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RCMC Registration
RCMC stands for Registration Cum Membership Certificate. This certificate is issued as a license to the company to accomplish exports and avail concessions under the foreign trade policy. The RCMC certificate is issued by the Federation of Indian Export Organisations (FIEO) and also issued by the Export Promotion Council of India (EPC) or Community boards also have authority over issuing this certificate.
The main aim of providing this form of certificate is to promote the business of exports from India. It is also used as a certification for authenticity when dealing with public transactions.
Such a certificate is not required by an organisation or an institution that has been exempted from requiring some form of export and import license. This certificate is valid for 5 years.
Types of Membership for RCMC Registration under FIEO
There are two types of membership for RCMC Registration under FIEO
Ordinary Membership
Ordinary Membership applies to those Companies Who is in the starting phase of their business or just entered the business of Exports in India.
Associate Membership
The associate membership is for entities that have already been in the business of export and import over some time. The charges levied for associate membership is more based on the fee plus a nominal rate of GST.
Benefits of RCMC Registration
The main regulatory authority for RCMC registration is the FIEO. Hence the exporter would have to apply to the FIEO for the membership. The registration granted by the FIEO is the RCMC. The following benefits have to be considered for RCMC registration:
Concessions from Foreign Trade Policy
With the Registration of RCMC. An Exporter that opts for RCMC registration would ensure the benefits offered under the foreign trade policy of the country. Apart from this, different forms of updates would be provided to the exporter on the foreign trade policy.
Promotion of Exports
In India, export promotion is crucial. To engage the development of different sectors, it is important to promote exports in the country. Securing this registration would directly promote exports on an international level. One of the advantages of securing this registration is securing international expansion policies related to the exports in the country. For example, the Government has brought out the scheme for Atmanirbhar Bharat. Under this scheme the government wants Indians to buy more products manufactured in India. Through such schemes, self-us sustenances are established. This scheme would also improve the number of exports from India.
Benefiting Various Exports Schemes
Through such registration, the exporting firm or company can avail of different forms of schemes under the FIEO. This would not be possible for any unregistered firms or businesses.
Hassle-free compliance with Government
An entity or company that secures this registration would be compliant with the rules and bylaws of the government.
Support in Exports from FIEO
Federation of Indian Export Organisations (FIEO) Supports or helps a business entity in exports. They provide various guidance to Entities related to exports and They also provide data related to exports which are useful in making future estimations or forecasting demands of products.
Viewed as a Legal Entity for Export
RCMC Certificate allows a license to the company to accomplish exports and avail concessions under the foreign trade policy. After Registration, RCMC Registered Entity is viewed as a legal entity for exports. They Can avail various concessions related to exports from the Income-tax act, foreign trade policy or any other concessions about exports.
Eligibility Criteria for RCMC Registration
The following criteria have to be sufficed by the applicant when applying to the FIEO for the RCMC certificate:
Exporter or Merchandiser (Merchant)
First, the applicant has to ensure that the business carried out is exports and imports business. This is one of the primary requirements for establishing an export business in India. Apart from this, the exporter has to ensure that they have applied for the Import Export Code (IEC) with the respective authority. This authority for IEC is the DGFT (Director General of Foreign Trade).
Declaration of Main Line of Business
The exporter or merchant has to declare the mainline of business. For example, if the mainline of business is coffee and tea then the respective consent of the Tea and Coffee promotion board must be sought. If the products are not covered by any form of export promotion board or any other authority then consent to export the same must be provided by the FIEO.
Consent from the Board of the FIEO
The applicant has to ensure that respective consent is sought from the respective board or the FIEO. If there is no specific board for a particular product, then the applicant would have to apply to the FIEO for securing the consent. Approval for the same must be provided by the FIEO.
Documents for RCMC Registration
- Copy of the Import Export Code regarding the applicant. The copy of the IEC code has to be self-certified by the respective licensing body or the authority.
- Cross Cheque or a Demand Draft (DD) or some form of pay order favouring the name of the Federation of Indian Export Organisation. This DD or cross cheque must go towards the annual membership subscriptions. Such rules have to be by the requirement of Rule 6 (i) of the Rules & Regulations of the Memorandum & Articles of Association of FIEO.
- Authority letters must be by the rules prescribed by the particular authority. This authority letter must be attested and signed by a chartered accountant. The seal must be accompanied by a respective registration number of the bank.
- Self Attested copies of respective certificates such as the SSI certificate, industrial licenses, import-export license and other specifications. This would only be if applicable.
- If the business is considered as a respective industrial house, self-certified copies of the same must be provided.
- Information related to the GST such as the GSTIN
- Past three years export turnover must also be provided by the applicant
- Statement of foreign exchange earnings earned in the past three years
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