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PSP license in UK

Published:
May 15, 2023

Great Britain is a financially stable countryside. Therefore, opening an interchange in this region is a guarantee of safeness for acquisitions and the opportunity to multiply them. The global financial crisis has had almost no effect on the development of the country’s economy, and the experience of its top managers has made it possible to minimize losses for the interchange environment. That is why many are prying in getting a PSP license in UK.

For business founders, a really good move is to try to obtain a PSP license in UK. And even if the approach of acquiring it is a bit delayed and requires a lot of time to collect the essential docs. But after getting a UK PSP for sale permission, you can multiply your income and benefit from cooperation all over the world.

Blessings of a PSP license in UK

The British capital is rightly considered to be one of the main financial centers on the planet. Quite a few world leaders in different areas already have their self-governing offices or permitted entities enlisted on the settlement of this state. This means that work with such companies will go faster and the monetary relationship should be at the highest level. This is what you need to buy a PSP license in UK to do.

To get a PSP license in UK, you need to submit a request to the national regulator FCA. Don’t let the scrupulousness of its employees scare you. It’s one of the best regulators striving to allow to register payment service provider in UK exclusively to reliable and trustworthy players on the market. During the work of this service, more than 35 thousand companies have been issued licenses of this format. It is more than in all EU countries.

Despite the country’s exit from the EU, UK permits continue to be in steady demand. The government immediately announced plans to introduce a favorable tax regime and opportunities for corporations, who want to operate in its territory. In the future, the commands are confident that London will become the world’s largest innovative monetary center.

Prerequisites for acquiring a license

To be able to obtain a payment service provider license in the UK, the applicant must apply to the supervisory authority. Their employees will check whether the corporation meets the conditions for acquiring the selected permission and will decide on the assignment.

The most common requirements for payment service providers are as follows:

  • availability of minimum capital in the bank accounts of the legal entity for not less than 20`000  euros;
  • the client’s funds are protected by having separate bank accounts or by having insurance policies of a particular type;
  • availability`s of an impeccable reputation of the permitted commodity and its founders;
  • the presence of employees whose professional skills allow them to work in the financial sphere and manage the corporation at the proper level;
  • availability of additional financial reserves at the shareholders in case the process of reaching profitability of the project is delayed.

These conditions are the main requirements of the controller. However, applications that also have additional documents available are more likely to receive a positive outcome. These include:

  • data confirming the opening of a legal entity and the absence of passing through the bankruptcy stage;
  • the existence of a parallel business in the UK (this shows your loyalty to the local market);
  • availability`s of mechanisms for managing and controlling the work of hired employees;
  • developed and agreed corporation plan for 3 years;
  • a document describing the rules of action to protect clients’ funds;
  • no financial criminal record on the part of the employees;
  • availability`s of a UK office;
  • signed preliminary arrangements with clients for the delivery of usefulness.

These docs are not mandatory to furnish. However, their presence will speed up the approach of the app’s consideration and oblige you get a faster decision from the controller.

Phases of acquiring a permission

The obtaining`s process for a non offshore PSP license in UK may differ from the county in which you get it because each territorial formation has its laws and rules. However, for most, there are several stages to the approach:

  • app`s evaluation;
  • initial eligibility check;
  • registering a legal entity;
  • the app`s for permission;
  • issuing the document and starting work on it.

In the first stage, founders need to decide what form of ownership their legal entity will have. Counting on the variety of interchange, you need to choose the right form of ownership and then you will be able to make payments faster. Also, some forms of ownership depend on the initial capital of the planned legal entity.

In the second stage, the regulatory supremacies check the owners and shareholders of the company for criminal records, the presence of proper experience and capabilities, and the presence of stains on the business reputation. If there are no questions from the current persons, then the corporation can be enlisted.

Then there is the direct registration of a legal entity. Such a function may take up to a month, but often the procedures are slightly faster. After registration`s, the company will appear in electronic registries and the controller can take your app`s to work more quickly.

At this phase the direct submission of the app`s takes place. During the initial consultation, the regulator’s spokespeople instantly tell you what type of license is best suited for your chosen activity and bid the essential package of docs to check for compliance by the requirements of this document. The process can take several months.

After checking the docs the organization will either receive permission, or refusal, or can correct some mistakes in the docs and receive permission to execute settlement transactions. After the permission is issued, it is conceivable to start work.

Who can help with it?

The function of involving for a payment agent license in UK is quite lengthy and you need to process all documents very carefully. This issue can be dealt with independently. But the best solution is to apply it to the professionals.

Our specialists are ready to help clients at all stages of license acquisition. We are a team of professionals, who have many applications from clients and completed this procedure. Each of our managers knows the essentials of the British regulator and is capable of preparatory consultation to see mistakes in the docs, which inexperienced people simply would not pay attention to.

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