Bangko sentral ng pilipinas bsp requirements vi. Registration requirements for a money changing business.
A money changer business can.
How to put up money changer business philippines. Decide on a location. For example one trick they ll do is take your money and disappear. However it is one which needs strict adherence to norms and regulations especially give the huge amount of money involved.
When they come back they ll give you your money back but it ll be counterfeit money. Basic business permits v. Another trick is counting the money so.
A business permit authorizes you to carry out your enterprise within the jurisdiction of your municipality. A location where you see money changers overflowing with customers are prime spots for putting up this business. Starting a money changer business in the philippines 1.
You have to view your business as a professional legal establishment regardless of scale or location. Anti money laundering act amla how to maintain compliance vii. Then kindly fax deposit slip indicate name of participant and seminar title to confirm reservation.
A money changer business can provide a good income as long as the location is good and it is well managed. Find a safe location nearest your market. A money changer can be formed as a single proprietorship partnership or corporation type of business.
Equipment required to operate a money changer ix. A place that leases a business address requires you to submit a business permit. Definition and scope of money changer business ii.
The starting capital might not be huge for establishing a money exchange business. It is not enough to simply find a place near plenty of potential customers. On site payment cash only company checks are accepted provided that they are received at least five 5 banking days before the event.
Money changers in the philippines play all sorts of games. Deposit payment at banco de oro savings account name. For these reasons alone you should get a business permit.
They ll say that they re going to check with the boss if they can change your money. A money changer business can be a sole proprietor. With millions of ofw s who need to change their fo.
Now some of the best locations are public markets commercial areas malls and other places where a lot of people find it convenient and secure to change money. Registering a money changing business. A proprietorship business should register its business trade name with the department of trade and industry dti while partnerships and corporations are required to be registered with the security and exchange commission sec.
Factors to consider in selecting a location iv. The first and foremost like all other businesses involves deciding on a venue to set up your money exchange.