Finding FFMC license consultants for small money changing business

Posted by Vicky Kumar on January 25th, 2021

Starting any type of business in Delhi is considered a win for the entrepreneurs. The diversity of clients, the cultural nature of the region, and the fact that it’s the national capital can provide any business a lot of support. But one of the businesses that have been the topic of discussion in the hidden groups of entrepreneurs is Full-Fledged Money changer business.

Basically, it’s a currency exchange business. With large groups of tourists flooding in the national capital practically on a daily basis, the demand of trustworthy FFMC License holders is at an all time high. That’s why, the Reserve Bank of India provides a simple way to file the application to FFMC license online.

Why is the RBI so readily promoting a business like this?

It’s because India is slowly striding towards being a superpower with that aid of that global “MOOLAH”. The “Make in India” initiative is a way to basically make foreign companies look at India and say “Dang, we can do business here.” And actively promoting currency exchange business is another way to bring in foreign investments into the nation.

So, if you have the idea to start a Full-Fledged money changing business in Delhi, you’ve got the right idea. But, in order to implement it properly, you’d need the right FFMC license consultant.

Which brings us to the difficulty that you might face. First off, starting a small money changer business still needs a money changer license in India. While the FFMC license online process has been made easy, accessing the portal and giving the right details is entirely another matter. To pile on these two issues, the current FFMC license consultant market is infused with:

1.        Newbie who has barely read one blog on the license and claim to provide complete services.
2.        Veterans who ask a large sum of money in exchange for the licensing services.

Your business, regardless of small it is, still requires optimal services from an expert. A newbie is not a good deal in your case. And, asking veterans for the license would sap you off your funds that you do have to start a business.

So, what’s the solution here?

A really simple solution is present. All you need to know are the pointers to find genuine FFMC license consultant.

Qualities that any FFMC license consultant should possess

If you visit online, or a service center in search for business license consultant, develop a mindset to look for the following things:

1.        Their professionalism: It’s not just how they talk or how they set their requirements before you, it’s what they are preparing to give you. In this cold world, you need a different kind of professionalism, one that involves compassion. If they listen to your needs and understand that you can’t bear to afford a lot of FFMC license fees, they’ll provide you with alternative options. Choose them.
2.        Their deadline oriented approach: Business licensing is not a “jhatpat” or “quick process” that a consultant can just brush his hands off within a span of few days. Depending upon the department, and the complexity of filing the application, it can take a long time. Also, it’s not always certain when you’ll get the license. A good business consultant, will therefore, instead of diving you a set time, would rather provide you a window. It’s within this window that they guarantee to deliver their services.  
3.        Understanding your “not” small requirement: To get the Full fledged money changer license, some of the requirements include:
4.        Having minimum net worth of INR 25 lakh
5.       And, having the FFMC business registered as a company.

These rather “not” small requirements are needed to be taken care of before you apply for any license.

Conclusion

FFMC full form Full Fledged money changer is an attractive business. But don’t lose yourself and get yourself trapped with undeserving service providers. Vet them properly using the mentioned qualities. It’s only then that you can acquire the FFMC license to setup your tourist-y shop from where you can exchange your rupees or dollars.