How to Start a Money Transmitter or Check Cashing Business in Florida

If you plan to move money for other people, cash checks for a fee, or exchange foreign currency in Florida, you are running a money services business. The Florida Office of Financial Regulation (OFR) licenses that activity under Chapter 560 of the Florida Statutes. Florida has no general business license, so the path to operating legally is an OFR license tied to the specific service you offer. This guide walks through the steps a Florida money transmitter license or check casher application involves, the fees verified for 2026, and the mistakes that send applicants back to the start.

Disclaimer: This article is informational content, not legal, tax, or financial advice. Money services licensing involves state and federal rules that change over time. Consult a qualified attorney and a CPA before you file, and confirm current requirements directly with the Florida Office of Financial Regulation and FinCEN.

Step 1: Confirm Which License You Need

Chapter 560 divides regulated activity into parts, and the license you apply for depends on what your business actually does.

• Part II: money transmitters and payment instrument issuers. This covers businesses that receive money from customers and send it to another person or place, along with issuers of payment instruments. The application fee is $375.
• Part III: check cashers and foreign currency exchangers. This covers businesses that cash checks for a fee or exchange foreign currency. The application fee is $188.

Virtual currency is expressly covered as money transmission in Florida. Under HB 273 (ch. 2022-113), that coverage took effect on January 1, 2023. If your model involves transferring virtual currency for customers, plan for Part II from the start. How the state applies this to your specific product is a question to put to OFR in writing, because the way a business structures its services can change which license applies.

Some businesses do more than one thing, such as a retail storefront that sends remittances and cashes checks. Describe every activity in your application. An application that leaves out a service you later add can lead to a compliance problem.

Materials and Information You Will Need

Gather these before you open the online application. Missing documents are the most common reason applications stall.

• Florida formation documents: Articles of Organization for an LLC or Articles of Incorporation for a corporation, filed with the Division of Corporations
• A registered agent with a physical Florida street address (a P.O. box is not allowed)
• A written business plan describing your products, how customer money moves, your agents or locations, and your target customers
• An anti-money laundering program, Bank Secrecy Act procedures, and customer identification procedures
• Financial statements and projections for your first years of operation
• Personal background and ownership information for every officer, director, and owner the application requires
• Documentation of net worth, a bond or security device, and your plan for audited financials, in amounts OFR confirms for your application
• A funded bank account and a payment method for application and registration fees

Step 2: Form Your Florida Entity

Most applicants form a Florida LLC or corporation before they file with OFR, because the license is issued to a legal entity. The Florida Department of State, Division of Corporations, handles formation through Sunbiz (dos.fl.gov/sunbiz). The verified fees are:

• LLC: $125 filing fee for Articles of Organization
• Corporation: $70 filing fee for Articles of Incorporation for a Florida profit corporation

Name rules matter. An LLC name must end with Limited Liability Company, LLC, or L.L.C. Check availability in the Sunbiz name search at search.sunbiz.org. If you need time to finalize a name, Sunbiz offers a 120-day name reservation for $25. Do not treat a name as approved until you receive a filing acknowledgment.

Your registered agent must have a Florida street address and must sign to accept the appointment. An entity cannot serve as its own registered agent, but an individual owner or officer can. The designation carries a required fee of $25 for an LLC and $35 for a corporation, already included in the $125 and $70 formation totals, and changing the agent later costs the same amount.

Sunbiz does not offer expedited filing. Online filings are processed in the order received, and no guaranteed turnaround is published. Walk-in service is available at 2415 N. Monroe Street, Suite 810, Tallahassee, Monday to Friday, 8am to 5pm, where most requests are completed while you wait.

Step 3: Write Your Business Plan and Compliance Program

OFR reviews how your business will operate, not only whether your paperwork is complete. A strong plan answers specific questions: who sends money, where it goes, which countries and payment rails you use, how you verify identity, how you detect suspicious activity, and who in the company is responsible for compliance.

For Part II applicants, the plan should explain how customer funds are held and settled, how you handle failed or reversed transactions, and how you will track agents if you use them. For Part III applicants, describe how you verify checks, how you handle returned items, and how you record foreign currency transactions. Write the compliance program before you apply. Retrofitting procedures after OFR asks questions is slower and tends to produce inconsistent answers.

A qualified attorney with money services experience can review the plan and the compliance program. This is the step where professional help most often prevents an application from being denied or delayed.

Step 4: Prepare the Financial and Security Requirements

This is the step that surprises most applicants. The financial requirements for a Part II license go well beyond the application fee, and they are the largest real cost of entry.

• Net worth: You must meet a minimum net worth requirement. The required amount is not stated in this guide, so confirm it with OFR before you commit capital.
• Bond or security device: You must provide a bond or another security device. The required amount and acceptable forms should be confirmed with OFR.
• Audited financial statements: Audited financials are due within 120 days of your fiscal year end. Confirm with OFR how this applies to your first license year, and budget for an independent audit firm before you need one.
• Quarterly reports: Licensees submit quarterly reports to OFR. Confirm the forms and due dates with OFR, and set up your bookkeeping so these reports can be produced without a scramble.

Ask OFR for these figures in writing. A verbal estimate from a call center is not a substitute for the written requirements that apply to your application.

Step 5: Submit Your Application Through OFR's REAL System

Applications are filed through OFR's online REAL system. Create your account, enter the entity and ownership details, upload your supporting documents, and pay the application fee. The fees verified for this guide are $375 for Part II and $188 for Part III. Other fees, such as investigation or licensing charges, may apply. Confirm the full fee schedule with OFR before you submit.

Answer every question completely. Incomplete answers and mismatched information between the application, the entity records, and the supporting documents are the most common causes of follow-up requests. This guide does not state a processing time for OFR applications, so ask OFR for its current estimate and plan your launch date with a buffer.

Step 6: Register With FinCEN Within 180 Days

Money transmitters must also register as a money services business (MSB) with the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury. The federal registration must be completed within 180 days. Treat it as a separate deadline from your OFR application, and do not let it lapse while the state review is pending. For Part III activity, confirm with FinCEN whether your check cashing or currency exchange operations require federal MSB registration. Information is available at fincen.gov.

Step 7: Address Local Tax and Permit Requirements

Florida issues no general statewide business license. The Department of Business and Professional Regulation licenses specific trades and professions, not money transmission, so OFR is the licensing agency for this business. At the local level, many counties and cities require a Business Tax Receipt under Chapter 205 for the address where you operate. A Business Tax Receipt is a tax, not a license that certifies your competence, and not every county or city levies one. Check with the city and county where each location sits.

If your business sells taxable goods or services, you may also need to register as a sales and use tax dealer with the Florida Department of Revenue before you begin business. Confirm whether that applies to your model.

Step 8: Keep Your Entity and License in Good Standing

Licensing is an ongoing obligation. Calendar these recurring items from day one:

• OFR quarterly reports: Submit on the schedule OFR confirms for your license.
• LLC annual report: File between January 1 and May 1 each year for $138.75. A $400 late fee applies to reports received after May 1, for a total of $538.75. Failure to file by the third Friday in September leads to administrative dissolution.
• Corporation Profit Annual Report: File between January 1 and May 1 each year for $150. A $400 late fee applies after May 1, for a total of $550.
• Registered agent: Keep the agent current. Changing it costs $25 for an LLC or $35 for a corporation.

Common Mistakes to Avoid

• Budgeting only for the application fee. The net worth, bond, and audit requirements usually cost far more than the $375 or $188 fee. Build the full capital plan before you apply.
• Assuming a name is approved. Wait for the Sunbiz filing acknowledgment before you print signage, open accounts, or sign leases in that name.
• Using a P.O. box for the registered agent. Florida requires a physical street address.
• Leaving out virtual currency. Since January 1, 2023, Florida expressly covers virtual currency transmission. Disclose it if your model touches it.
• Starting operations before the license is granted. Operating without the required license creates regulatory exposure that is far more expensive than a delay.
• Missing the FinCEN window. The 180-day federal registration deadline runs separately from the state process.
• Treating the Business Tax Receipt as the license. The receipt is a local tax. The OFR license is the authorization to conduct the regulated activity.
• Forgetting the annual report. Missing the May 1 deadline adds $400, and missing the third Friday in September can lead to administrative dissolution.

What Results to Expect

A complete, well-documented application may move through review with fewer follow-up requests, and a documented compliance program can help you answer OFR questions consistently. OFR decides every application individually, so no outcome is guaranteed, and this guide cannot predict an approval date or a final license amount. Once licensed, you may be able to offer the services named in your license, but only within the terms OFR sets and the federal rules that also apply to you.

Fee Summary

Item	Amount	Where to confirm
Part II application (money transmitter, payment instrument issuer)	$375	OFR
Part III application (check casher, foreign currency exchanger)	$188	OFR
LLC Articles of Organization	$125	Sunbiz
Corporation Articles of Incorporation	$70	Sunbiz
Name reservation (120 days)	$25	Sunbiz
Registered agent, LLC or corporation	$25 or $35 (included in the $125 or $70)	Sunbiz
LLC annual report	$138.75 ($538.75 if late)	Sunbiz
Corporation Profit Annual Report	$150 ($550 if late)	Sunbiz
Net worth, bond or security device, audit, and quarterly reporting costs	Not stated here	OFR

Next Steps

1. Confirm whether your activity falls under Part II, Part III, or both, and whether it includes virtual currency.
2. Check your business name in Sunbiz, then form the LLC or corporation and appoint a registered agent.
3. Write the business plan and compliance program, then have an attorney review them.
4. Get written confirmation from OFR of the net worth, bond, audit, and reporting requirements that apply to you.
5. Submit the application through OFR's REAL system and calendar the FinCEN 180-day deadline.
6. Confirm local Business Tax Receipt requirements for each location and set up your recurring reporting and annual report dates.

Florida money services licensing is detailed, and the capital and compliance demands are real. For official information, start with the Florida Department of State, Division of Corporations (Sunbiz) for entity filings and the Florida Office of Financial Regulation for the Chapter 560 license. Because this area carries significant legal and financial exposure, consult a qualified attorney and a CPA before you file or commit funds.