If you're an exporter in India, you've probably heard of RCMC registration.
But what exactly is RCMC, and why is it important?
In this article, we'll take a closer look at RCMC registration and answer some of the most common questions about it.
RCMC stands for Registration Cum Membership Certificate. It's a certificate issued by the Federation of Indian Export Organisations (FIEO) to Indian exporters.
The certificate serves as proof that the exporter is a member of FIEO and has registered with them.
It is mandatory for all Indian exporters who want to take advantage of various government schemes and incentives.
It's also required for exporters to apply for and obtain various licenses and permissions from the government.
There are two types of RCMC certificates that can be issued:
While RCMC registration is mandatory for all Indian exporters, there are certain eligibility criteria that need to be met.
The initial entrance fee for enrolling in the membership is Rs. 2500, and the annual membership fee is Rs. 5000, making the total cost Rs. 7500.
Additionally, 18% GST is applicable, bringing the total cost to Rs. 8850.
After that, the annual subscription is renewed at Rs. 5000/-+ 18% GST = (total Rs.5900/-).
The RCMC certificate is valid for 5 years from April 1st of the licensing year.
RCMC registration is important for several reasons. Here are some of the key benefits of RCMC registration:
One of the main benefits of this registration is that it gives exporters access to various government schemes and incentives.
It is a prerequisite for applying for the Merchandise Exports from India Scheme (MEIS), which provides incentives to exporters.
RCMC registration is also required for exporters to apply for and obtain various licenses and permissions from the government.
For example, if you want to export certain goods, you may need an export license. RCMC registration is a prerequisite for obtaining an export license.
This registration is a recognition of your status as an exporter. It shows that you are a member of FIEO and have registered with them.
It can be useful when dealing with other businesses or government agencies.
Now that you understand the importance of RCMC Certificate, you may be wondering how to apply for it.
Here's a step-by-step guide:
The first step is to create an account on the FIEO website. Go to the FIEO website and click on the "New User Registration" button.
Fill out the registration form with your details and create a password.
Once you have created an account, log in to the FIEO website and click on the "RCMC Registration" link.
Fill out the application form with your details, including your company's name, address, and contact details.
Once you have filled out the application form, you will need to submit it along with the required documents.
The documents required for RCMC registration may vary depending on the type of exporter you are.
However, some of the common documents required include:
After you have submitted the application form and required documents, you will need to pay the RCMC registration fee.
The fee may vary depending on the type of exporter you are. You can pay the fee online using a credit card or debit card.
Once you have completed all the above steps, you will need to wait for approval from FIEO.
The approval process may take a few days to a few weeks.
While the process of registration is straightforward, there are some common mistakes that exporters can make.
To avoid these mistakes, it's important to carefully review the application requirements and ensure that all the necessary information and documents are provided.
Registering your business can simplify the process of RCMC registration by providing a strong foundation for your business operations.
Here are some ways in which company registration online can help with the RCMC registration process:
In conclusion, RCMC registration is an essential requirement for Indian exporters who want to take advantage of various government schemes and incentives.
It also serves as proof of your status as an exporter and is necessary for obtaining various licenses and permissions from the government.
If you're an exporter in India and haven't yet registered for RCMC, we highly recommend that you do so.
In addition to RCMC Certificate, there are other important requirements and considerations that exporters in India need to keep in mind.
These include obtaining an Import Export Code (IEC), complying with various export regulations, and staying up-to-date on changes in government policies.
At StartEazy, we're committed to helping entrepreneurs and small businesses succeed. If you need help with the registration or any other aspect of exporting from India, we're here to help.
Our team of experts can guide you through the process and provide the support you need to grow your business.