Belize Payment System License

Payment systems, operating on the basis of plastic cards and electronic Internet tools work in the market successfully and for a long time. This is a common activity that can bring a lot of benefits, especially in online commerce (including gambling on the web). To implement it legally, banks (the issuer and acquirer) need a license issued at the state level by the country to which jurisdiction they belong to. Without it, the processing center operation, which, in fact, processes payments, connecting financial and commercial organizations with the end users of services / products, is impossible.

The selection of jurisdiction must be carefully approached in order the payment system could "work" with cards of all banks and currencies of the most countries, to coordinate transactions qualitatively and, at the same time, to provide a profitability to its owners. Very often off-shores are used for these purposes. There, with the help of flexible tax mechanisms and a high level of confidentiality, one can get a good "return" from the activity. One of the most pragmatic, proven and sufficiently accessible states is Belize, a country in the Caribbean. It is a member of the British Commonwealth and, due to the minimum requirements to the authorized capital and the terms of the license obtaining, it can be considered as an optimal choice.

Advantages and Licensing Procedure in Belize

Since e-commerce has become a priority for the state (this includes the payment system license), Belize invests a lot in improving Internet communications. High-speed networks coupled with traditional offshore capabilities make it an excellent choice.

Licensing regulation in the country is carried out by IFSC - the commission for international financial services. This regulator has developed a clear regulation:

• the application form for the license is filled in and sent along with a package of the supporting documentation (data on the activity type, a reserve capital, applicants);
• the fee is paid - $ 500, which is not refundable even in case of a dismissal to grant a license;
• with a favorable outcome, an annual license fee is paid - from $ 2,500 to $ 5,000;
• monthly report on the work is submitted to the commission not later than on the 10th day;
• Once a year the license must be confirmed - IFSC ascertains the applicant's effectiveness and takes a decision on its prospects.

To those who need a payment system license, Belize sets the following requirements:

• minimum reserve capital (depending on the chosen activity - from five to one hundred thousand dollars);
• the maintenance of the capital in the licensed bank / financial institution in the territory of the state.

Consulting company "Prifinance" renders a wide spectrum of services on registration, licensing, execution of the payment systems documentation. For many years working in the market, our company provides customers with the highest possible result - quickly, without the waste of time and efforts. We will help:

• to collect a package of documents for the selected jurisdiction;
• to pay all contributions and fees;
• to prepare software for the payment system (servers, virtualization systems and so on);
• to check the timely renewal of the license.