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Payment Service Provider License: Payment Institution (PI) in Cyprus. Service offer

Please see below the relevant licences together with the minimum capital requirements

Contents

    1. The application to be filed with the Central Bank of Cyprus shall be accompanied by the following documents:
  2. The initial requirements for the Company:

Type of License/Service
Minimum Initial Capital Requirement, in EUR
Services enabling cash to be placed on a payment account as well as all the operations required for operating a payment account
EUR 125.000
Services enabling cash withdrawals from a payment account as well as all the operations required for operating a payment account
EUR 125.000
Execution of payment transactions, including transfers of funds on a payment account with the user's payment service provider or with another payment service provider: (a) execution of direct debits, including one-off direct debits; (b) execution of payment transactions through a payment card or a similar device; (c) execution of credit transfers, including standing orders)
EUR 125.000
Execution of payment transactions where the funds are covered by a credit line for a payment service user: (a) execution of direct debits, including one-off direct debits, (b) execution of payment transactions through a payment card or a similar device, (c) execution of credit transfers, including standing orders
EUR 125.000
Issuing and/or acquiring of payment instruments
EUR 125.000
Money remittance
EUR 20.000
Execution of payment transactions where the consent of the payer to execute a payment transaction is given by means of any telecommunication, digital or IT device and the payment is made to the telecommunication, IT system or network operator, acting only as an intermediary between the payment service user and the supplier of the goods and services
EUR 50.000

The application to be filed with the Central Bank of Cyprus shall be accompanied by the following documents:

a programme of operations;

a business plan;

evidence that the applicant holds the required initial capital;

a description of the measures taken to comply with certain safeguarding requirements;

a description of the applicant's governance arrangements and internal control mechanisms;

a description of the internal Anti Money Laundering control mechanisms;

a description of the applicant’s participation in a national or international payment system as well as the applicant’s structural organisation;

the identity of persons who have, directly or indirectly, control of the applicant;

the identity of all directors as well as of the persons responsible for the management of the payment services activities; evidence that they are of good repute and possess appropriate knowledge and experience to perform payment services, in particular a copy of criminal record, a non-bankruptcy report, a description of professional and academic qualifications, of the positions of manager or director that they hold in other legal persons and of their previous employments;

the identity of auditors;

the applicant's memorandum and articles of association;

the address of the applicant’s head office.

The initial requirements for the Company:

  • The Company, in order to operate as payment institution, should have a certain minimum initial capital depending on the licence (from EUR 20.000 to EUR 125.000). Please refer to the table above.
  • The Company is obliged to follow certain calculation methods with regards to the minimum level of own funds.
  • The Company must be incorporated in Cyprus and have its head office there.
  • The Company should have in place sound and effective operational procedures as well as the respective safeguarding requirement procedures which must be documented. With respect to the safeguarding requirements, prior approval must be obtained from the Central Bank of Cyprus.
  • The Company shall be obliged to draw up Financial Statements.
Please note that from operations point of view, there are more requirements to be considered that can be explained at a later stage (upon request)

Our legal and professional fees start from EUR 55 000 + out of pocket expenses (depending on the complexity of the project and time spent). This amount includes the following:

  • KYC Procedures and processing of Due Diligence information;
  • Preparing the application to be submitted to the Central Bank of Cyprus;
  • Legal Support throughout the whole procedure until approval;
  • Legal reviewing of all supporting documentation as well as drafting and legal review of all manuals and other documents which are required as per Central Bank requirements;
  • Liaising with the Central Bank and any other authority, including administrative and secretarial time spent;
  • Establishment of one (1) Cyprus limited liability company;

The estimated time for the Central Bank of Cyprus to issue the licence is 9-11 months from the date of submission of the application.

Upon authorization from Central Bank of Cyprus, we will be happy to assist you and provide you with all and any statutory services such as Compliance support, AML Compliance support, Legal support, Internal and External Audit etc
Are you interested in the offer?
55000 EUR
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