1. A copy of the articles of association, and in the case of a working partnership, the decision of the general meeting on amending the articles of association and the amended text of the articles of association;
2. In the case of the establishment of a partnership, a notarized copy of the memorandum of association or decision on the establishment;
3. A document confirming the presence of paid cash or paid share or share capital;
4. A program of actions describing, in the first place, the planned payment services;
5. Business plan;
6. The initial balance sheet, income and expense review, and in the case of a valid business partnership, the balance sheet and income statement at the end of the month preceding the filing of the petition, and reports of the last three financial years, if any;
7. A description of the application of the general requirements for the storage and protection of client’s funds;
8. Internal rules and internal accounting rules or what is projected on these matters;
9. Data on information and other technological tools and systems, security systems, mechanisms and control systems necessary for the execution of the planned services;
10. A description of the internal control system and measures that ensure the fulfilment of obligations relative to anti money laundering and terrorist financing, related to information about the payer accompanying the transfer of funds;
11. A description of the organizational structure, including, if necessary, a description of the procedure for using its agents or branches, or the outsourcing of services, as well as its participation in both national and international payment systems;
12. A list of shareholders with the names (titles) of each of them;
13. Information about natural persons with a significant share of participation;
14. Information about the board;
15. Information on commercial partnerships in which the participation of the license applicant or its manager exceeds 20 percent (and the size of the share or share capital), a list of activities, as well as the size of the participation share of the applicant and each manager.
16. Information about the auditor and internal auditor of the applicant;
17. In relation to the operating partnership – documents confirming the amount of equity, with the report of the auditor;
18. Technical, economic and legal principles of the functioning of the payment system, as well as a draft of the rules for organizing the work of the system, if the applicant wishes to engage in operating the payment system.
– For an Authorised Payment institution (PI) license – 5,000 GBP
– For payment institutions providing money remittance, payment initiation services and/or account information services license – 1,500 GBP
– For an Authorised E-Money (EMI) institution license – 5,000 GBP
– For small PI or EMI licenses – 500 GBP
After services are authorised, every year companies must pay an annual fee to FCA. An annual fee amount is defined by FCA.
– Company formation – 3-4 weeks
– License obtainment – around 9-12 months after all the requirements are fulfilled.
Bank account opening (Safeguard account – for keeping the client’s money, Central link switch – getting an IBAN, agreement with the bank for the correspondent account for different currencies) – 12,000 EUR
Technical solution (Software) – 160,000 EUR (readymade engine), 360,000 EUR (from the scratch); Software support – 30,000 EUR annual;
Local Director – 1,500 EUR / month
Local AML officer – 1,300 EUR / month
Local Compliance officer – 1,500 EUR / month
Physical office rent – 600 EUR / month
Assistance in opening corporate account in local bank – 1,600 EUR
White Label for EMI – from 60,000 EUR (depends on jurisdiction)
ICO / IDO / STO token legal framework – from 16,000 EUR (depends on jurisdiction)
Assistance in obtaining crypto-license – on request
Legal support – 800 EUR / month, or 7,000 EUR / annual.
1. Copy of passport
2. Proof of address (Utility Bill; Driver’s License; Bank Statement)
3. Power of attorney
4. Non-Criminal record for shareholders
All the above-mentioned documents should be notarized and apostilled and sent to us by DHL for remote registration.