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Payment System License in Denmark

Today, Denmark is a country that does not yet have extensive experience in financial technologies, especially outside the banking sector. However, the government is making every effort to change the current situation. This is reflected in the active development of the electronic payments sector and the attraction of startups from all over the world. Moreover, regulators are open to dialogue and are actively assisting entrepreneurs who decide to register a company here and obtain a payment system (PS) license.

What Business Owners Should Know When Planning to Obtain a Payment System License in Denmark

Today, applicant companies must comply with a number of strict legal requirements. If Denmark interests you, a payment system license in this country is only possible by following several strict rules. The most important include:

  • Any company applying for licensing must have a physical office registered in Denmark.
  • Before submitting the license application, the full amount of share capital must be deposited. It amounts to about EUR 350,000.

It is also worth noting that a payment system in Denmark can only be registered in one legal form — a joint-stock company, either public or private. Directors must be natural persons, at least three in number. Moreover, they must have relevant work experience and knowledge in finance and electronic payments. Non-resident shareholders are allowed but must meet the same professional requirements, as mandated by Danish law.

Steps

01

Company Registration in Denmark

A local company must be registered, which will later receive the license. To do this, you must choose a company name, specify participants, and provide their documents.

02

Opening a Bank Account

The company must open a bank account to deposit its share capital. Opening an account is a complex process best entrusted to professionals. A package of documents must be prepared, and subsequent negotiations handled properly.

03

Depositing Share Capital

The exact amount of share capital depends on the type of license. If necessary, the beneficiary must provide documents confirming the source of funds contributed as share capital.

04

Hiring Mandatory Staff

The company must have employees in key positions, some of whom must be local. We will assist with sourcing and recruiting staff.

05

Renting an Office

One of the mandatory requirements is renting an office. We will help find a cost-effective option that meets the requirements.

06

Preparing Documents for the License Application

A business plan and policies must be prepared. In addition, application forms must be completed. The client will only need to provide basic information, which we will use to prepare documents in compliance with local legislation.

07

Submitting the Application

After the company and documents are prepared, the application must be submitted to the regulator. After submission, be ready to respond to additional regulator inquiries. We will ensure timely and accurate responses.

08

Obtaining the License

After successfully completing the previous stages, the company receives the license. However, it must begin operations within six months of receiving the license; otherwise, the license may be revoked.

What Requirements Does Denmark Set for Payment System License Applicants

If you are planning to license your company, before it can fully operate as a PS, you must provide the regulator with at least the following documents:

  • a detailed description of the business model and commercial plan;
  • evidence that mechanisms ensuring client security and preventing money laundering and terrorist financing have been created and function properly within the company;
  • proof of payment of the state fee for license issuance.

For additional consultation on any questions and assistance with obtaining a payment system license in Denmark, please contact our company.

Free initial consultation on legal issues, related to the daily activities of the business

Additional services

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PSP system UK

In the UK, the licensing of payment systems (PS) is carried out by certain regulatory bodies, in particular, the FCA. They can provide business owners with a special license — AEMI. Having received such permission, the company will be able to work in any country, open IBAN accounts, obtain the status of a member of SWIFT, SEPA, and so on.

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Payment System License in Lithuania

If a legal entity registered in Lithuania plans to provide payment services to clients, it must obtain the appropriate authorization from the regulatory authorities. Often, companies apply for an EMI license, which gives entrepreneurs the right to issue their own electronic money, perform various payments, and more.

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Payment System License in Cyprus

Cyprus traditionally offers unique opportunities for conducting business, as payment systems (PS) can easily interact with local offshore companies and their bank accounts. However, to legally perform all related operations, a company must be licensed.

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Frequently Asked Questions:

To obtain a payment system license in Denmark, you must prepare a business plan, AML policy, and other documents, register a company, and hire specialists for mandatory positions (director, AML officer, etc.). A bank account and paid-in share capital are essential elements for obtaining the license.
When choosing a payment system, it is necessary to consider its license, service coverage regions, and permissible payment methods. It is also important to ensure that the system’s requirements match the company’s characteristics (country of incorporation, residency of participants, etc.). The tariffs offered by the payment system also play a significant role.
If all company maintenance requirements are met, the license is indefinite. However, it may be revoked in cases of prolonged inactivity and/or violations of operational rules.
The final cost of obtaining a payment system license in Denmark depends on various factors (region of operation of the future payment system, projected turnover, etc.). You can find out the exact cost by consulting our specialists.

Contact
info

+85281926676

info@incluence.net

Rm 7B, One Capital Place, 18 Luard Road, Wan Chai, Hong Kong

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