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Money transfer business by OPC or Pvt Co

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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)

Quick Summary

This discussion explores the feasibility of running a domestic money transfer business through an One Person Company (OPC) or a Private Limited (Pvt Ltd) company. It questions the necessity of NBFC registration and the associated compliance requirements, such as minimum net owned funds and CIBIL scores. The user is seeking alternative, less stringent options for smaller businesses.

Rama chary Rachakonda

Master in Accounts & high court Advocate

9620 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