To offer services in organization and implementation of money-transfers, payment-processing, attracting merchants or account-opening-services in a jurisdiction, it is necessary to obtain a permit such as a PI license in UK.
First stage of company-licensing is submission of an appropriate application – for this you need to contact FCA, which controls circulation and use of monetary assets and financial-instruments in jurisdiction. By possessing payment institution license in UK, you’ll be empowered to spread next-mentioned services:
- performing operations with payment-account (depositing monetary means, withdrawals, payments);
- carrying out activities with cards or similar devices;
- transferring money, incl. another payment-system;
- carrying out deals with credit-account;
- providing account-information.
To set up payment institution in UK
To obtain PI license in UK can:
- approved payment-institutions;
- small-payment-institutions;
- account-data service providers;
- account-information service providers registered in the EEA;
- credit establishments;
- issuers of e-money;
- post offices with limited liability;
- the Bank of England, EU Central Bank and national banks of the EEA countries other than the United Kingdom, unless they are acting as a monetary authority or performing other functions of a public nature;
- state departments and local authorities, except in cases when they perform functions of a public nature.
UK FCA is jurisdiction’s fiscal-services regulative authority. It controls 59,000+ firms that offer financial-services.
Privileges of choosing to buy a company with PI license in UK
- Jurisdiction has the fifth largest economy in the world.
- Relatively low income tax.
- Low business costs.
- UK has a vast market for highly skilled labor.
- The rapid growth of the Fintech-industry and investments.
- UK has a good reputation in global financial-services sphere.
Key requirements for PI license in UK
- Having a minimum capital of 20,000 euros to set up payment-institution.
- Compliance with norms for protection of client assets.
- Excellent reputation, qualifications and experience of governing body of payment-institution.
- Compliance with the reputation of shareholders.
Documents required to get PI license in UK
To get PI in UK license for sale, you’ll need to send next-mentioned documents:
- all data about the company;
- operations performed;
- evidence of the availability of starting-capital;
- business-plan and prospects of enterprise;
- description of measures taken to ensure that customer funds are safe;
- description of how security will be controlled within the company;
- description of the system for controlling and responding to clients’ complaints;
- the process of ensuring the confidentiality of customer data;
- Security policy;
- the measures that will be taken to ensure that the company operates continuously;
- how we collect transaction, performance, and fraud data;
- processes for monitoring within the company the fulfillment of obligations to combat money-laundering and terrorism-financing (AML/CFT).
We are ready to provide you with qualified assistance and complete support if you want to buy payment institution in UK. Qualified experts possess vast experience and extensive professional knowledge in the field of business licensing. In addition, we can offer you many ready-made companies and ready-made PI licenses in UK for sale – contact us right now without wasting any time.
