England Payment System License

An issue of authorizations for electronic funds handling in the United Kingdom is managed by the Commission for Finance Control and Turnover. Licensees can choose the certificate format – classic or small one (if the company’s turnover per month does not exceed three million pounds sterling). The amount of the fee, which the applicant pays – five or one thousand pounds – depends from that choice.

Requirements to the Licensee

If a company is registered in England right before applying for an e-money license, the founders should specify a reason for the business location in its territory. To run business, company managers must have an experience in a run of the electronic payment business, sufficient education and a knowledge. The Commission shall obligate the licensee:

  • to draw a business plan for 3-4 years, where the business  details, structure, management levers are specified;
  • to open a savings account in the name of a company registered in the UK;
  • to provide a description of internal control mechanisms to counter financial crimes, procedures that ensure the continuity of technical facilities operation and prompt response to accidents;
  • to confirm payment of the authorized capital (for an analogue of the Limited Liability Company it makes from 1 thousand pounds sterling, for a joint-stock company it makes from 50 thousand pounds sterling);
  • to provide for a resident employee in the staff, who is responsible for a money laundering countering (it may be a director general);
  • to provide a comprehensive information on the sources of the licensee’s funds (it is also required to start a business).

Entrepreneurs conducting activities for which the payment license of England was issued, it is also required to conclude contracts for all services, including IT-support. The company must maintain accounting, report and verify payments on accounts. The office reality can be checked not only by employees of the inspection bodies, but also by partners and customers of the company.

“Prifinance” – assistance in execution of British Licenses for Payment Systems

We provide professional advice and support when registering a business and certificates issue. If you require a payment system license, England may be a too complicated country to conduct the procedure on its own. Experts of “Prifinance” will undertake:

  • a strategy development  – determining of the optimal form of business, a form of the license;
  • if necessary – creating a business in the UK, opening an office and a savings account;
  • collection, registration, legalization of the whole package of documents – with a check for correctness and completeness;
  • support when applying to FCA;
  • tracking the progress of the procedure at all stages and prompt responding to all changes;
  • obtaining a permission and work arrangement with the payment system.

The licensed companies can create payment systems, perform operations in digital space and serve users. “Prifinance” will help you to get started with a minimum time and effort consumption.

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