The RCMC License from FIEO is something you need to be aware of before they start working with the customs authority.
RCMC License is a document that exporters should approach for if they want to:
- Claim various benefits under the Foreign Trade Policy (FTP)
- Get an authorization to export or import any restricted item(s)
- Reap the benefits offered by the customs and excise authorities in India
Know More About RCMC License
- Issued by the Export Promotion Councils (EPCs) or commodity board, the documents are valid for five years.
- An RCM License is valid from 01 April of the year of issuance until 31 March of the fifth year.
- EPCs are categorized based on the type of products they are responsible for. For example, Leather and leather product exports are the responsibility of the Council for Leather Exports. Similarly, the Coconut Development Board is responsible for the coconut-related export business.
- The exporter must get the documents for the kind of EPC that deals with his product line.
- Even if the export products belong to more than one category, the documents is a must to obtain
- If the exporter’s product line does not fall under any of the categories, then they might approach for RCM License from the Federation of Indian Export Organization (FIEO).
What If You Haven’t Decided on the Mainline of Your Business Yet?
You will have to get a RCMC License directly from FIEO if :
- Your business deals with multiple lines of product/service exports or
- It is not yet decided on the mainline stream of your business,
- Or your export products do not fall under any of the existing categories.
Inorder to obtain RCMC license, one has to,
- Visit the FIEO Registration portal and sign up with the IEC, and organization name
- Click on the “Get for RCM License” link
- Fill out the form that appears. Type in all your details correctly as required by the form
- You will have to select the FIEO office you want to register with
- The form will require you to add the export product details
- Attach a letter of authority, and self-attested IEC
- Fill in your GST details
- Pay the requisite fee through the portal or offline
- Submit the form
- On successful verification, a RCMC License document will be issued.
Documents to Be Submitted to FIEO
- A signed copy of the duly filled application of RCMC License providing all details of the business line
- A self-certified copy of the Import Export Code (IEC) Documents
- For enrollment as a manufacturer exporter, a self-certified relevant SSI or IEM documents
- A self-certified bank statement/document to verify the financial soundness of the applicant
- A declaration concerning the exports and imports in effect during the previous financial year
- If the applicant is a company, a self-attested copy of the Memorandum of Association (MOA) and Articles of Association(AOA) would be required
- PAN Card
- If a partnership company, or LLP, the partnership firm deed and in the case of trusts, trust deeds
- The letter of Incorporation issued by the Registrar of Companies (RoCs)
- GST registration documents.
Key Points to Note
- After obtaining the documents, as an exporter, you will have to furnish quarterly returns providing details of your exports to the registering authority.
- Any changes regarding the ownership or constitution are to be communicated to the registering authority within a month of such change.
Learn More about RCMC License in India
Violation of the terms and conditions of enrollment may render your business de-registered for a particular period. So you would want to seek the help of business advisors and legal experts at Vakilsearch. Vakilsearch comprehensive services will make this cumbersome process of getting RCMC License for your export business quick, and hassle-free.