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.
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
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learn moreFrequently 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.
