How to get the Full fledged Money changer License

Starting an FFMC or a Full Fledged Money Changing business is the need of the hour. The large number of foreign tourists and the large amount of foreign trade coming in has made it almost a requirement to file the FFMC license application. 

But what’s the process? 

Does the license stay with our forever, you would need the FFMC license renewal? 

Is there a service provider that can provide you the Full Fledged money Changer License? 

And even if you get the license, how to aptly start a money changer business?

If the above questions cloud your mind, you won’t need to grind for answers, for you’ve reached the article you were supposed to find.

The process of getting the FFMC License

When you think of any business licensing process, you already understand the basic drill. It consists of:

1. Getting the exact documents ready. 
2. Filing the application. 
3. Monitoring the application as the government body analyzes it. 
4. And, get the license once the application is approval 

Let’s now translate the whole process in terms of FFMC Licence, RBI. 

1. First, get the exact documents ready:
1. COI of your company
2. Net worth certificate signed by a certified Accountant. 
3. Latest copy of the balance sheet. 
4. Details of the nature of your money changing business. 
2. Filing the application for Full Fledged money changer license in India (FFMC)
3. Watching over the progress of Reserve bank of India as your application is analyzed page by page
4. Obtaining the FFMC License once the application is ready.

The validity of FFMC License

There are two kinds of validity of the licenses:

1. One the working validity: It starts when you start running your FFMC business. 
2. Other is the standing validity: It starts just when you acquire the license. 

Let’s talk about standing validity. If you’ve a standing FFMC License, but you haven’t started your business yet, your license would remain standing for only 6 months. After that, it will be expire.

Let’s now talk about the working validity. Your FFMC license, once you start running your business, is only valid for the time until you pay the annual license fee. 

How to start a money changing business?

To start an effective money changing business, you need:

1. Create a robust business plan that can yield you more profits with less investment.
2. Pick the right location that allows you to get most customers, in case you want to open up a small FFMC.
3. Don’t wait for the standing FFMC license to expire. Start the business within 6 months.
4. Dabble in digital marketing and understand your customers. 
5. Provide Forex trading options if you’re capable of it. 
6. Try to ensure that your business is able to expand quickly. 

Who can provide you the Full Fled money changer license?

Before knowing the providers, remember one simple thing, there is no such thing as money changer license for sale.  We don’t know why but there are many who search for such things and in doing so gets trapped in fraudulent businesses. That being said, the only one who can provide you the license are the business license experts. They:

1. Prepare your documents to ensure that you’re ready to file the application. 
2. If you fall short in any of the eligibility criteria, the FFMC consultants work towards making you eligible. 
3. File your application. 
4. Monitor the progress of the application’s processing. 
5. Ensure to get you the license on time. 

Conclusion

Getting the FFMC license is a simple matter of documentation and application filing. However, knowing the right people to help you get the license. And, understanding the intricacies of Full Fledged money changer business from the start is equally important. Stick to our content as we provide you more insight into the sordid business of FFMC. And for anything else, don’t forget our consultants.