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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