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Key advantages of obtaining a PI license in Gibraltar:
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.
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:
Before applying for a PI license, the company must become:
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:
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.
An application for obtaining a Gibraltar PI license must be submitted, inter alia, with the descriptions of:
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.
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.