Nowadays, when competition is at an all-time high and revenue streams are dwindling, finding a good business with little investment has become a major difficulty. Is it the case for you? If so, we’ve got a perfect answer for all of your troubles. Recently, money transfer services have acquired a lot of traction. In this article, you will understand how to start a money transfer business in India. You will also understand the advantages of starting a money transfer business in India.
What is a money transfer business in India?
When working in the money-transfer industry, you may send money to any IMPS bank in India at any time of day or night.
Money may be moved throughout the nation via domestic money transfer services, which are offered by a slew of different firms.
When it comes to money transfers, things couldn’t be simpler. The recipient of the funds must make a deposit with a DMR agent.
The agents then use NEFT or IMPS technology to transmit the money to the recipient. It follows a very easy and straightforward procedure.
Advantages to start money transfer business in India
- Cash-to-account money transfers are available to the country’s, all unbanked and underbanked people owing them to send money to any Indian bank account.
- Anybody may start an online money transfer agent with the aid of online assistance. With the online money transfer franchise, you may become a local banker in your neighborhood and offer convenient banking and money transfer services.
- With an easy, simple, and the best payment processing application, you can simply handle the customer’s request for transferring money. It’s easy to establish a money transfer company through company registration and earn handsome rewards for every successful transaction.
- There are just a few pieces of information that need to be provided to make a real-time transfer of funds via NEFT or IMPS, such as the Customer’s Mobile Number, Beneficiary Account Number, and Bank Name.
- Customers are able to transfer money to a vast network of institutions. It’s safe and secure to transfer money from various outlets to a wide range of nationalized and private banks.
- Attract lots of customers easily through website development online and other ways of marketing.
How to start money transfer business in India?
Have a Company Registration
A Company Registration is mandatory in India if you wish to start any business legally. You can have company registration from the following types:
- Private Limited Company Registration
- Public Limited Company Registration
- One Person Company Registration
- Partnership Firm Registration
- Limited Liability Partnership Registration
- Sole Proprietorship Registration
Company Registration with MCA allows you to avail several benefits from the government as well as other financial institutions. For example, you can get Startup India Certification to get tax exemptions. You can also use company registration to get a business loan.
Apply for GST Registration
GST is an indirect taxation system in India. You will need GST Registration to submit taxes and claim the input tax credit. Using GST Registration and GST Return Filing, you can also provide other services to your clients.
For example, you can provide MSMEs the service of:
- Generation of e–Invoices
- Generation of e-Way Bills using InstaBill
Open a Current Bank Account
Since you will be transferring a lot of money to others on a regular basis. You will also need to receive and send payments regularly. Hence, a current bank account becomes essential. You can open a current bank account online through our assistance.
Get Shop Establishment Registration
Shop Establishment Registration is mandatory for every shop. All enterprises that operate out of a store or facility must be registered under this legislation. Depending on where you live, you may know it by a different name. For example, in Maharashtra, it is known as Gumasta License, whereas in some states it is known as Shop.
Trademark Registration and ISO Certification
Trademark Registration will also protect your business branding. On the other hand, ISO Certification will provide you the recognition to work with international firms. It will also help you develop quality systems for your business.
Important things to keep in mind for starting a money transfer business in India
- You should be an Indian citizen
- Your age should be above 18 years
- The minimum Education that you need to have is the 12th pass
- You must also possess basic computer knowledge
- Ensure you only use reliable and secure platforms
- Make sure to get the training from the platform or own before dealing in the real-time
In conclusion, these are the steps to start money transfer business in India. There are several advantages to starting a money transfer business in India. It’s especially easy to start and requires minimum capital. If you have any other queries, feel free to contact us. Our business advisors will be more than happy to assist you.
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