Mon. Oct 26th, 2020
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FIEO stands for the Federation of Indian Export Organization, representing the Indian Entrepreneurs spirit of enterprise in the international market. The purpose of FIEO registration is to promote international trade and is responsible for assisting and representing exporters and entrepreneurs in the global market.

Overview of FIEO Registration

The full form FIEO is Federation of Indian Export Organization. Ministry of Trade and Commerce, Private Trade and Industry jointly instituted the Federation of Indian Export Organization (FIEO) in 1965. The purpose of FIEO registration is to promote international trade and is responsible for assisting and representing exporters and entrepreneurs in the global market. Therefore, FIEO is working actively to enhance and extend India’s export market.

The Federation of Indian Export Organization represents the interest of government authorized exporting firms viz. Export House/Star Export House/Trading House. Federation of Indian Export Organization is not only involved in promoting the export of products, but it is also indulged in promoting the export of services.

The Federation of Indian Export Organization works as an indicative body for all Indian businessmen involved in importing export market business. FIEO registration helps in the regulation of export-related organizations in India. Therefore, FIEO acts as a partner for the Indian Government in promoting India’s exports. FIEO registration helps the Indian businessmen to avail benefits such as international exposure, through the guidance on essential areas of international trade such as FTP (Foreign Trade Policy) and various concessions to Micro, Small, and Medium Enterprises (MSMEs).

Membership of Federation of Indian Export Organization (FIEO)

The membership rules of the Federation of Indian Export Organization (FIEO) are governed by the Foreign Trade Policy of the Government of India, Memorandum of Association (MoA), and Articles of Association (AoA) of FIEO. As per the provisions of Foreign Trade Policy, an exporter must get the Registration cum Membership Certificate (RCMC) for availing the benefits offered under this policy to the Exporter. For Registration, the Federation of Indian Export Organization has been acknowledged as Export Promotion Council by the Indian Government.

Advantages of FIEO Registration

 

FIEO Registration

Global Exposure

FIEO registration offers the exporters appropriate guidance regarding international exposure.

Guidance Through Online Chat

Any individual registered under FIEO can access essential guidance via online chat on concerns like corporate laws and Foreign Trade Policy.

Free Online Business

Online portals like e-bay provide expediency to operate online stores to the members of FIEO for six months, and Amazon provides the exact offer for three months.

Subsidy on Air Travel

The exporters registered under the Federation of Indian Export Organization can take advantage of a ten percent discount on all international and domestic air travel.

Easy and Affordable Credit Rating

One of the major credit rating agencies, Credit Rating Information Services of India Limited (CRISIL), allows ten percent discount on credibility analysis services for exporters registered under FIEO.

Registration-Cum Membership Certificate (RCMC)

As per the provisions of Foreign Trade Policy, an exporter needs to get an RCMC to avail of different advantages under the Foreign Trade Policy. For the purpose of enrolment, FIEO has been professed by the Government of India as an Export Promotion Council.

Necessary Documents Required to Obtain FIEO Registration or RCMC

Exporter obtaining Registration cum Membership Certificate (RCMC) can provide an application in the prescribed format as stated in the appendices register and become a member of Export Promotional Councils (EPC).

For the intention of becoming a member, an individual has to submit the following documents.

  • Application for Registration-cum Membership Certificate (RCMC), providing information regarding the business line.
  • A certified self-attested copy of the IEC (Import Export Code) number.
  • The applicant has to provide the latest bank statement.
  • IEM/SSI certificate, where the applicant is in the manufacturing business.
  • Declaration in regard to import and export effected during the preceding financial year.
  • Certified copies of Memorandum of Association (MoA) and Articles of Association (AoA) in company and partnership firms, the applicant has to submit the Partnership Deed.

The validity of RCMC/FIEO Registration

The Registration-Cum Membership Certificate (RCMC) or FIEO Registration shall be deemed to be valid from 1st April form the licensing year must be valid for five years.

RCMC Registration under Export Promotional Council (EPC)

In India, there are 26 Export Promotion Councils (EPCs) and 9 Commodities Board. Export Promotion Council and Commodities Board are responsible for issuing RCMC. Central Government has authorized EPCs and Commodities Board to issue Registration-Cum Membership Certificate (RCMC) to the Exporters. Every Export Promotional Council and the Commodities Board classify themselves on the basis of product type in India.

Implication Regarding Change in Constitution of Business of RCMC Holder

  • Suppose there is an adjustment in name, address, constitution, or possession of an exporter. The RCMC holder must entail the change to the authority responsible for enrolling within a month from the date of such change. Enlisting administration recognizes defers that are made on merits.
  • Exporter Outfits Quarterly subtleties/return of the charges of various products to the apprehensive enrolling authority. In any case, the status possessor similarly sends quarterly comes back to the Federation of Indian Export Organization in the configuration that is specified by the FIEO.

Registration Procedure for FIEO Registration

  • Any exporter yearning to acquire a Registration-Cum Membership Certificate (RCMC) is required to proclaim his/her major line of business in the registration application made to the EPC (Export Promotion Council) identifying the line of exporters business.
  • If the fare item is not secured by the Commodity Board or Export Promotion Council (EPC) and so on, Registration-Cum Membership Certificate (RCMC) in regard thereof is to be obtained from the Federation of Indian Export Organization (FIEO).
  • Suppose there should be an incidence of multi-item exporters, not listed with any Export Promotion Council, where the business’s standard line is yet to be established. In that case, the exporter needs to obtain Registration-cum Membership Certificate (RCMC) from the Federation of Indian Exporter Organization.

Penalties

The EPCs may unregister the exporter for a specific period of time to violate the norms of registration after giving a reasonable opportunity to defend them.

Conclusion

The Federation of Indian Export Organization represents the interest of government authorized exporting firms viz. Export House/Star Export House/Trading House. Federation of Indian Export Organization is not only involved in promoting the export of products, but it is also indulged in promoting the export services.

By Admin

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