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Jun 8, 2020 — We are offering UK small payment institution (SPI) licensing with guaranteed UK account in GBP/EUR.
What can I do with this licence?----You can offer payment services to UK residents (and non-EEA residents where local laws permit), including money remittance (online/offline), deliverable FX, card acquiring (online/POS/payment facilitator), WeChat Pay/Alipay acquiring, direct debit processing, etc.
What experience do I need?----The FCA will assess shareholders for fitness and propriety. They will assess management team members for the fitness and propriety, as well as their knowledge, training & experience. You *must* have prior experience in this sector.
What else do I need?----You will need to put draft arrangements in place for your IT systems. You also will need a UK physical office. If you need help incorporating, our partner firm can assist.
We will assist in drafting all supporting documentation for your application, as well as acting as main point of contact for all responses from the FCA.
What sort of UK account is offered?----We can guarantee a UK account number for GBP/EUR in your company name, as well as payments in over 30 currencies. On-going account charges are GBP 500/month. These accounts are provided by a third-party regulated firm based in the UK. The account allows online access.
We charge a flat fee of GBP 11,950+VAT for this service.
Regulatory fees are:
- FCA - GBP 500
- HMRC (only payable if you only do money remittance) - GBP 300 application fee + GBP 150 (per person to approved - shareholders)
Disclaimer: DealStream has not independently verified any of the information in this post and makes no warranty as to its accuracy or completeness.