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Money transfer business by OPC or Pvt Co

Others 319 views 3 replies

saud ahmed

Student CA IPC / IPCC

270 Points Posted on 04 November 2021

can a Pvt Ltd Company or OPC run domestic money transfer business
if yes then what will be compliance
do I need to register as NBFC to run this business?
anyone please provide opinion

Replies (3)

Rama chary Rachakonda

Master in Accounts & high court Advocate

9615 Points Posted on 05 November 2021

tep 1: Register a company under the Companies Act 2013.
Step 2: Minimum Net Owned Funds of a Company should be Rs. 2 crores or more.
Step 3: There must be at least 1 director in a company from the same background.
Step 4: Good CIBIL score must required to present to register as NBFC.
Step 5: Next, to visit RBI’s official website and fill in an application form.
Step 6: Submit the required documents, along with an application form.
Step 7: Once we have submitted an application form, a CARN number will be generated.
Step 8: Send a hard copy of the application to the regional branch of RBI.
Step 9: After an application is checked and verified, the License shall be given to the company.

saud ahmed

Student CA IPC / IPCC

270 Points Posted on 05 November 2021

Is there any other option through which I can run this business by setting up a Pvt Ltd Company?
because I can't fulfill so much compliance
I means any other option to bypass this NBFC requirements because my business is quite small in term of profit
please provide solutions if any
thank you