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To obtain a license for electronic money in Cyprus

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Obtaining an E-money license in Cyprus in 2020

 

Why is it worth obtaining a Cyprus license:

  • A minimum package of documents is required;
  • Fast registration process;
  • Possibility of obtaining a license remotely;
  • Fast payments;
  • No capital gains tax.
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In recent years, a technological progress has been increasing. If we talk about the business sector, then various payment instruments and electronic money have greatly simplified the conduct of international business. Thanks to fintech, we can perform all necessary cash transactions from anywhere in the world. Experts predict, that very soon a full-fledged alternative to conventional banks will be Internet banks (otherwise payment systems, neo-banks).

In addition, the situation in the world is such, that financial companies, that have received such a document as: “A license for the organization’s payment system” already have some advantages over the standard banking structure:

  • A quick registration of licenses;
  • Minimum documents;
  • A remote opening;
  • Fast payments;
  • 24/7 technical support;
  • A convenient banking.

If you want to provide such services, you will need to arrange a business and obtain a license. We recommend you to study various options and, among others, consider the offer: “to obtain an EMI license in Cyprus”.

How to issue a Cypriot license for electronic money?

It is almost impossible to carry out this process independently - it is necessary to take into account many nuances, that only a team of experienced professionals can handle. Turning to our company, you can get advice from experienced lawyers and phased support. We will help you to register a company in Cyprus and to obtain a license for electronic money in Cyprus.

What to consider?
  • If you decide to register a payment system in Cyprus and to obtain a license for a payment system in Cyprus, you can carry out activities like banking, which will include a currency conversion, a storage and the processing of information, transactions and more.
  • This area of ​​business in Cyprus is well structured and regulated by government agencies.
  • You can enjoy a comfortable taxation in this jurisdiction.
  • No capital gains tax.
  • Entrepreneurs, who wish to obtain a license on a payment system in Cyprus must establish a commercial enterprise in Cyprus.
To register a company under a payment system in Cyprus, you need:
  • At least 4 directors (most residents of the country);

  • Two executive directors;

  • The anti-fraud manager;

  • A risk manager;

  • An accountant;

  • The external and internal auditor;

  • Third-party legal consultants;

  • A minimum registered capital is 350,000 euros;

  • Documents of the beneficiary, that confirm the identity and a place of residence;

For details, contact our employees

We will help you to prepare a set of necessary documentation for starting a business and tell you what you need in order to obtain a license for electronic money in Cyprus.

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An important step will be the preparation of a business plan and a financial plan for 3 years. Businessmen, who want to open a payment system in Cyprus, should carefully work out these documents, since the state public services pay special attention to this moment.

In addition, you will need to provide:
  • A document, that will confirm the absence of a criminal record;
  • Documents on countering financial fraud;
  • A description of the activity;
  • A document, that confirms the absence of the status of “bankrupt” (for shareholders and managers).

We will translate and notarize the documentation in accordance with all requirements of this state.

If you want to engage in international business activities and have decided to obtain a license for a payment system in Cyprus or in another jurisdiction, we will help you quickly and efficiently complete this task.

  • 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.

  • Still have any questions?

    Fill out the form or contact us as you find convenient: skype, telegram, etc. Our experts will help you resolve the issue.

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