Set Currency License For Free

The applicant has to be a company registered under the Companies Act, 1956/ Companies Act 2013/ Registration of Companies (Sikkim) Act, 1961, having a minimum Net Owned Funds (NOF) of INR 25 lakh to apply for a single-branch FFMC licence and INR 50 lakh to apply for a multiple-branch FFMC licence.

Documentation Required to Exchange Currency in India Passport. ID and address proof like PAN and Aadhaar (For Indian customers obtaining forex) Confirmed air ticket showing travel within 60 days. Valid Visa copy.

$3,000 application fee. $15 credit report fee (per person)

Reply? There is no specific provision for money transfer business under GST, it will covered under other services auxiliary to financial services, SAC 997159. Implementation of atleast 6 digit HSN in e-Invoices and e-Waybills has been deferred.

Startup Costs Startup CostAverage Cost Range in USDHiring and training of employees$50,000-$100,000Research and development costs for additional services$20,000-$30,000Office space and equipment costs$10,000-$50,000Security and fraud prevention measures$5,000-$10,0006 more rows

To start a remittance business you need to have a license and a reliable payment system, but software development is a complex process that requires a huge amount of resources. You can find the right software partner to accelerate the development of the payment product and meet your customers financial needs.

If you plan to start a business as a currency exchange company, also known as a check-cashing company, you will first need a currency exchange license. For any business that provides check cashing services for a fee that is not a bank, this business license is a requirement by state and federal law.