PAYMENT INSTITUTION LICENSE
We can assist the clients in setting up a company that will apply to CBC for obtaining an authorization as an payment institution. Towards this objective, the Company needs to submit to the Central Bank of Cyprus an application accompanied, inter alia, by an Operational Procedures Manual and a Business Plan.
Our services will include the following:
- Assist you with the preparation and submission, on the Company’s behalf, the application to the CBC for the authorisation as a payment institution in accordance with CBC’s Directive.
- Assist you with the development and preparation of a Business Plan (“BP”) which will include inter alia a forecast budget calculation for the first three (3) financial year in accordance with the section 3(1)(b) of the Payment Services Directive of 2009.
- Preparation of the Operational Procedures Manual. The manual will cover all content required by the Directive.
We estimate to complete and deliver to the Client, our first draft Deliverables, in about 5-6 weeks from the time the client delivers to us all requested information. Our final Deliverables will be available to the client within 5 working days after we receive the client’s comments and remarks on the first draft Deliverables.
A full Payment Institution license includes: electronic payments, issuance of cards, POS & processing and required a total guarantee of 195.000 euro.
If to choose only some of the services, then the guarantee will be:
Payment Services (see Annex, page 35 of the Law for licenses)
- Transfer Services – No.6 – 20.000 Euro
- Execution of transfers via electronic means – No.7 – 50.000 Euro
- All other payment services covered by the Law – No.1-5 – 125.000 Euro
The fees & costs for the licensing procedure are of 39.000 euro.
The fee includes actually everything:
– drafting of all the required documents: Business plan and the complete Manuals for all the departments, as required by the Central Bank of Cyprus.
– the company setup with the minimum required share capital of 195.000 Euro (the one, filed as guarantee);
– the office;
– our fees as director for the licensing period so that the company will be Cyprus resident. Later on you may continue with us or choose somebody else or add somebody else if you want.
The fees are payable in installments: 55% paid in advance and 40% upon filing to the Central Bank of Cyprus of the completed file and 5% as success fee. The fee includes drafting of all the required documents: business plan and the complete Manuals for all the departments, as required by the Central Bank of Cyprus.
Should you require more information on this service or further assistance please contact us on office@fiduciara.com or by phone: + 357 99196411.