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+1 (888) 647 05 40UK stands as a prominent globally-known financial hub, renowned for its exquisite banking-related and financial environments. In recent years, the UK has become a prime destination for firms aiming to set up accounts in payment systems, particularly within EMIs. UK’s regulative climate is extremely supportive of Fin-technologies, pushing it to be an ideal choice for internal and globally-operating enterprises. Via opening a payment system account in the UK, business-projects may manage own finances more efficiently, handle global operations sweepingly, and connect to a vast global network. This option is open to local businesses and internationally-operating organizations seeking to leverage UK’s favorable regulative landscape.
We give a fully-covering spectrum of consulting and practical services for accounts in payment systems. With our extensive experience and in-depth expertise, we consistently deliver optimal outcomes for our clients.
UK regulates EMI-accounts practically implementing Payment Services Regulations (PSR) and Financial Services and Markets Act (FSMA). These laws give legal basis for regulation of payment institutions and services, incl. mandatory consumers’ protection measures, risk controlling and correspondence with data security standards.
Our experts are prepared to support you on every step of getting accounts worldwide, ensuring its prosperous completion. Additionally, our experts offer assistance with account setup in payment systems for business-projects in Kazakhstan, Poland, Estonia, Latvia, Georgia, and other countries.
UK financial system account opening consists of next-mentioned stages.
As part of payment system account UK requirements, it should be noted that companies must complete a number of standard procedures and demonstrate mandatory documentation. First of all, the company must undergo verification and identification procedure, which includes providing documents confirming the identity of the owner or beneficiaries, as well as the company’s registration documents. It is also important to undergo an AML/KYC check, which involves collecting information about business reputation and sources of income.
UK payment system account process usually involves different types of costs. First of all, there is a one-off account opening fee, which can range from £500 to £5,000 based on specific provider and the services offered. This amount covers administrative costs as well as any necessary checks.
In addition, some financial institutions may charge additional fees for setting up specialist services or features. It is important to consider these costs when planning to open a UK account to ensure that you meet all financial obligations and requirements of your chosen payment provider.
Getting EMI-accounts in UK offers plenty of tax and financial privileges. Firstly, UK provides a competitive corporate tax rate, which is currently 19%, with plans to reduce it to 17% in the near future. This makes the country an attractive place to do business, especially for organizations operating in FinTech-sector. Secondly, companies engaged in research and development can take advantage of tax incentives, such as a refund of up to 33% of R&D costs. There is also a Patent Box regime; it gives organizations possibilities to reduce tax on profits from patented technologies by up to 10%. In addition to tax incentives, the UK offers a well-developed infrastructure for payments on global level and a high degree of integration with European and global Fin-systems, which pushes it to more efficient financial management and reduced costs for functioning and maintenance.
Getting UK EMI-accounts can come with a few unpleasant nuances.
Given complexity of UK payment services account opening, obtaining legal support is vital to ensure that our clients’ interests are protected.
Getting such UK EMI-accounts is a strategic decision that can give your business-project possibilities of access to one of the world’s leading Fin-markets. With professional and correct legal and financial support, you might successfully open and use a UK payment system account with security.
We are fully equipped to assist you and give comprehensive consultations on available payment systems and their specific peculiarities. Reach out to us to launch your business swiftly and efficiently.
The international company Eternity Law International provides professional services in the field of international consulting, auditing services, legal and tax services.