Clients can choose one or more of these regulated activities when applying for the PSP license:
- Services linked to the placement of money in a payment account as well as the processes related to managing such an account.
- Services linked to the withdrawal of money from a payment account as well as the processes related to managing such an account.
- 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.
- 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.
- Issuance and/or acquisition of payment devices.
- Remittance of funds – We help companies that help companies and people in international customers.
- 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.
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 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
Licenses are granted by the Central Bank of Lithuania under the provisions of Payment Institutions and E-money Institutions Act.
Below please find features of the particular license category in more details:
Feature/Category | Payment Institution License |
Type of company required to be eligible | Lithuanian Ltd Company |
Corporate taxation | 15% |
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, Resident Director, at least 4 qualified personnel in Lithuania, professional indemnity insurance, audited financial statements |
Your firm can provide payment services as described below:
SERVICES
Any payment service from 1 – 7 below, or payment service 8 in combination with any other payment service, can be undertaken under the Directive:
1. Services enabling cash to be placed on a payment account as well as all the operations required for operating a payment account.
2. Services enabling cash withdrawals from a payment account as well as all the operations required for operating a payment account.
3. Execution of payment transactions, including transfers of funds on a payment account with the user’s payment service provider or with another payment service provider:
- • execution of direct debits, including one-off direct debits,
- • execution of payment transactions through a payment card or a similar device;
- • execution of credit transfers, including standing orders.
4. Execution of payment transactions where the funds are covered by a credit line for a payment service user:
- • execution of direct debits, including one-off direct debits,
- • execution of payment transactions through a payment card or a similar device,
- • execution of credit transfers, including standing orders.
5. Issuing and/or acquiring of payment instruments.
6. Money remittance.
7. Payment initiation services
8. Account information services
** This offer is only valid for 1 month from the date hereof, and/or sooner in the event of legislative or regulatory amendments, which may cause alterations within the aforementioned information.
Timeframe
As regards the timeframe for obtaining the license, a complete application is normally decided upon Estonia Financial Supervision Authority approval within 8-10 months from the date of filing.
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
Our professional fees for the above-mentioned services depend on the combination of services chosen and are available upon request.
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 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
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 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 Financial Services Commission (“FSC”) under the provisions of the Financial Services Commission Act, 2023 and the Securities Industry Act, 2021 (SIA).
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 FSC 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 Commissioner of Customs and Excise under the provisions of the Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) Ordinance (Chapter 615 of the Laws of Hong Kong).
Below please find features of the particular license category in more details:
| Feature/Category | Money Service Operators (MSO) License |
| Type of company required to be eligible | Hong Kong Company |
| Corporate taxation | 16,5% |
| Main requirements | Minimum of 1 Director, Compliance Officer/ AMLRO (local(s)), local office, audited financial statements |
| Timeframe | A complete application is normally decided upon Commissioner of Customs and Excise approval within 3-5 months from the date of filing. |
| Government fees | 5,000 HKD |
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 Monetary Authority of Singapore (“MAS”) under the provision of Payment Services Act.
Below please find features of the particular license category in more details:
| Feature/Category | Payment Institution License | Major Payment Institution License |
| Type of company required to be eligible | Domestic company | Domestic company |
| Corporate taxation | 17% | 17% |
| Minimum paid-up statutory capital | 100,000 SGD | 250,000 SGD |
| Main requirements | Minimum of 1 Director (local), AML officer, Internal and External Auditor (locals), open a bank account with Singaporean bank, audited financial statements | Minimum of 1 Director (local), AML officer, Internal and External Auditor (locals), open a bank account with Singaporean bank, audited financial statements |
| Timeframe | A complete license application is normally decided upon MAS approval within 6-7 months from the date of filing. | A complete license application is normally decided upon MAS approval within 6-7 months from the date of filing. |
| Government fees | 1,500 SGD | 1,500 SGD |
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 Financial Transactions and Reports Analysis Centre of Canada (“FINTRAC”) under the Proceeds of Crime (Money Laundering) and Terrorist Financing Registration Regulations.
Below please find features of the particular license category in more details:
| Feature/Category | Money Services Business License (MSB) |
| Type of company required to be eligible | Canada Ltd Company |
| Corporate taxation | 15%* |
| Minimum paid-up statutory capital | Not required |
| Main requirements | Minimum of one Director, Compliance Officer (local), qualified personnel, audited financial statements |
| Timeframe | A complete application is normally decided upon FINTRAC approval within 2-3 months from the date of filing. |
| Government fees | * |
GFSC GLOBAL can offer as well the following services in relation to the license application, which include:
- Opening of operational and clients bank accounts (worldwide).
- Assistance with recruitment of personnel (e.g. Executive Director(s), Independent Non-Executive Director(s), other required qualified personnel)
- Provide outsourced services, such as Accounting, Bookkeeping, Internal Audit, External Audit
- Provide outsourced Compliance & AML Support services
- Provide outsourced Risk Management services
- Assistance with finding local premises
- Assistance with Trademark & Brand Name registration
- Provide in-house trainings/seminars
- Provide Legal Opinions
- Provide DPO & GDPR Advisory services
"*" indicates required fields