Requirements for Licensees
Legislation of the country classifies companies as hybrid and non-hybrid and puts forward to them standard, for the European Union, requirements:
- companies that require a payment license in Belgium must be registered in the country, but the National Bank of Belgium, upon an agreement, allows not to open a separate legal entity for electronic money transactions (if this is one of directions of the enterprise work);
- the authorized capital of the enterprise can’t be less than 350 thousand euros;
- Belgium requires to identify funds received in exchange for e-money separately from the others, and if they are retained for more than a day after the receipt, then they should be kept on accounts specially created therefor;
- issuers must work in legally leased or purchased premises – a real office will be required;
- It is necessary to hire a board of directors (at least three people), in which residents are present;
- the company must provide a proof of the availability of electronic, telecommunications, digital and IT devices necessary for payment transactions, delivery and purchase of electronic funds;
- companies must comply with money laundering provisions – in practice this is expressed in an obligation to pass through an identification, a verification procedure, to create security policies and the necessary control and management mechanisms in the company.
Our company will help you to pass all the formalities successfully.
Services for the Payment Systems Licensing in Belgium from “Prifinance”
We professionally advise customers on all issues of payment systems licensing. Our staff will help you to prepare a package of documents, perform all formalities and simplify as much as possible the procedure for permits and certificates obtaining. We provide the following services to the customers who need a payment system license in Belgium:
- a selection of an optimal form of the legal entity, a taxation model depending on the requirements of the country and business features;
- a help in companies registering, bank accounts opening, a real legal address obtaining;
- a preparation of documents required to pass identifications and “know your customer” checks – an evidence of trustworthiness, funds origin and other evidences that Belgian FSMA Office may request;
- a support of the applications for a license filing and a receipt procedure progress monitoring.
We will minimize a risk of failure and undertake all the bureaucratic formalities. Our customers save energy and time and start to work successfully in accordance with all the regulators requirements.