Advantages of Payment Systems Registering in Cyprus
- Organizations registered on the island as financial entities are allowed to perform activities for such operations, currency conversion, storage/processing of information and other related services.
- The legislation of Cyprus is well structured, up-to-date and covers all issues in this field.
- Payment systems registered on the island of Cyprus allow you to organize activities confidentially, safely and with minimal tax burden.
- Revenues from financial activities are exempt from contributions to capital gains, the corporate rate is low.
To conduct work related to debit and credit payments through cards or similar devices, instruments acquiring, paying through IT systems or mobile operators, you need to obtain a license.
Features of Cyprus Payment Systems
On the island of Cyprus, payment systems are controlled by the Central Bank and Exchange Commission, and it strictly monitors a compliance with the formalities. To obtain a license of a payment institution, one must be registered in the jurisdiction, its directorate must have a positive reputation and a high level of professional knowledge (nominal management is not enough). Also it is necessary:
- to provide a description of all payment services and to provide a business plan for three years;
- to prove the availability of initial capital in the amount established for the type of organization, technical and administrative resources;
- to have a legal advisor and an external auditor;
- to register a business unit in the register of the State Bank of Cyprus;
- to submit to the Commission a documentation on internal procedures, an application with copies of the participants’ personal documentation.
It is required to visit the Commission with a package of documents for a conversation. Applications are considered, usually about 4 months, then a decision is taken. “Prifinance” company shall help to optimize the process of an electronic money license obtaining in Cyprus. With us, it will pass as quickly as possible, in accordance with the rules and without extra hassle for the customer.