Bulgaria Payment System License

The Republic of Bulgaria has a special PSPSA law that specifies the electronic payment systems features. Under it the right to provide all services related to electronic money and settlements on them shall be given to banks (European central, national central, commercial) and licensed companies. Entrepreneurs engaged in the field of PSP and e-money, Bulgaria provides an opportunity to choose one of the business forms — a local analogue of joint-stock company or a limited liability company.

In order to obtain an activity permit, the business founders must provide a certificate confirming an absence of a criminal record, notarized and apostilled documents:

• copies of passports, other identity cards;
• an address confirmation  - an invoice, a receipt for utility payments for a period not earlier than two months before the filing date;
• an extract from the bank account statement in which the applicant is served for at least two years.

If as well a payment license is required, Bulgaria shall obligate to provide other documents to the National Bank:

• business plan covering the first three years of activity;
• a description of AML and KYC policies,  risk management;
• model of customer contracts;
• a confirmation of the capital availability (from 100 thousand levs, depending on the number of services types), the owners' statement on the money origin;
• copies of the company registration documents;
• a proof of directors, owners (with an autobiography) professional experience, key managers qualifications.

Documents must be mandatory translated into Bulgarian language and notarized. A number of states (for example, France) have signed agreements with the Republic, which allow not to put an apostille and not to legalize the documentation. Residents of countries that do not have such agreements need to notarize the package. To entrepreneurs, who need a license for electronic money, Bulgaria shall demand to rent a real office, not limited to a mail box. The premises are checked by representatives of regulatory authorities.

If you need a payment system license, Bulgaria is a profitable solution. An assistance in all formalities carrying out will be provided by "Prifinance" company.

Services for Payment Systems Licenses Obtaining

"Prifinance" will help you quickly and easily access European markets and become an issuer of electronic currencies. The company's consultants will competently select the jurisdiction, form a strategy and a sequence of actions to maximize the customer's benefits. We will undertake:

• a forming of a package of documents under the Central Bank and other official structures of the Republic of Bulgaria requirements;
• a verification of documentation for the correctness of compilation and its transfer to the licensing authorities;
• a representation of the customer in authorities and/or a support during their visiting;
• an ensuring of the legality of all documents received and a compliance with the registration regulations;
• a monitoring of the procedure progress  and an obtaining of a ready permit;
• associated procedures and operations - accounts opening,  business registration and so on.

The company's experts advise customers on all issues of the current activity, select the optimal tax model, help to develop the business structure. Cooperation with "Prifinance" is a time saving, a protection from the risk of error, non-compliance with legislation. Transferring bureaucratic procedures to the company's employees, the customer receives a prompt and comprehensive assistance from experienced professionals.