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Obtaining a Payment Institution license in Gibraltar

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Obtaining a payment system license in Gibraltar in 2020

Key advantages of obtaining a PI license in Gibraltar:

  • Stable economic situation;
  • Developed financial sector;
  • Three license classes for different types of services;
  • Favorable business environment.
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Gibraltar payment institutions are controlled under the FCA and EAOC. The law specifies that, any legal entity intending to provide E-payment services in Gibraltar needs to order a payment institution license. The GFSC is the supervision and licensing authority in this jurisdiction.

Further, in the article we will review the payment institution licensing procedure in Gibraltar, the required documentation, and also dwell on some important points.

Obtaining a license for payment services in Gibraltar

The Gibraltar PI license is issued by the GFSC to any interested person who meets certain criteria. There are three classes of licenses, each of which gives an applicant company a right to provide the following services:

  • Class A: license for remittances;
  • Class B: license for conducting payment transactions by using various devices (computers, smartphones, etc.). In this case, payment should be made to the operator of a similar payment system, that acts only as a link between the seller/supplier of services and user;
  • Class C: services for replenishment of the accounts and operations needed for account management. This also includes services for withdrawing cash from a settlement account and performing operations to transfer funds between users (including users of other payment institutions).

Before applying for a PI license, the company must become:

  • An authorized payment institution providing 1 or more E-payment services; or
  • A registered payment institution providing a wide range of services, that may rely on some regulatory exemptions if:
  1. o the turnover of transactions is maximum 3 million EUR/month, and
  2. o representatives of the top management have an impeccable reputation.
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Filling an application with the GFSC for ordering a PI license

The application along with the package of documents must be submitted to the GFSC. If the applicant company intends to provide electronic payment services in Gibraltar that fall under 2 types of licenses, then it must apply for the senior type of license. The difference in the seniority of licenses is determined by the amount of capital required:

  • 20,000 euros for a license of Class A;
  • 50,000 euros for a license of Class B;
  • 125,000 euros for a license of Class С.

If an institution receives more than one license, it will be required to keep the total capital required for two licenses. Subsequently, the amount of capital may be reviewed by the GFSC on an individual basis.

Preparation of documents for obtaining a PSP license in Gibraltar

An application for obtaining a Gibraltar PI license must be submitted, inter alia, with the descriptions of:

  • Business plan (including a forecast of budget for 3 years) demonstrating the willingness of a company to conduct reliable business;
  • Evidence of capital availability;
  • Corporate structure;
  • Plan of operations and payment services offered by the company;
  • Management mechanisms (administrative procedures, adequate risk management procedures, etc.);
  • Procedures for monitoring and tracking security incidents and customer complaints;
  • Process of storage of confidential data;
  • Mechanisms of compliance with AML/CFT;
  • Information about directors and other persons responsible for managing a payment institution (individual profiles).

A full list of documentation required for ordering a PI license in Gibraltar can be found in the EAOC. Moreover, the GFSC may require the submission of additional documents, which will be taken into account as part of the application.

IQD Consulting services

It must be emphasized that all mentioned information should not be perceived as a professional advice or instruction.

Obtaining a license for payment system in Gibraltar is a complex and rather lengthy process, requiring thorough preparation and efforts to minimize risks. Therefore, it will be quite reasonable even at the initial stage of preparation for licensing to provide yourself with reliable professional support.

Please note that you can discuss licensing issues with IQD Consulting experts by receiving a personal competent advice on licensing of payment institutions.

Moreover, our company’s specialists provide qualified support in obtaining Gibraltar licenses for payment institutions. We can help you to register a company in Gibraltar, open an account in the name of a company, collect the necessary documents, and provide you with othe services.

Our company shall not be liable for any direct, indirect or consequential loss arising from the use of the information and material contained in this website.

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