Eternity Law International News India Forex License

India Forex License

May 30, 2023

Forex-activity is exchanging currencies. Concept and essence of FX-market covers worldwide currencies trading area, which is biggest and most active financial market globally. Daily turnover of funds there exceeds $ 5 trillion in total value. This amount is greater than the turnover of each of their national market-spaces in aggregate.

Forex-market participants today are big-scaled banking establishments of different countries, investment funds, large-scale international corporations and private investors who have impressive personal capital. Operations being concluded and carried out within this market-space have a turnover of $1 million.

FX is also called trading space, where there are no deals for purchase and sale of real currencies, but only betting operations, main subject of which is prediction of increase or decrease in exchanging rates. Such a market was formed and organized by specialized firms – forex dealers. India is a fairly progressive jurisdiction in relation to the Forex market. Obtaining a Forex license in this country is very prestigious and cost-effective. Our company provides comprehensive support in licensing various commercial structures, in particular, gambling companies, crypto projects and others.

Authorized money changer: types

The platforms where certain currency exchanges are carried out are diverse. Accordingly, they all offer various conditions and have their own characteristics.

  1. Exchanges (trading platforms). Big-scaled services for crypto-currencies exchanging. If you are familiar with principles of trading in FX-market, have seen how traders work with currencies, stocks and other assets, you know what a trading platform is. As a rule, this is a large and often regulated business with a serious reputation. On exchanges, it is possible to buy and sell cryptocurrencies in almost unlimited quantities.
  2. Exchange offices (broker). Most of these services do not store customer funds; many of them do not even have such a technical capability. Clients do not need to deposit funds to any internal account, instead clients pay for each application and immediately receive the ordered crypto or fiat money. Unlike exchanges, in the case of exchangers, customers always know the exact price before making a payment.
  3. P2P markets. These spaces are similar in their model and concept to conventional commodity markets. Users can find offers denominated in all possible currencies and be able to pay with all popular payment systems or banks.

Users make a choice in favor of a particular site, based on the benefits of the conditions offered by each changer, commissions and the security of cooperation.

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FFMC license requirements

Forex has become popular in India in the last decade, but in the beginning it was characterized by a lot of broker scams. Combined with risky nature of FX-trading; it has prompted the authorities to impose various restrictions on FX-trading. Currently, local citizens are allowed to trade in the foreign exchange markets, but they must comply with a wide range of rules and restrictions. Some of these restrictions are set by the RBI.

In order to become the holder of a Forex license in this jurisdiction, companies must comply with a certain list of regulations and standards put forward by the local regulator and government agencies.

  1. Mandatory establishment of a company in the jurisdiction.
  2. The presence of a virtual or physical office, officially confirmed and registered.
  3. Hiring two local qualified directors. It is desirable that they be residents, however, the employment of persons without residence is allowed.
  4. Hiring and hiring a locally qualified Compliance Officer.
  5. Conclusion of contractual relations on accounting services.
  6. Opening a corporate account in a bank institution and linking a merchant account.
  7. Collection and preparation of the necessary documents, in particular, the development and implementation of effective AML mechanisms and procedures, the correct preparation of a business plan for a period of at least three subsequent operating years, and so on.
  8. Payment of initial capital in the prescribed amount.
  9. Engaging an external independent auditor to carry out audits.

Our experts will help you bring your business in line with all requirements. We will take care of the most complex and unexpected aspects. We also offer comprehensive professional consulting in other areas, in particular, those related to crypto-currency transactions, gambling, and others.

Documents required for FFMC license

Obtaining a FFMC license in India is possible with the availability, preparation and proper execution of the following package of documentation.

  1. Passports of persons who are members of this commercial structure.
  2. Documentary confirmation of the address of residence of persons participating in the structure.
  3. Documentary evidence of a registered office for corporate needs.
  4. Bank recommendation for shareholders and directors of the company.
  5. Confirmation of the availability of relevant education in the relevant field for persons holding leadership positions. Certificate of no criminal record and any problems with the law for directors and shareholders.
  6. Detailed business plan for the next 3 years.
  7. Well-formed and formalized AML policies and procedures.
  8. Confirmation of opening a corporate account in a bank institution and the presence of a merchant account.
  9. Documentary evidence of payment of the initial capital.
  10. Application for a license.

Our experts will help you in the collection and preparation of a package of documents. We will take care of all the details and provide you with comprehensive advice.

FFMC licensing process

FX-trading in India is incredibly popular today. Forex trading in India remains a great way to make money. The Government of India is currently considering easing the rules soon to give Forex traders more flexibility with currency pairs. This will also grants more comprehensive regulatory protection than currently exists.

  1. The process of obtaining a full licensing permit for currency exchange is as follows.
  2. Mandatory company registration.
  3. Preparation of corporate documents and payment of state fees.
  4. Collection and formation of documents, the list of which is established by the regulator, in particular, a business plan, a description of AML policies and mechanisms, and so on.
  5. Filling out and submitting an application for a Forex license to a government agency.
  6. Opening a bank account for corporate needs, placement of authorized capital and carrying out the main operations of the company.
  7. Connecting a merchant account for processing bank cards.

Despite the fact that FX-licensing in India is simple and intuitive, we recommend that you enlist the support of our specialists. We will accompany you at every stage of obtaining permission.

FFMC license fee

Companies holding an FFMC license are required to pay a state fee to establish a company and obtain the appropriate official permission to operate. The amount of this fee may vary. You can get detailed information from our specialists who will calculate all the associated costs for you and help you optimize your budget.

FFMC license cancellation and renewal

In case of non-compliance with the requirements declared by the regulator or in case of violation of the established rules of activity, the FFMC license may be revoked from the company. This happens in case of serious violations, in particular, when AML policies and procedures are not followed, when an annual independent audit is not carried out, when the annual fee for maintaining the operation of the company and the license is not paid, and so on. Some of these restrictions are set by the RBI.

In this case, the company is given the opportunity to correct the violations and file a new application for license restoration. Such a procedure would also require the payment of a fixed government fee and a full due diligence of the commercial structure. This will need to be done within a certain period, otherwise, the permit may be revoked without the right to restore.

Taxation in India

Companies established in India must pay tax on profits earned from worldwide operations. Foreign firms must pay tax on profits derived from sources in the jurisdiction itself.

Income tax for local companies is 25%. Newly established industrial firms receive a 15% rate. The base rate for non-resident enterprises is 40%.

How much is it to get a FFMC license in India?

The cost of licensing in India is calculated individually for each commercial project, as it varies and depends on many related factors. In particular, this always takes into account the commercial prospects of the business, the initial budget that the organization has and financial projections.Our experts will help you accurately calculate your costs. We will not hide from you all the nuances and possible costs, since our activity is aimed only at honest and most effective cooperation with our clients. This is the key to our success and your peace of mind.

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