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Key benefits of obtaining a PI license in Ireland:
The provision of payment services in Ireland is regulated by the Central Bank of Ireland (CBI). Accordingly, the conduct of this type of business implies obtaining an API license in Ireland. Therefore, further in our article we will take a closer look at this issue.
Please, take into account that, since the obtaining of an authorized payment institution license in Ireland is carried out under the EU standards, the procedure is very similar to that in other EU member states, and, in general, can be divided into 5 stages:
The application procedure includes a preliminary meeting of the company's representatives with representatives of the regulator. At this stage, the company's planned activities, the necessity and possibilities of obtaining a payment institution license in Ireland are discussed.
After the preliminary meetings, the first stage of licensing begins with applying for obtaining a payment system license from the CBI. Along with the application form, the company also submits a package of documents, which, inter alia, includes:
Before applying to the Central Bank for obtaining an Irish PI license, the company must take care of the availability of minimum capital. Its value depends on the services that the company plans to offer:
After obtaining a payment system license in Ireland, the licensee company must constantly maintain the sufficient capital. The share capital requirements are calculated according to special formulas, and depend on the volume of payment transactions.
This article has been prepared and presented for informative purposes, and cannot be taken as an instruction for action or legal advice.
Detailed and specific information on obtaining a license, you can receive from IQ Decision experts by asking for legal advice on licensing procedure of payment systems in the EU.
Moreover, we draw your attention to the fact that our company’s specialists assist its clients at all stages of obtaining an Irish API license, are ready to prepare all the necessary documents, as well as register a company in Ireland and open a corporate bank account.
The information outlined in the article is actual at the time of its publication.
Please refer to our specialists for checking possible solutions for your business.
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