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

01
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.

02
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.

03
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.

04
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.

05
Office rent

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

06
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.

07
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.

08
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.

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What are the advantages of the PSP system UK license in England?

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:

  • Obtain SWIFT accounts.
  • Issue IBAN accounts to their clients.
  • Open accounts remotely (online).
  • Send payments to any country in the world and in any currency.
  • Issue payment cards and so on.

PSP system UK license: Licensing requirements

If you want to obtain a license for your company, you must comply with certain requirements:

  • Availability of a bank account.
  • Absence of restrictions established by the EU and UK regulators.
  • Documents confirming a legal source of income.
  • Office rental in the UK.
  • The authorized capital must be at least 350,000 euros.
  • A minimum of two company directors must be UK residents.

If the above requirements are met, the businessman should start the preparatory process for obtaining a PSP system UK license:

  • Create a business model and plan.
  • Prepare an accounting system.
  • Employ personnel following the requirements for professional staff training.
  • Prepare a description of technical solutions to be used during business operations.
  • Conclude contracts with suppliers.

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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