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PSP system UK

Payment system license in the 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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Steps

Company registration in UK

It is necessary to register a local company, for which a license will subsequently be issued. You should select the name of the company, indicate the participants and provide their documents in order to register a company.

Account opening

The company needs to open a bank account in order to deposit the share capital. Opening an account is a complex process that should be entrusted to professionals. In order to open an account, you should to collect a package of documents and competently conduct further negotiations.

Contribution of authorized capital

The exact amount of authorized capital depends on the type of the license. The beneficiary must provide documents on the source of origin of funds contributed as authorized capital upon bank's request.

Hiring required employees

The company must have key positions employees, some of them must be local. We will help with the search and selection of employees.

Office rent

One of the mandatory requirements is office rent. We will select a budget option that meets the requirements.

Preparation of documents for applying for a license

It is necessary to prepare a business plan, and policies. In addition, application forms must be filled out. The client will only need to provide a basic information, on the basis of which we will prepare documents, taking into account local legislation.

Filing an application

It is necessary to submit an application to the regulator after preparing the company and documents. After submitting an application, you must be ready to answer additional questions from the regulator. We will take care of timely and competent answers.

Obtaining a license

The company receives a license after successfully passing the previous stages. At the same time, it must begin work within six months from the date of receipt of the license. Otherwise, the license may be cancelled.

Additional services

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.

learn more

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, regulatory authorities are open to dialogue and are actively trying to assist entrepreneurs who decide to register a company and obtain a payment system (PS) license here.

learn more

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:

In order to obtain a payment system license in the UK, it is necessary to prepare a business plan, AML policy and other documents, register a company, hire specialists for mandatory positions (director, AML officer, etc.). Integral elements for obtaining a license are a bank account and contributed authorized capital.

When choosing a payment system, it is necessary to take into account its license, service coverage regions, and acceptable payment methods. Also, it is necessary to take into account the compliance of the requirements of the payment system with the characteristics of the company (country of registration, residence of its participants, etc.). The tariffs offered by the payment system also play an important role.

The license is termless in case of compliance with all the conditions of the company's maintenance. But the license can be canceled in case of a long absence of activity and / or violation of the rules of functioning.

The final cost of obtaining a license for a payment system in the UK is influenced by various factors (region of operation of the future payment system, planned turnover, etc.). You can find out the exact cost of obtaining a payment system license in the UK by contacting our specialists.

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PSP system UK

Payment system license in the UK