Eternity Law International — Payment & E-Money Institutions — EMI License — SPI license in UK

SPI license in UK

Published:
May 24, 2023

For those looking to take their business international, the UK represents a very attractive prospect. However, to operate in the financial sector in this jurisdiction, it is necessary to obtain a payment institution license, which can be a non-trivial task.

Our company specializes in providing services for the establishment and licensing of commercial structures. We will provide you with qualified assistance in acquiring an SPI-license and provide full support at every stage of the transaction. Our company also has a ready offer sale of small payment institution license in UK.

To get SPI license in UK: benefits

UK licensed payment systems are of great interest to foreign businesses for several key reasons.

  1. The PI license is considered one of the most prestigious.
  2. It is recognized by all countries and regions, providing global recognition.
  3. Possession of this license allows you to legally conduct business in the EU.

In addition, this jurisdiction provides good conditions for the development and management of business in the following potential prospects:

  • strong legal framework;
  • stable economic situation;
  • transparent regulation;
  • friendly attitude towards foreign investors;
  • simple requirements for candidates.

Licensing issues for payment systems are fully regulated by a specialized body known as the FCA (Financial Conduct Authority). For clients, it is a guarantor of security because:

  • exercises careful control over the activities of legal entities in order to prevent fraud;
  • develops and implements new programs to improve safety levels;
  • ensures timely informing of companies about changes in legislation.

Therefore, using a payment system in England provides significant financial benefits and business prospects. The option of a ready-made SPI license in UK for sale is quite profitable for entrepreneurs who want to enter the market as soon as possible.

To obtain SPI-license in UK: features and normative points

Operating as a UK payment processor is only permitted to companies registered in this jurisdiction. The following requirements are imposed on their organizational structure.

  1. Mandatory presence of two directors with resident status.
  2. One of the directors must also serve as a compliance officer.
  3. The secretary can be a hired employee or one of the members of the directorate.
  4. Presence of at least one shareholder.

When successfully completing the licensing procedure, the organizational and legal status plays a decisive role. If it is a legal entity, it must provide a detailed company ownership chart for review.

We are ready to provide you with comprehensive assistance in preparing your business to bring it into compliance with all regulations. Our company also has ready-made SPI licenses in Poland for sale. If you are interested in a turnkey solution such as UK SPI license company for sale, we will provide you with comprehensive support during the purchase.

The choice of the name of a legal entity is limited by certain rules that prohibit the use of:

  • names and phrases already used in registered names;
  • unacceptable words;
  • phrases or phrases that may give the impression of a connection with government authorities or members of the royal family.

To obtain a payment system license, you must have a real office, which must meet the following criteria:

  • have sufficient space to accommodate at least two employees;
  • have a stable Internet connection;
  • have a telephone line with international access.

List of documentation for getting UK small payment institution license

  1. Statement.
  2. Applicant’s passport.
  3. Confirmation of residential address in the jurisdiction.
  4. An explanatory note indicating the goals of opening a company.
  5. Information about the source of finance.
  6. Documents on bank account and authorized capital.
  7. Business-plan.
  8. Documents confirming the business reputation of managers and management staff.

This is just a general list. The commission may request additional documents. Review of documents usually takes about six months, but may take longer due to additional requirements or errors. The procedure for obtaining a license on your own is complex, so it is recommended to seek help from our professionals. You may also turn to ready-made UK SPI license company.

We will tell you about the TOP 5 jurisdictions for obtaining an SPI license. Our specialists are also ready to offer you the option of a company with SPI license for sale in UK. Our team offers turnkey services for obtaining a payment system license in the UK, including all aspects of registration and preparation of documents. We also help with business correspondence with authorized bodies, translation of documents, apostille, certification and other aspects.

Why is the UK attractive for payment companies?

This jurisdiction is worth choosing to start a similar business in the following cases:

  • the majority of your customer base is in the UK;
  • you value the experience and reliability of the regulator;
  • you want to take advantage of long-term proven rules and processes.

Almost half of all licenses issued are obtained in the UK. English is the main means of communication and documentation.

  1. Your company’s head office must be located in the UK.
  2. The company’s management must have a permanent presence in the UK office.
  3. At the time of obtaining a license, your company must be ready to work with an information technology system.

To get small payment institution license in UK: terms

The UK regulator, the FCA, reports receipt of the application within 7 working days. Each application is assigned a manager who analyzes the provided data and makes a decision.

The FCA will make a decision on the application within:

  • 3 months from date of receipt (if FCA has all the necessary information and documentation);
  • 12 months (if application is incomplete).

Commission fees

Registration fee:

  • payment system license in the UK: 5 thousand pounds sterling, and for payment organizations providing money transfers, payment initiation services and/or services for providing account information, an additional 1,500;
  • license for electronic money in the UK: 5 thousand pounds sterling;
  • small license for payment system and electronic money: 500 pounds sterling.

Once authorized to provide services, a company is required to pay an annual fee annually, the amount of which is set by the FCA.

To obtain small payment institution license in UK, businesspersons need to guarantee next-netioned.

  1. List of planned payment services.
  2. Management procedures and internal processes.
  3. The initial capital needed to start your business.
  4. Documents confirming the intention to obtain an account for storing client funds in a UK bank or in the EEA.
  5. Information about persons responsible for payment services and company management.
  6. Information about persons having a share in the company (10% or more).
  7. List of agents acting on behalf of the company.
  8. Incident reporting procedures, ensuring the confidentiality of payment data, business continuity mechanisms, principles and definitions used in the collection of statistical data.
  9. Security policy.
  10. Information about the controls to ensure that your obligations are met.

The peculiarities of the process of obtaining a payment system license in England are that this procedure usually takes about six months. If problems arise, such as the need for additional documents or information, the deadline may be extended to up to a year. Before applying for a license, it is necessary to prepare an extensive package of documents, including statutory texts, descriptions of management and control mechanisms, as well as information about key managers, etc.

If you are interested in speeding up the process of preparing and licensing your payment system, please contact our company. We offer an integrated approach to this task, which saves you time and effort. To receive personal advice, contact our specialists at the indicated contact numbers.

Types of payment system licenses in the UK

Before obtaining a payment system license, you need to decide on the type of your activity. In accordance with UK regulation, the following types are distinguished.

Payment institutions

  1. A full-fledged payment institution.
  2. Payment institution with a limited license.
  3. Companies providing account management consulting services.
  4. Companies providing payment initiation services.

Electronic money issuers

  1. A full-fledged issuer of electronic money.
  2. Issuer of electronic money with a limited license.

Limited licenses for payment processors in the UK

A payment institution with a limited license has its own restrictions, such as limiting the volume of transactions to EUR 3 million per month and the inability to initiate payments or provide advisory services. These institutions also cannot operate throughout the European Union, but their registration is faster and easier.

An electronic money issuer with a limited license may obtain such a license if the volume of electronic money does not exceed EUR 5 million.

Our company

We offer the most attractive prices on the market and over the years have built trusting relationships with our clients, achieving successful results in the most difficult scenarios. Our employees constantly improve their skills and have up-to-date information on all the requests of our clients.

  1. Transparency at work.
  2. Individual approach to each client.
  3. Conclusion of a binding contract.
  4. Appointment of a personal manager.

We are ready to provide not only package services, but also help in solving various individual problems:

  • transfer organization;
  • translations;
  • legal registration of firms;
  • analysis of the banking system and much more.

Our initial consultation is absolutely free and is available by phone or online. With our help, any problem will be solved as soon as possible and with the best result.

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