Main requirements for Small Payment Institution acquisition in Gibraltar are as follow:
- Two company directors as a minimum.
- Availability of financial education or operational experience at directors and all staff.
- Physical office and physical presence in the country. If there is no a possibility to be present in the country, it is necessary to nominate a representative from the local citizens.
- An absence of criminal sanctions at directors, founders, shareholders and employees of the company.
- Minimum authorized capital depending on the activity type.
- Minimum liability insurance for an amount of 1 million pounds.
- Reporting and audit.
Requirements to authorized capital for the license
50 000 euro for the following sub-activities:
- Fulfillment of the commissions related to securities.
- Fulfillment of the commissions related to securities in the name of a customer or at the expense of a customer.
- Investment consulting.
- Arrangement of multilateral trading system.
125 000 euro for the following sub-activities:
- Investment management.
- Emission of securities.
730 000 euro for the following sub-activities:
- Securities trading at own expense.
- Securities underwriting.
- Securities storage and management for a customer and follow-up actions related to it.
An approximate list of documents for the investment license reception in Gibraltar:
- Articles of association.
- Information about shareholders and shares distribution among them.
- Information about board members, council members and information about company managers.
- Information about companies, where the presence of board members exceeds 20%.
- Information about company auditor and information about persons performing an internal control.
- Initial balance and income and costs review. For the acting company – a balance and profit statement, and annual reports for 3 years, if available.
- For the acting company – documents confirming a net amount of funds together with the auditor’s report.
- Confirmation of Foreign Department proving the license availability in the company and a conformation of its activity to the legislation requirements if one of the applicant’s shareholders is a foreign credit institution, investment fund, an investment, insurance or other company which is financially supervised.
- Business plan for 3 years.
- Internal instructions of accounting department.
- Internal control instructions.
