Eternity Law International — News — PSP license in Dubai

PSP license in Dubai

Published:
May 24, 2023

Technological advances have forced many companies to look for faster ways to transfer money. That is why various companies began to appear. Which helps process payments in an accelerated format. This is a lucrative field of activity and there are a lot of people willing to make money in it. Around the world, including Dubai hundreds of companies get such permits to work.

This city is one of the best places to make a PSP license in UAE. There are many reasons for this decision. There are many companies in Dubai, a large flow of tourists, and huge volumes of remittances are handled every day. Therefore the region needs to have many alternative ways to process payments. But the operating companies must meet the high standards imposed by the local authorities. Otherwise, it is impossible to get a PSP license in Dubai.

Basic understanding of payment`s assistance providers

The e-commerce`s development has forced the region to think about the need to issue a payment service provider license in Dubai to companies that are willing to work in this field. The providers of this format of assistance include providing processing of online purchases. Such institutions help to conduct revenue dealings as quickly as possible. In addition, permit holders are accountable for processing transaction’s in revenues with major payment systems, including Visa and Mastercard. Another function is to help consumers with online-banking.

With the help of companies, which try to obtain PSP license in UAE, the authorities of the region are trying to reduce the burden on the banking payment systems. Through such intermediaries, it is possible to confirm payments through special sites with the ability to process payments. In this case, the load will not go to the general banking system, but to the intermediary system`s.

As an example, the processing of settlement usefulness through alternative resources in the form of special programs on smartphones. The using plastic`s cards instead of banknotes and terminal`s payments also became more varied. At the same time, the volume of processing cash payments decreased by several tens of times. But all these electronic dealings companies can using just after getting a  PSP license in UAE.

Kinds of PSP agents

The Dubais legislation prescribes that any corporation in the field of financial services can apply for a payment agent license in UAE. However, even for such corporations there is a certain classification. The most common owners of money remittance license in UAE are divided into the following categories:

  • retail-companies, which include small banks and other accepted organizations that will be able to process retailing, small governments, and small online payments, including money remittance processing;
  • micropayment companies (processing advance payments for UAE`s non-banks);
  • government`s entities (wholly-owned local entities that can process online-payments);
  • corporations with no provision.

The last type includes corporations that can process any online payment but does not provide usefulness to retail-stores. Each of these types of associations needs to have a permit to conduct their business. Otherwise, their business will suffer serious financial and reputational losses.

Who disseminates permits

When the founders of an enterprise plan to register a payment service provider in UAE, they must apply to the local regulator. In Dubai, this function is performed by representatives of the DFSA. They are accountable for executing payment transfer license in UAE for each of the applicants. Representatives of the monetary usefulness administration in Dubai should carefully examine each app and determine whether applicants should be allowed to work in this area.

The representatives of the regulator necessarily conduct the authorization of legal entities and assign each of them a certain type of payment processing. The classification decision can be influenced by the start-up capital`s and the kinds of usefulness that the applicant`s corps wishes to provide in the country. The regulator also determines whether the company can provide money services or will only advise clients in this area of activity.

If the applicant gets the status of a money services company, it will be able to process payments and conduct them in its internal electronic system. 

How to get a license

To obtain a license, applicants must meet certain requirements for payment service providers. Among these requirements are:

  • compliance with one of the kinds of licensees described in the previous paragraphs;
  • the physical presence of representatives of the corporation in Dubai or any other free trade zone;
  • the presence of qualified personnel who understand the technical aspects of this format of transactions and usefulness;
  • the existence of internal plans and plans for corporation development in this area for the next few years;
  • availability of financial resources to pay for the license and understanding of the costs for technical support of the stated volumes of operations.

Our experts recommend that applicants immediately rent an office in Dubai. This significantly increases your chances of obtaining the relevant license. By doing so, you show that your business is ready to bring additional jobs to the region and develop its economic component.

The permit is issued after external approval by the Central-bank. Therefore, it is best to have a registered business before the beginning of the app`s process and to present a corporation plan. Permission from the CB is not free, so fees will have to be paid for reviewing the app in any case.

Our staff is ready to help license applicants with pre-application counseling and the collection of critical documentation. We can give a preliminary opinion on the chances of obtaining a license and support to eliminate all the shortcomings of your app`s before it reaches the regulator’s desk. It will save you money and help your project to break even faster.

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