Setting up a payment agent in EU

[Clearsky Network]

Such letters⁤ can be sent only if you will be offering replica or very low quality product⁣ that can cause health issues to the consumers.
if the business is legit like originally⁢ stated there shouldn't be such issues.
In my opinion having proper policies and insurance is︀ more important than the payment agent jurisdiction

 

[daniels27]

Depends on the jurisdiction. In Germany, they can send you a letter already if you forget⁠ some legally required mentions on your website.

 

[alpakiwi]

Yeah, anyway, the main goal is to avoid the letters, which is why we’re structuring‌ it this way. So I guess the answer is that the location of the payment‍ agent doesn’t really matter

 

[bubbledouble]

Correct, as long as the country⁠ of registration doesn't do too much checks on foreign owned companies.

 

[Compliance Circle]

A few points you may want⁠ to consider when making decision:

1) English is not an official language of Cyprus, meaning⁤ that most official/court business goes in Greek - one may see that as a small⁣ advantage already;

2) Government system is on "island time", as it is the case with⁢ most lawyers and service providers meaning any potential legal action may take quite some time︀ to move between stages;

3) Well-established practice of creating and maintaining "payment agent" structures for︁ higher risk business verticals (i.e. gambling, unlicensed FOREX) meaning that many CSP's would get it︂ right from the start what you'll need to accomplish and can advise you accordingly

 

[CyprusLaw]

Just a couple of︀ points for 1 and 2.

Even though English is not an official language, everyone speaks︁ English, filings can be made in English, for example at the Registrar of Companies (provided︂ that you have paid for an English language file).

With respect to the court procedures︃ (a) yes it does take time, which is why the new CPR were introduced and︄ so far things are improving, (b) as I am personally well versed with the UK︅ as well, the procedures are not faster over there.

Cyprus is indeed the perfect jurisdiction︆ for setting up a payment agent, even though I would recommend using a law firm︇ and not a CSP.