Full Fledged Money Changer is a business that deals in foreign exchange services in the form of currency exchange. To do such business, one needs to acquire the FFMC License full form Full Fledged Money Changer License from the RBI. The Reserve Bank of India only issues the FFMC license after the applicant fulfils the requirements and pays the requisite FFMC License fees.
Through this article, we are going to guide you through the process, requirements and the eligibility criteria of the FFMC license. In the end, you’ll know what is the FFMC license fees in India, and how can you make it affordable through consultants.
What is eligibility to get money changer license in India?
Not everyone is eligible to get the FFMC license. The Reserve Bank of India has put forward certain points of the eligibility criteria. One has to fulfil each and every single of them if they are to get the license.
- The requirement of a business entity: FFMC license meaning is a Full Fledged Money Changer. It has very structural ring to it. Which is why, it’s important that the applicant first registers itself as a company before applying for FFMC license online.
- The requirement of business objective: Needless to say, if you’re engage with a business as involved as money changer, you can’t do any other business. That’s why, it should be mentioned in the Memorandum Of Association of your company that you exclusively do money changer business in India.
- Minimum Capital requirements for a single branch: To operate an FFMC from a single branch , your net worth should be at least INR 25 Lakhs.
- Minimum capital requirements for multiple branches: If you want to open multiple branches of FFMC business, you don’t need multiple money changer license in India. However, you do need to have at least 50 lakh rupees of net worth.
- The requirement pertaining to criminal record: Reserve bank of India isn’t interested in handing over the license to someone with dubious criminal past. Thus, only apply for FFMC license in India if you don’t have any pending or ongoing cases at Department of Enforcement or Department of Revenue Intelligence.
What is the FFMC license registration process?
Courtesy of India’s desire to digitize everything, the process to apply for FFMC License is exclusively online. The steps involved with the said process are as given below:
- Incorporating the FFMC business as a company: First, you got to contact a business consultant and incorporate your business as a private limited company.
- Submitting the online application of FFMC registration: For your FFMC to exist, it should be registered under the provisions of RBI. The online application can be filed using the FFMC online portal.
- Assessment of the application: It’s the Reserve bank of India that’s going to assess your application, so it would suit you to be patient. Any attempt to expedite the process can further push the timeline of getting the license.
- Getting the FFMC license: After a thorough assessment of your money changing business, the RBI might decide to give you the license.
All the words like might and would doesn’t inspire confidence, do they? What’s stopping RBI from stopping your licensing process? It’s the FFMC license consultants.
The fee by the FFMC license consultant
There are two ways to go about filing the application. You can do it on your own or you can consult with an expert. Both of them are optimal methods, but one of them would be more costly and would take more time. Let me give you some time to figure out which one/
My guess is you’ve already figured it out.
FFMC license consultant doesn’t make a mistake filing the application. It knows how to safely expedite the process and it definitely knows how to get you the license on time. And most importantly, through an FFMC license consultant, you’d have an idea of the FFMC license fees.
At Registrationwala, we charge a mere INR 69,999/-. At this minimal FFMC license fee, you get:
- Complete end to end license assistance.
- Expedited licensing process.
- And, a thorough approach to the service.
So, if you’re looking to not put too much weight on your wallet while still wanting to get the license on time, consult with our experts.
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