Enterprises providing payment services to Cypriot community and foreign customers being registered locally are covered by strict normative regulations. PSP license in Cyprus allows firms to act as providers of next-mentioned:
- depositing monetary means to payment-accounts and conducting actions that are necessary to manage accounts;
- withdrawals of monetary means;
- transfers of clients’ monetary means to users of different payment systems;
- payments;
- operations with clients’ credit assets;
- issue of payment-instruments or acceptance of payments.
Thus, to establish such structures in this jurisdiction and offer legally-permitted services, entrepreneurs should be owners of such permission as payment agent license in Cyprus.
Requirements for payment-services providers in Cyprus
According to requirements for PSP-license, Central Bank accepts applications only from those companies that are established locally and have a physical office where some of working processes are carried out. Moreover, as Law and the PSD2 say, to obtain PSP license in Cyprus organizations follow next-mentioned:
- keep on balance sheet the necessary amount of authorized capital and personal assets necessary to maintain the functioning of organization;
- rules for implementing protection-mechanisms for client accounts;
- delegate part of the responsibilities to third parties;
- comply with the standards for payment-firms being presented in Public Register.
As for size of authorized capital needed to register payment services provider in Cyprus, applicants need to have an amount of 20 to 350 thousand euros, depending on the range of their own services. Moreover, applicants must demonstrate data about sources of receipt of these funds. Choosing alternative ways, entrepreneurs can buy payment service provider license in Cyprus, and get a completely ready-to-use structure.
To get psp license in Cyprus: filing an application
To get PSP license in Cyprus, there’s a need to cooperate with regulatory body, providing next-mentioned documents:
- activities organization intends to undertake for future development, and a description of payment-services;
- business-plan for 3-years-period;
- confirmation of funds availability for corporate expenses;
- customer protection measures;
- internal monitoring mechanisms;
- plan of how auditing, accounting, security control will take place, along with error reporting mechanisms;
- information about how data will be archived, tracked and protected;
- action plan in case of emergencies and a description of testing actions in such situations;
- the principles and definitions that apply to the collection of statistical data, etc.;
- Security policies;
- methods of compliance with obligations under the EU Regulation;
- information of managers and owners, their professional background and expertise;
- physical address of commercial premises.
Regulative authority may request other documentation to confirm company’s undertaking with normative points. There’s the possibility to turn to Cyprus PSP for sale, which is a completely ready option.In conclusion, we want to say that submission of documentation and entire licensing-process are quite complicated. If you do not have enough time or simply do not know how to do everything right, contact our experts to obtain a PSP-license or to buy a company with PSP license in Cyprus. Our team employs only experienced specialists who have already obtained more than one thousand licenses for various firms and know every stage and pitfalls of licensing-process. We will provide you with comprehensive support with getting ready-made PSP for sale. Our firm also has an extensive list of other licenses and shelf companies for sale – contact us now.