How to obtain FFMC license online?

FFMC license online is something that every Full Fledged money changer is seeking nowadays. Reserve bank of India have allowed the existence of this license to:

1. Promote the competition in the money changing business.
2. Ensure that there is no monopoly when it comes to holding foreign currencies.
3. Regulating the amount of foreign money exists in the country.

Suitable for entrepreneurs of all scaled, you can only acquire this license after going through the FFMC license application process. In this article, we are going to simplify this process for you.

What is a Full Fledged Money Changer?

Those with the FFMC license are empowered to do the following types of business:

1. Exchanging currencies with tourists of Indian nationals.
2. Provide foreign exchange services via a trading company.
3. Holding foreign currencies in case of emergencies.

Let’s now discuss the process of acquiring the FFMC license without any issue.

The procedure to obtain FFMC license?

FFMC license full form Full Fledged Money Changer license can be obtained by following the steps given below:

1. First, you’d need to navigate to the FFMC website. You can find it as one of the sub-domains under Reserve Bank of India.
2. Afterwards, you have to register as a new user before you’re allowed to fill the application form.
3. To finalize the submission, pay the requisite FFMC license fees.
4. Once the application is filled and the documents are submitted, RBI will scrutinize it thoroughly.
5. If RBI sees any errors with the application form or the documents, you’ll instantly get the notifications with instruction to fix them.
6. Once you’ve dealt with all the issues and the RBI accepts your application, you’ll obtain the FFMC license.

Point to remember is that FFMC license isn’t an indefinite permit. After a while, the license will vanish and you’d have to file for FFMC license renewal.

In case you don’t your FFMC license will be cancelled by the RBI.

Documents to furnish to acquire the FFMC license

Along with the application, the RBI needs the right set of documents to assess in order to see if you’re worthy of the FFMC license. These documents are:

1. LLP or company incorporation certificate
2. MOA and AOA or LLP agreement
3. List of directors
4. PAN card of the company
5. Shareholders of the company
6. Audited balance sheet of the last three years of the head of the company.
7. Net worth certificate of the company.
8. A duly filled application form.
9. Description of the money changer business you want to do.

We know that sorting out the above mentioned documents and filing the application at the same time can be difficult. But there is someone who can help you in this case.

FFMC license consultant for your assistance

No one expects you run a complex business of money changing while dealing with the legal matters without any issues. FFMC license requires your full attention and when you can’t give it, you won’t obtain the license. But we can. Our FFMC license consultant understand your requirements and thus provide complete end to end licensing services. All you’re required to do is reach out to us.