FFMC License application filing contains several details that you’re required to provide in order to obtain FFMC license in India. In this article, we are going to dive deep into those details.
The Full-Fledged Money Changer License in India (FFMC) is issued by the Reserve Bank of India. However, in order to obtain the license, you’d need to be eligible, have the right documents at your side, and file the application correctly. In our previous blogs, we have gone in great detail about the eligibility criteria and the documents that are needed for FFMC license.
In this article, we are going to take a deep dive into the structure of the money changer license application form. Knowing the structure will help you file the application better.
What are the details you need to provide for FFMC license?
Following are the details that the Reserve Bank of India expects that you should provide them in order to obtain FFMC license. These details are as follows:
- CIN of the company: Firstly, only a company is given the right to file the FFMC application. Thus, the first information you’re required to enter in your application form is the Incorporation Certificate Number. It’s this number that decides whether or not you’re a legitimate applicant or not.
- Names of the directors of the company: the money changer license application form contains a column in which you’re required to fill the details of the directors. These details will include the names of the directors, their age, their designation within your company.
- Name of the shareholders of the company: There will be another column in which you’re required to enter the names of the shareholders in your company. Along with their names, you’ll also provide details of their share contribution.
- Net worth Certificate Number: In order to show that you’re financially eligible to start a FFMC, you’re required to show your Net worth Certificate. In the application form, you need to specify the Net worth Certificate Number.
- Net worth Details: Other than the certificate number, the applicant also has to provide their net worth details in a clear and concise fashion. That is, they have to provide their net worth both in digits and words.
- Description of the FFMC: There are many details that differentiate one money changer from the other. Using those details, you need to provide a brief description of your business to the Reserve Bank of India.
Other Services- LMPC Certificate
To make it to the FFMC license list, you need to obtain the RBI issued FFMC license. However, you have to take care of each and every detail to input in the application as you try to obtain it. Without the right details, you’ll not be able to get the RBI assess your application. Thus, if you’re not confident about which details to input, there is no shame in asking for assistance from the experts. We at Registrationwala provide comprehensive FFMC license services from start to finish. So, whether your need is filing the application or conducting a follow-up, we can assist you.