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Payment Services

For a firm to provide businesses with online payment products for their clientele, it has to have a payment service provider (PSP) license. At GFSC Global, we realize that online monetary transactions have been embraced by most individuals in their daily lives. We have a team of consultants whose dealings are founded on their experience, professionalism, and knowledgeability. As such, you can rely on us to provide comprehensive guidance to you on the PSP license application process if you are within the following regions:

EU countries: Cyprus, United Kingdom, Malta, Bulgaria, and Latvia

Non-EU countries: Vanuatu, Seychelles, Mauritius, New Zealand, and Belize

Apply for our Payment Services

Please complete the form and an expert will get back to you within 24 hours.

How Can We Help You

Clients can choose one or more of these regulated activities when applying for the PSP license:

  1. Services linked to the placement of money in a payment account as well as the processes related to managing such an account.
  2. Services linked to the withdrawal of money from a payment account as well as the processes related to managing such an account.   
  3. Payment transactions such as the transfer of money from a payment account either with the individual’s payment service provider or with another agency:
  • Implementation of direct debits such as the one-off direct debit.
  • Completion of payment transactions via a payment card or another device with similar capabilities.
  • Implementation of credit transfers such as standing orders.
  1. Implementation of payment transactions in an arrangement where the user of the payment service has access to credit:
  • Implementation of direct debits such as the one-off direct debit.
  • Completion of payment transactions via a payment card or another device with similar capabilities.
  • Implementation of credit transfers such as standing orders.
  1. Issuance and/or acquisition of payment devices.
  2. Remittance of funds – We help companies that help companies and people in international customers.
  3. Completion of payment transactions in setups where the user approves a payment transaction through a digital, IT, or telecommunication gadget. In this setting, the operator to whom the payment is made to acts exclusively as an intermediary between the user of the payment service and the product supplier.

The required minimum share capital depends on the selected activities and the jurisdiction of operation.

EU countries: minimum share capital is 20,000 euros

Offshore countries: minimum share capital is 25,000 USD

 

The completion of the application process takes between 2 and 6 months. This period includes the regulation procedure.

  • Establishment of a local company
  • Organization for consultation with the regulator; only if you are in an EU country.
  • Setting up for the registered address and agent for the initial years.
  • Opening a bank account within the same area to deposit the share capital.
  • Compiling all the due diligence details for the involved parties.
  • Drafting an application for the PSP license and reviewing all the documents obtained from the client.
  • Organizing all of the internal documents including the internal manual, AML policy, and business plan.
  • Filing license application with the regulator and following up on it to completion.

Payment Service Providers

EU Jurisdictions

Licenses are granted by the Central Bank of Cyprus under the Provision and Use of Payment Services and Access to Payment Systems Law of 2018 and 2019.

Below please find features of the particular license category in more details:

Feature/Category

Payment Institution License

Type of company required to be eligible

Cyprus Ltd Company

Corporate taxation

12,5%

Minimum paid-up statutory capital

Depends on services to be provided. Range is from 20,000 EUR to 125,000 EUR

Main requirements

Physical office, qualified personnel, professional indemnity insurance, audited financial statements

Timeframe

A complete application is normally decided upon Central Bank of Cyprus approval within 9-12 months from the date of filing.

Government fees

From 500 EUR to 5,000 EUR*

GFSC GLOBAL can offer as well the following services in relation to the license application, which include:

1) Opening of operational and clients bank accounts (worldwide).

2) Assistance with recruitment of personnel (e.g. Executive Director(s), Independent Non-Executive Director(s), other required qualified personnel)

3) Provide outsourced services, such as Accounting, Bookkeeping, Internal Audit, External Audit

4) Provide outsourced Compliance & AML Support services

5) Provide outsourced Risk Management services

6) Assistance with finding local premises

7) Assistance with Trademark & Brand Name registration

8) Provide in-house trainings/seminars

9) Provide Legal Opinions

10) Provide DPO & GDPR Advisory services

Licenses are granted by the Financial Conduct Authority (“FCA”) under the provisions of Payment Services Regulations 2017.

Below please find features of the particular license category in more details:

Feature/Category

Payment Institution License

Type of company required to be eligible

UK Ltd Company

Corporate taxation

19%

Minimum paid-up statutory capital

Depends on services to be provided. Range is from 20,000 EUR to 125,000 EUR

Main requirements

Physical office, qualified personnel, professional indemnity insurance, audited financial statements

Timeframe

A complete application is normally decided upon FCA approval within 5-6 months from the date of filing.

Government fees

From 500 GBP to 5,000 GBP*

GFSC GLOBAL can offer as well the following services in relation to the license application, which include:

1) Opening of operational and clients bank accounts (worldwide).

2) Assistance with recruitment of personnel (e.g. Executive Director(s), Independent Non-Executive Director(s), other required qualified personnel)

3) Provide outsourced services, such as Accounting, Bookkeeping, Internal Audit, External Audit

4) Provide outsourced Compliance & AML Support services

5) Provide outsourced Risk Management services

6) Assistance with finding local premises

7) Assistance with Trademark & Brand Name registration

8) Provide in-house trainings/seminars

9) Provide Legal Opinions

10) Provide DPO & GDPR Advisory services

Licenses are granted by the Malta Financial Services Authority (“MFSA”) under the provisions of Financial Institutions Act – Chapter 376 of the Laws of Malta.

Below please find features of the particular license category in more details:

Feature/Category

Payment Institution License

Type of company required to be eligible

Malta Ltd Company

Corporate taxation

35%

Minimum paid-up statutory capital

Depends on services to be provided. Range is from 20,000 EUR to 125,000 EUR

Main requirements

Physical office, minimum of 3 directors (1 local), Compliance Officer and MLRO (locals), qualified personnel, professional indemnity insurance, audited financial statements

Timeframe

A complete application is normally decided upon MFSA approval within 6-7 months from the date of filing.

Government fees

3,500 EUR

GFSC GLOBAL can offer as well the following services in relation to the license application, which include:

1) Opening of operational and clients bank accounts (worldwide).

2) Assistance with recruitment of personnel (e.g. Executive Director(s), Independent Non-Executive Director(s), other required qualified personnel)

3) Provide outsourced services, such as Accounting, Bookkeeping, Internal Audit, External Audit

4) Provide outsourced Compliance & AML Support services

5) Provide outsourced Risk Management services

6) Assistance with finding local premises

7) Assistance with Trademark & Brand Name registration

8) Provide in-house trainings/seminars

9) Provide Legal Opinions

10) Provide DPO & GDPR Advisory services

Licenses are granted by the Bulgaria National Bank (“BNB”) under the provisions of the Law on Payment Services.

Below please find features of the particular license category in more details:

Feature/Category

Payment Institution License

Type of company required to be eligible

Bulgaria Ltd Company

Corporate taxation

10%

Minimum paid-up statutory capital

Depends on services to be provided. Range is from 40,000 BGN to 250,000 BGN

Main requirements

Physical office, qualified personnel, professional indemnity insurance, audited financial statements

Timeframe

A complete application is normally decided upon BNB approval within 4-5 months from the date of filing.

Government fees

4,000 BGN

GFSC GLOBAL can offer as well the following services in relation to the license application, which include:

1) Opening of operational and clients bank accounts (worldwide).

2) Assistance with recruitment of personnel (e.g. Executive Director(s), Independent Non-Executive Director(s), other required qualified personnel)

3) Provide outsourced services, such as Accounting, Bookkeeping, Internal Audit, External Audit

4) Provide outsourced Compliance & AML Support services

5) Provide outsourced Risk Management services

6) Assistance with finding local premises

7) Assistance with Trademark & Brand Name registration

8) Provide in-house trainings/seminars

9) Provide Legal Opinions

10) Provide DPO & GDPR Advisory services

Licenses are granted by the Financial and Capital Market Commission (“FCMC”) under the provisions of the Law on Payment Services and Electronic Money.

Below please find features of the particular license category in more details:

Feature/Category

Payment Institution License

Type of company required to be eligible

Latvia Ltd Company

Corporate taxation

20%

Minimum paid-up statutory capital

Depends on services to be provided. Range is from 20,000 EUR to 125,000 EUR

Main requirements

Physical office, qualified personnel, professional indemnity insurance, audited financial statements

Timeframe

A complete application is normally decided upon FCMC approval within 4-5 months from the date of filing.

Government fees

5,000 EUR*

GFSC GLOBAL can offer as well the following services in relation to the license application, which include:

1) Opening of operational and clients bank accounts (worldwide).

2) Assistance with recruitment of personnel (e.g. Executive Director(s), Independent Non-Executive Director(s), other required qualified personnel)

3) Provide outsourced services, such as Accounting, Bookkeeping, Internal Audit, External Audit, Capital Adequacy calculation

4) Provide outsourced Compliance & AML Support services

5) Provide outsourced Risk Management services

6) Assistance with finding local premises

7) Assistance with Trademark & Brand Name registration

8) Provide in-house trainings/seminars

9) Provide Legal Opinions

10) Provide DPO & GDPR Advisory services

Payment Service Providers

Offshore Jurisdictions

Licenses are granted by the National Bank of Seychelles (“CBS”) under the provisions of the National Payment System (Licensing and Authorisation) regulations of 2014.

Below please find features of the particular license category in more details:

Feature/Category

Payment Institution License

Type of company required to be eligible

Seychelles Ltd Company

Corporate taxation

1,5%

Minimum paid-up statutory capital

1,000,000 SCR

Main requirements

Physical office, qualified personnel, professional indemnity insurance, audited financial statements

Timeframe

A complete application is normally decided upon CBS approval within 4-5 months from the date of filing.

Government fees

1,000 USD*

GFSC GLOBAL can offer as well the following services in relation to the license application, which include:

1) Opening of operational and clients bank accounts (worldwide).

2) Assistance with recruitment of personnel (e.g. Executive Director(s), Independent Non-Executive Director(s), other required qualified personnel)

3) Provide outsourced services, such as Accounting, Bookkeeping, Internal Audit, External Audit, Quarterly & Annual Reporting, Tax Calculation

4) Provide outsourced Compliance & AML Support services

5) Provide outsourced Risk Management services

6) Assistance with finding local premises

7) Assistance with Trademark & Brand Name registration

8) Provide in-house trainings/seminars

9) Provide Legal Opinions

10) Provide DPO & GDPR Advisory services

Licenses are granted by the International Financial Services Commission (“IFSC”) under the provisions of the International Financial Services Commission Act, Chapter 272 of the

Substantive Laws of Belize, R.E. 2011.

Below please find features of the particular license category in more details:

Feature/Category

International Payment Processing Services License

Type of company required to be eligible

Belize Ltd Company

Corporate taxation

1,75%

Minimum paid-up statutory capital

75,000 USD

Main requirements

Physical office, minimum of 2 directors (1 local), Compliance Officer and MLRO (locals), capital adequacy calculation (local), qualified personnel, professional indemnity insurance, audited financial statements with local auditor

Timeframe

A complete application is normally decided upon IFSC approval within 2,5-3 months from the date of filing.

Government fees

7,000 USD

GFSC GLOBAL can offer as well the following services in relation to the license application, which include:

1) Opening of operational and clients bank accounts (worldwide).

2) Assistance with recruitment of personnel (e.g. Executive Director(s), Independent Non-Executive Director(s), other required qualified personnel)

3) Provide outsourced services, such as Accounting, Bookkeeping, Internal Audit, External Audit, Quarterly & Annual Reporting

4) Provide outsourced Compliance & AML Support services

5) Provide outsourced Risk Management services

6) Assistance with finding local premises

7) Assistance with Trademark & Brand Name registration

8) Provide in-house trainings/seminars

9) Provide Legal Opinions

10) Provide DPO & GDPR Advisory services

Licenses are granted by the Mauritius Financial Services Commission (“FSC”) under the provisions of the Financial Services Act 2007.

Below please find features of the particular license category in more details:

Feature/Category

Payment Intermediary Services License

Type of company required to be eligible

Mauritius GBL

Corporate taxation

3%

Minimum paid-up statutory capital

2,000,000 MUR

Main requirements

Physical office, minimum of 2 directors (1 local), Compliance Officer and MLRO (locals), qualified personnel, professional indemnity insurance, audited financial statements with local auditor

Timeframe

A complete application is normally decided upon FSC approval within 4-7 months from the date of filing.

Government fees

1,000 USD

GFSC GLOBAL can offer as well the following services in relation to the license application, which include:

1) Opening of operational and clients bank accounts (worldwide).

2) Assistance with recruitment of personnel (e.g. Executive Director(s), Independent Non-Executive Director(s), other required qualified personnel)

3) Provide outsourced services, such as Accounting, Bookkeeping, Internal Audit, External Audit, Tax Calculation

4) Provide outsourced Compliance & AML Support services

5) Provide outsourced Risk Management services

6) Assistance with finding local premises

7) Assistance with Trademark & Brand Name registration

8) Provide in-house trainings/seminars

9) Provide Legal Opinions

10) Provide DPO & GDPR Advisory services

Licenses are granted by the Vanuatu Financial Services Commission (“VFSC”) under the provisions of the Financial Dealer’s Licensing Act.

Below please find features of the particular license category in more details:

Feature/Category

Payment Processing Services License

Type of company required to be eligible

Vanuatu International Company

Corporate taxation

0%

Minimum paid-up statutory capital

50,000 USD

Main requirements

Physical office, minimum of 1 director, Compliance Officer and MLRO (locals), qualified personnel, professional indemnity insurance, audited financial statements

Timeframe

A complete application is normally decided upon VFSC approval within 2-3 months from the date of filing.

Government fees

2,100 USD

GFSC GLOBAL can offer as well the following services in relation to the license application, which include:

1) Opening of operational and clients bank accounts (worldwide).

2) Assistance with recruitment of personnel (e.g. Executive Director(s), Independent Non-Executive Director(s), other required qualified personnel)

3) Provide outsourced services, such as Accounting, Bookkeeping, Internal Audit, External Audit, Quarterly & Annual Reporting, Tax Calculation

4) Provide outsourced Compliance & AML Support services

5) Provide outsourced Risk Management services

6) Assistance with finding local premises

7) Assistance with Trademark & Brand Name registration

8) Provide in-house trainings/seminars

9) Provide Legal Opinions

10) Provide DPO & GDPR Advisory services