CCLOGIC Agent:
Sorry for the delay, but we needed to get things sorted out and find the below information for you:
Please find below information / costs for obtaining a license for a payment service provider:
-Share capital ranges from ?20.000 up to ?125.000, depending on the services that the company will choose to provide.
Categories of activities:
a) Services enabling cash to be placed on a payment account as well as all the operations required for operating a payment account;
b) Services enabling cash withdrawals from a payment account as well as all the operations required for operating a payment account;
c) Execution of payment transactions, including transfers of funds on a payment account with the user?s payment service provider or with another payment service provider:
(i) execution of direct debits, including one-off direct debits;
(ii) execution of payment transactions through a payment card or a similar device;
(iii) execution of credit transfers, including standing orders;
d) Execution of payment transactions where the funds are covered by a credit line for a payment service user:
(i) Execution of direct debits, including one-off direct debits;
(ii) Execution of payment transactions through a payment card or a similar device;
(iii) Execution of credit transfers, including standing orders;
e) Issuing and/or acquiring of payment instruments;
f) Money remittance;
g) Execution of payment transactions where the consent of the payer to a payment transaction is transmitted by means of any telecommunication, digital or IT device and the payment is made to the telecommunication, IT system or network operator, acting solely as an intermediary on behalf of the payment service user and the supplier of the goods and services.
Ancillary services:
(a) The provision of operational and closely related ancillary services such
as ensuring the execution of payment transactions, foreign exchange services, safekeeping activities, and the storage and processing of data,
(b) The operation of payment systems,
© The provision of a currency conversion service,
(d) Any other Business activities having regard to the applicable Cyprus
law.
Capital requirements:
Services from 1 to 5 ? minimum capital will be EUR 125,000
6 chosen services - minimum capital will EUR 20,000
7 chosen services - minimum capital will EUR 50,000
Our fees for incorporating a company and apply for a license to Central Bank of Cyprus would be approximately ?45.000 and will include the following:
? Arrangement of the meeting with the Regulator
? Formation of a Cyprus company
? Provision of the registered agent and registered address.
? Setting up a bank account in the same jurisdiction and assisting the client with obtaining a Certificate of Deposit of the share capital from the bank
? Compiling a due diligence file for directors and shareholders of the company
? Drafting a license application and reviewing the supporting documents received from the client
? Preparation of all internal documentation (business plan, AML policy, Internal Manual ?)
? Filing the application with the Regulator and following up until it has been finalized
Please note that one of the requirements of Central bank of Cyprus is Bank Guarantee of capital deposited on the account of the company.
Also note that Central Bank gives attention to the appointed Management of the Company. Management of the Company should be qualified, with experience more than 7-8 years in banking sphere.
Time limit approximately 6 months.
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Disclaimer: Nothing I say should be taken as tax, legal or financial advice. Anything I say is for general informational purposes only. Always seek independent professional advice.
