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.
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.
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.
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.
The company must have key positions employees, some of them must be local. We will help with the search and selection of employees.
One of the mandatory requirements is office rent. We will select a budget option that meets the requirements.
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.
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.
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.
The distinctive feature of PSs is that they are very similar but different from classic banks. For example, the latter ones can issue loans to their customers and keep deposits on which interest will be accrued. The list of capabilities of PSs does not include this feature, but they are not subject to banking regulation and supervision.
Thus, a PSP system UK license is the best option for companies planning to work in the financial sector. By registering as a PS, legal entities will be able to get a license and start doing business with more loyal supervision and attitude from regulatory authorities. However, a company must meet certain conditions and requirements of the UK legislation to do so.
If they are met, the AEMI license will allow legal entities to:
If you want to obtain a license for your company, you must comply with certain requirements:
If the above requirements are met, the businessman should start the preparatory process for obtaining a PSP system UK license:
Peculiarities of obtaining a PSP system UK license
As a rule, the licensing of PS takes about six months. If any difficulties arise during the process, for instance, if additional documents or information are required, the period may be extended up to 12 months.
Before applying for a PSP system UK license, a businessman must prepare an extensive package of documents. It implies the text of the charter, the description of the management and control mechanisms, the personal data of the managing persons, and so on.
Contact our company if you want to speed up the process of preparation and licensing of your PSP system UK. We will comprehensively solve this problem and save your time and effort. For personal consultations, please contact our specialists via phone numbers.
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