Electronic money (e-money) is an industry that is changing the world. It allows people to handle cash transactions without using cash. Cashless transactions have been enabled by online and mobile companies. There are many benefits of e-money such as security, speed, and efficiency. At GFSC Global, we help e-money companies receive the relevant authorizations in many countries.
Our services are mostly in the European Union countries like Cyprus, Lithuania, Bulgaria, Malta, and the UK.
We also offer these services in offshore jurisdictions like Belize, New Zealand, Mauritius, and Vanuatu.
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Some of the services relating with electronic money are:
- Cash deposits – This is a service that enables cash to be deposited in a digital payment system.
- Cash withdrawals – This is a service that enables people to withdraw funds from a digital platform.
- Payment transactions – These are services that deal with digital processing. They include funds transfer and bill payments. They also include direct debits and credit transfers.
- Payment transactions where funds are covered by a credit line – These are services like direct debits, card transactions, and credit transfers like standing order.
- Money transfer
- Execution of payment transactions where the consent of a payer is transmitted digitally.
The capital requirement for a company depends on the country they want to register their business in. In the European Union, the minimum capital requirement starts at about EUR 350k. In offshore countries, it starts at $25k.
The amount of time taken to get a license depends on the country. In most countries, the time taken ranges from 2 to 6 months.
At GFSC Global, we offer the following services to e-money companies:
- Forming and registering a local company.
- Organizing meetings with key regulators.
- Virtual or physical office
- Bank accounts creation.
- Due diligence on all local individuals involved.
- Preparing all internal documents
- Filing documents to regulators.