Ethan Corporate Solutions Private Limited

Ethan Corporate Solutions Private Limited Ethan Corporate Solutions PVt Ltd is Management consulting firm specialized in registration of various types of business entity in India

Ethan Corporate Solution, having presence in the Capital City of God’s Own Country, is offering all the services related to setting up and running of business in India . Our services among others include advisory on Business form, Management of Foreign Direct Investment and FEMA Related Issues. We started our operations in 2014 in Trivandrum, capital of Kerala. Presently we are catering to our cli

ents globally. Team Ethan’s consist of Professionals who are trained to service their clients in different areas like finance and accounting. We also undertake services relating to project planning, Project finance, consultation and implementation. We Offer one stop solutions for Foreign Nationals/ Citizens who want to setup their own business in India without National boundaries. We assist them in Setting up of business in India requires compliance of various law in India and we offer a complete, fast and economical solutions. We expertise in Registration of OPC (One Person Company) Private Limited Companies, Public Limited Companies and LLP (Limited Liability Partnership) in India. Ethan’s offers services in all sectors, have high level responsibilities including governance structures and mechanisms, corporate conduct within an organization’s regulatory environment, board, shareholder and trustee meetings, the negotiation of contracts, risk management, property administration and organization and the interpretation of financial accounts.

02/12/2014

What is an One Person Company (OPC)

A private limited company with single ownership Introduced in India through theCompanies Act, 2013.
OPC can be defined as a registered sole proprietorship company with separate legal status.
Single member/shareholder compared to minimum two members for Pvt Ltd Co and Limited Liability Partnership(LLP).
Offers limited liability protection to its member, an advantage compared to a normal sole proprietorship entity.
Has business continuity and easy to incorporate.
Nominee required, who will become the member/shareholder of the company incase of the promoter Director’s death.
An OPC must be converted into a Private Limited Company if the annual turnover exceeds Rs.2 Crore or if it’s Share Capital exceeds Rs.50 Lakhs.
Audit and filling of annual return with ROC Compulsory for OPC
Minimum one lakh and maximum fifty lakhs capital.

One Person Company Incorporation Process

Apply Digital Signature Certificate (DSC) for proposed member/shareholder – Min3days (not required if already held)
Apply Director Identification Number (DIN) for the proposed member/shareholder- Min 1day-(not required if already held)
Apply for proposed company name approval in form INC-1 (minimum 1 and Maximum 6 names can be given for approval)- Min 2days
Apply for incorporation of One Person Company in form INC-2 along with DIR-12 and INC-22 and other supporting documents- Min 7days
Open a bank account and deposit the share capital money in the account
Apply for commencement of business certificate

02/12/2014

FULL FLEDGE MONEY CHANGER LICENSE IN INDIA (FFMC)

Any company which intent to do a forex currency exchange activity or money changing activity in India have to obtain a Full Fledged Money Changer License from Reserve Bank of India. Reserve Bank of India annually publishes guidelines for Full Fledged Money Changer’s vide a master circular on Memorandum of Instruction on Money Changing Activities.

All FFMC license holder in India and any company which intent to obtain the FFMC license in India are oblige to follow this circular and provision of Foreign Exchange Management Act, 1999.

What is a Full fledged money changer (FFMC)?
Entities which are authorized by Reserve Bank of India to do money changing business as per section 10 of Foreign Exchange Management Act , 1999.

Can entities other than banks be a Full Fledged Money Changer?Yes entities other than Bank can be a Full Fledged money change and they are Authorized Dealer Category II where as the Banks are Authorized Dealer Category I

What are the types of entities which can apply for a FFMC license in India?
Any company which are registered under the Companies Act, 2013 are eligible to apply for the FFMC license in India

What are the conditions to be fulfilled to apply for FFMC License in India:
The company should be registered with Registrar of Companies as per Companies Act, 2013 or any other erstwhile act such as companies Act, 1956.

The company should have a net owned fund of Rs.25Lakhs to apply for a single branch license and Rs.50lakhs for a multiple branch license

Money Changing Activity should be one of the main activities mentioned in the object clause of the company.

There should not be any case pending against the company with Department of enforcement of Department of Revenue Intelligence.

Can a company obtain franchisee license from an existing FFMC?Yes any entity registered under the Companies A, having a minimum net owned fund of Rs.10Lakhs and one of the Main object clause of the company is money changing business can obtain a franchise license from an existing FFMC.

Where should we apply for the FFMC License?
The application form along with the necessary documents should be submitted to the foreign exchange department of the regional office of Reserve Bank Of India where the registered office of the company is situated.

What are the documents required to apply for the FFMC License in India:

Application form as per Annexure II prescribed by the Reserve Bank of India Master Circular on Memorandum of Instruction on Money Changing Activities

Copy of Incorporation Certificate of the Company

Copy of Commencement of the Business of the Company

Copy of the last three years Audited Balance Sheet and Profit and Loss account wherever applicable

Statutory Auditor Certificate of Net Owned Funds as on the date of application

Copy of Memorandum of Association and Article of Association containing the main object clause of money changing business.

Customer Information Report from the Bank. It Should be a Confidential Report addressed to the RBI in a sealed cover for the bank and all the key management personal

Certified Copy of the Board Resolution to undertake money changing activity and to apply for the FFMC license with RBI

A declaration that no proceeding against the company or any of the directors have been initiated by the Department of Enforcement or Department of Revenue Intelligence

A declaration that a proper policy frame work will be placed for Anti Money Laundering- AML, Know Your Customer-KYC and Combating the Financing Terrorism-CFT as per the guidelines issued by the RBI and as amended from time to time before commencement of operation and after obtaining the FFMC license from RBI

Does the License need to be renewed annually?
Yes, the license need to be renewed every year by providing the applicable documents to the Reserve Bank of India.

Can a Franchisee do all the activities of the Authorized Dealer II Category?
No, the franchisee is allowed do only restricted money changing activities as per the master circular of RBI.

Address

BYBISA, NEAR KFC, KESAVADASAPURAM
Thiruvananthapuram
695004

Opening Hours

Monday 10am - 5pm
Tuesday 10am - 5pm
Wednesday 10am - 5pm
Thursday 10am - 5pm
Friday 10am - 5pm
Saturday 10am - 5pm

Telephone

0471-4013400, 4013500

Website

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