Eternity Law International News PSP license in Luxembourg

PSP license in Luxembourg

Published:
November 23, 2023

Luxembourg is known for its stable domestic market and fairly favorable conditions for start-up businesses. Regulation of the financial sector in the jurisdiction occurs in accordance with the Banking Law. The regulatory body responsible for this sector is the Commission Concerning Supervisory Authority (CSSF). The work and proper functioning of this body is closely monitored by the Ministry of Finance.

Our team specializes in establishing and licensing commercial projects in various areas of activity. We have been present in this niche for many years and are ready to solve even the most complex problems. Our company also offers hundreds of options for ready-made companies for sale around the world: PSP in Dubai, Belgium, Germany, France, Portugal and other countries.

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Regulation of registered PSPs in Luxembourg

In accordance with local Law, the CSSF has the following rights and options in relation to registered PSPs.

  1. Request any data from this type of company regarding their operations and clients, as well as demand all types of documents and their copies.
  2. Conduct inspections or investigations into cases of persons under supervision.
  3. Terminate the operation of any enterprise whose activities violate the legislative provisions, which is accompanied by the revocation of the relevant license.
  4. Evaluate the acquisition and disposal of certain shareholdings as necessary.

Luxembourg financial establishments that additionally also provide insurance services are subject to the supervision of the CAA, the Commission that oversees the insurance sector in the jurisdiction.

Requirement list for opening a PSP in Luxembourg

In order to obtain the appropriate permit, the firm must provide the CSSF with the following documents:

  • business-plan for the next 3 years;
  • description of the programs that will be used to provide service range;
  • information about each owner and director;
  • description of KYC and Due diligence procedures, as well as AML mechanisms;
  • information about shareholders (or the 20 largest shareholders);
  • information about managers.

IT-programs used by the enterprise must comply with modern technology standards. Amount of capital required depends on the type of services the business-structure provides. Typically, the required minimum capital amount is €50,000. The capital amount must be documented and paid in accordance with the provisions of Regulation (EU) No 575/2013. The minimum required amount of capital for investment sector institutions also varies and depends on the type of activity that the enterprise intends to engage in.

Benefits of Luxembourg for PSPs

  1. Location between the main shopping centers of Europe.
  2. High level of development and stability of the economic environment.
  3. Dynamism and flexibility of the domestic market.
  4. Friendly business-environment and openness of the jurisdiction to foreign cooperation.
  5. No restrictions on foreign investment.
  6. Active support for startups.
  7. Favorable tax benefits.

Procedure for getting a PSP-license

The beginning of the authorization procedure involves a meeting between the applicant and the CSSF. This occurs before the formal application is submitted in order to fully understand the applicant’s requests.

Next, the owner of the enterprise intending to service this or that citizen submits the licensing application itself in electronic and paper formats, to which the following must be attached:

  • all documents that may be needed to evaluate the enterprise;
  • a list of operations indicating the type and volume of future business-activities;
  • administrative and accounting structures of the firm.

If the permit is approved for the enterprise, its validity will not be limited. When submitting an application, you must pay a fee of 15,000 euros. Also, similar fees will be charged to the enterprise every year.

If you have any questions or difficulties with completing your application, we will be happy to offer you our assistance. Our team will provide full support to your firm from the moment you submit your application until you receive the permit itself. We are also ready to offer you an extensive list of ready-made licenses for sale in hundreds of jurisdictions: PSP in Georgia, Portugal, Estonia, Sweden and other countries.

How much does a PSP-license cost in Luxembourg?

The cost of licensing a payment institution in Luxembourg is calculated individually for each client, depending on many factors: type of organization, start-up capital, number of additional services.

Our experts will provide you with a full estimated price immediately before starting work. We value our clients and try to minimize costs while obtaining maximum results.

What is included in our service list

Our team offers full support for entrepreneurs wanting to get a PSP-license in Luxembourg and other jurisdictions.

  1. Opening and licensing companies anywhere in the world.
  2. Assistance in collecting documents and sending them to the regulator.
  3. Obtaining all additional permissions.
  4. Communication with regulating authorities.
  5. Assistance in opening an account and connecting to payment systems.
  6. Consultations on all issues.
  7. Lots of corporate services.
  8. Ready-made companies and permits for sale.

We’re responsible for the quality of our work and can guarantee a quick and effective result.

Our advantages

Our team has been licensing companies in different countries for many years and has already gained an excellent reputation.

  1. Extensive work expertise.
  2. Lots of satisfied reviews from clients.
  3. Work in any global jurisdiction.
  4. Additional services.
  5. Consulting and support at all stages of the licensing process.
  6. Innovative solutions and individual approach.

The company’s specialists will help you quickly obtain all the required permits for the successful operation of your business-project and will take care of all the difficulties. We will save you the hassle and help you obtain an activity permit in the shortest possible time, with a minimum of your effort.

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Zurich

Dreikonigstrasse, 31A, Stockerhof

Kyiv

Baseina street, 7

London

Grosvenor Gardens, 52

Washington

1629 K St. Suite 300 N.W.

Vilnius

Gediminas Avenue, 44A

Tallinn

Kesklinna linnaosa, Tuukri 19

Edinburgh

Lochrin Square, 1

Nicosia

Jacovides Tower, 5 floor

Riga

Esplanade, 7 floor

Hong Kong

18 Harbour Road, 35/F, Central Plaza, Wanchai

Singapore

Level 42, Suntec Tower Three, 8 Temasek Boulevard

Sydney

20 Martin Place

Porto

2609 Avenida da Boavista

Tbilisi

Revaz Tabukashvili Str., N 45, area N 7