FIEO is the acronym of Federation of Indian Export Organization. Ministry of trade and commerce and private trade and Industry jointly instituted FIEO in 1965. The main functioning of the Organization is to promote international trade and is responsible for representing and assisting entrepreneurs and exporters in a foreign market. Thus, FIEO is working actively to extend and enhance India's market and exports.
The Organization represents the interest of government Recognized exporting firms viz. Export House/Star Export House/Trading House. FIEO is not only involved in promoting the export of merchandise but also involved in promoting the export of services.
The FIEO works as an indicative for all the Indian businessmen who are indulge in export-import market. With the help of FIEO registration, FIEO regulates all export related organizations in India. Thus, it acts as a partner for the Government of India in promoting India’s exports. FIEO registration helps the businessmen to expose multiple benefits such as global exposure, thorough guidance on key areas of global trade such as Foreign Trade Policy (FTP) and various concessions to MSMEs.
The membership rules of FIEO are governed by the Government of India’s Foreign Trade Policy and Memorandum and Articles of Association of FIEO. According to the foreign trade policy, an exporter needs to get the Registration- cum –Membership Certificate (RCMC) for availing the benefits provided to the Exporter under this policy. For Registration, FIEO has been recognized as Export Promotion council by government.
FIEO registration gives the exporters a proper guidance related to international exposure.
FIEO registration holder exporter has the access to necessary guidance through online chat on issues like FTP & corporate laws etc.
Portal like e-bay provides convenience to run free online stores to FIEO Members for 6 months & Amazon provide the same offer for 3 months.
FIEO registration helps the exporters to avail the benefit of 10% discount on all domestic & international air-tickets.
One of the prominent credit rating agencies CRISIL allows 10% discount on credibility analysis services for FIEO exporters.
Exporter obtaining RCMC can provide an application in the specified format as given in appendices register and can become a member of EPC.
For the purpose of becoming the member, the following documents are required to submit.
A copy of Memorandum and Article of Association in case companies and where partnership firms are applicant than partnership deed needs to be submitted.
According to the Foreign Trade Policy, an exporter is required to get a Registration-cum-Membership Certificate (RCMC) for profiting different advantages under the Policy. For enrollment purposes, FIEO has been perceived by the Government as an Export Promotion Council.
The RCMC shall be deemed to be valid from 1ST April from the licensing year and shall be valid for five years.
India has total number of 26 Export Promotion Councils and 9 commodities board. EPC and Commodities Board are responsible to issue RCMC. Central government has given them the authority to issue RCMC to the exporters. Every EPC and the commodities board in India classify itself on the basis of type of products.
The Export Promotion Council may de-register the Exporter for a specific span of time for violating the conditions of Registration after proving reasonable opportunity to defend them.