FFMC license online is a requirement for business owners wanting to become Full- Fledged Money Changers. In this article, we have discussed, in brief detail, what is required by you to obtain it.
A Full-Fledged Money Changer is a business model that concerned with exchanging currencies. Because of its global nature, every one from small shop owners to big organizations are seeking access to the FFMC license. However, because of the nuance of the service and the complexity of the process, only few are able to obtain this license.
Thus, through this article, we are going to shed a light using brief snippets of information about the:
- Eligibility Criteria of FFMC license
- Process of obtaining FFMC license
- And, the documents required for FFMC license
FFMC License Online: What are its eligibility criteria?
The Reserve Bank of India is very stingy when it comes to who to issue FFMC license to. Therefore, it has setup the points below to filter out those it sees as unfit to become a licensed money changer
- The applicant of FFMC license has to be an incorporated company (private limited or public limited)
- The net worth of the applicant company should be at least INR 25 Lakh (In case the applicant wants to open a single branch)
- The net worth of the applicant company should be at least INR 50 Lakh (In case the applicant wants to open multiple branches)
- There should be no criminal case filed against the applicant company’s directors or shareholders in the Department of Enforcement or Department of Revenue Intelligence.
FFMC License online: What is the process to obtain the License?
You have to file an online application to get FFMC license. Meaning, the process has been made easier despite the eligibility criteria being a bit stringent. That said, following are the steps of that process:
- File the online application for FFMC license.
- Upload the required documents
- Pay the FFMC license fees
- Wait as the RBI processes your application
- Obtain the FFMC license
Documents needed for FFMC license
Following are the documents that you’re required to submit to obtain FFMC license:
- Certificate of Incorporation of your company
- Memorandum of Association
- Articles of Association
- Audited Balance sheet for the last five years
- Net worth Certified Audited by a certified consultant
- Clause of the MOA that mentions your business objective
- Nature of business of your FFFMC business.
- Other requirements that RBI might ask from you later.
Once you’ve obtained the license, don’t think that you can retain it forever. You need to get FFMC license renewal after every five years. In case you’re wondering how to go about the renewal process, you can reach out to FFMC license consultant. These experts will provide you the following services:
- Application filing
- Documentation gathering
- End to End follow up assistance
- Ensuring that any additional requirements of the RBI aren’t missed from your end.
If you want to obtain FFMC license, now is the right time to file the application. And as you know you’re not standing along in this process; you don’t have any excuse to not go for it anymore.