FFMC License Process

Are you searching for FFMC License Process? Get Complete Information and Process Flow of RBI Full Fledge Money Changer License.

Let’s Check Step by Step Process for Application of Full Fledge Money Changer License till RBI Issuance of FFMC License.

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Full Fledge Money Changer License Issuance Process

FFMC License is 60 to 70 Days Process, Here Check the Brief Step How FFMC License Issuance Process Takes Place.

Step 1 : Checking Pre-Qualification Requirement

Education Qualification of Directors
Civil and Criminal Record of Directors
Adequate Capital and Net Owned Fund Fulfillment

Step 2 : If New Startup (Incorporation Process)

Formation of New Private Limited Company or Public Limited Company
Capital of New Company must be as per FFMC Requirement (25 Lakhs or 50 Lakhs Min)
Object Clause in Memorandum of Association Should be of FFMC Business
Opening of Bank Account and Filing of ROC Form INC-20A

Step 3 : Various Registrations and License before Application

Professional Tax Registration ( If Applicable)
Trade License or Shop and Establishment License
PF and ESIC (If Employees are more than limit)
GST (if Turnover is Over Threshold)
Any Other License or Registration as applicable at office range

Step 3 : Various Registrations and License before Application

Professional Tax Registration ( If Applicable)
Trade License or Shop and Establishment License
PF and ESIC (If Employees are more than limit)
GST (if Turnover is Over Threshold)
Any Other License or Registration as applicable at office range

Step 4 : Preparation of Documents for FFMC Application

Preparation of AML KYC Policy
Various Board Resolutions, Undertaking, and Consent Letters.
Project Report of Business
Provisional balance Sheet and profit and loss Account
CA Net Worth Certificate
Declaration as specified in RBI Circular
Application Form and Related Attachment

Step 4 : Submission of Application

After Completion of All Attachment, Application for FFMC License Should be submitted at Regional RBI.

Step 5 :Process of Application

RBI may call for additional information, revert back application for fulfillment of deficiency
On Primary Check Approval, RBI may call for interview (not compulsorily they will ask for interview) if needed.
RBI Committee will discuss about FFMC License Approval

Step 5 : Approval of FFMC License

On Satisfaction of all documents and details RBI May Approve FFMC License Application. (On Approval FFMC License Approval Company need to start business within 6 Months)

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