In order to carry out Forex activities in this jurisdiction, you must have Official Permission and License. FFMC License is regulated by the Reserve Bank, under Section 10 of the Foreign Exchange Management Act 1999.
Please find below the features of the particular license category in more details:
Feature/Category | Full Fledged Money Changers (FFMC) License. |
Type of company required to be eligible | Registered company in India as a legal entity, under the Companies Act 2013. |
Corporate taxation | Tax for local companies is around 32-42%. |
Minimum paid up capital | Approx. 41,000-42,000USD |
Main requirements | ▪ 2 Qualified Directors, 1 to be Local. ▪ Minimum 2 Shareholders, no Locals. ▪ Local qualified Compliance Officer and AML Officer. ▪ Physical Local Office required. ▪ Audited financial statements are obligatory and has to be done by Indian licensed Auditor. |
Timeframe | Approximate timeframe can take from 12 months to 1½ year. |
GFSC GLOBAL can offer as well the following services in relation to the license application, which include:
1) Opening of operational and clients bank accounts (worldwide).
2) Assistance with recruitment of personnel (e.g. Executive Director(s), Independent Non-Executive Director(s), other required qualified personnel)
3) Provide outsourced services, such as Accounting, Bookkeeping, Internal Audit, External Audit, Capital Adequacy calculation
4) Provide outsourced Compliance & AML Support services
5) Provide outsourced Risk Management services
6) Assistance with finding local premises
7) Assistance with Trademark & Brand Name registration
8) Provide in-house trainings/seminars
9) Provide Legal Opinions
10) Provide DPO & GDPR Advisory services
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