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Benefits of obtaining a PI license in Macau:
There are no specific rules for regulating the provision of electronic payment services in Macau, so this type of activity falls under the Macau Financial System Act (DL 32/93/M). According to the local laws, a person who intends to provide payment services via the Internet or any mobile device must obtain a PI license in Macau.
In this article, we will analyze the conditions for obtaining a PI license in Macau, and also briefly consider the application process, and some other issues.
Banks and special payment institutions registered for this particular type of business can provide payment services in Macau. Thus, anyone who meets certain criteria can order a license for payment services in Macau.
The licensing procedure of a payment institution in Macau implies the verification of the applicant's financial capabilities, as well as the suitability of those who are actively involved in the company activities. Noteworthy is that the law does not provide any specific minimum level of initial capital, and, accordingly, it is determined by the AMCM (the licensing authority) on an individual basis, throughout the consideration of each specific application.
An application for ordering a PI license is submitted to the AMSM, and the regulator is immediately accepted for processing the package of documents. The duration of processing depends on the completeness of the submitted information, and other specific circumstances associated with each individual application. The applicant is notified of all the results, and is also involved in resolving issues related to the application.
AMSM carefully analyzes all the documents in the application, as well as evaluates all related persons (directors, shareholders, etc.). While the application evaluation process, the regulatory body takes into account the following:
Along with a properly completed application for ordering a payment license in Macau, you must submit the following documents:
Also, in order to obtain a license for payment system in Macau, you will need to prepare the following:
A complete list of documents required for licensing of a payment institution in Macau can be found in the Licensing Guidelines.
Macau is an attractive jurisdiction for providing E-payment services, as it greatly facilitates international transactions, which is very beneficial for a rapidly growing business environment.
Licensing of a payment system in Macau, as well as in other countries, is a complex and expensive process that requires attention and serious preparation. It is for these reasons, especially if you are looking for an opportunity to save time and money, it would be a good idea to receive reliable legal support.
IQD Consulting experts are ready to provide you with individual professional advice on obtaining a payment institution license in Macau, qualifiedsupport services on payment institution licensing procedure, as well as assistance in setting up a company in Macau, collecting the necessary documents and a corporate account opening.
You can send us your request through the feedback form, or contact us right now to find out more information about IQD Consulting services and to order qualified individual advice on obtaining PI licenses.