of trade being conducted has not yet been determined, a multi-product exporter must get an RCMC from the Federation of Indian Exporters Organization (FIEO).
Penalties
The Export Promotion Council has the right to de-register an exporter for a certain period for failing to comply with the requirements for registration, but only after providing the exporter with an adequate opportunity to defend themselves against the allegations.
Conclusion
The benefits of registering with FIEO might be substantial for exporters. The Foreign Investment and Exportation Organization (FIEO) provides several benefits for its members, including worldwide exposure, substantial advice on global trade concerns such as Foreign Trade Policy (FTP), and various exemptions for small and medium-sized businesses (SMEs). For more inquiries and information, visit the website of Vakilsearch.
