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Registry Cyprus Business License Application and Permit Services

Service fee for Registering Payment Institution And E-Money License in Cyprus

From

US$ 39000 Service Fees
  • Highly qualified and multilingual labour force
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PAYMENT INSTITUTION AND E-MONEY LICENSE IN CYPRUS

The licensing procedure and the operation of e-money institutions (Electronic Money Institutions - EMI) and Payment Institutions (PI) in the EU and in Cyprus are regulated by the EU Directive 2009/110/EC and the harmonised Electronic Money Law of 2012. The competent regulatory body for the licensing and supervision of EMIs in Cyprus is the Central Bank of Cyprus (CBC).

Offshore Company Corp’s services and advisory team has extensive experience in consulting existing or new e-money institutions and payment institutions considering relocating to the EU via Cyprus for new business ventures.

TYPES OF BUSINESS LICENCE IN CYPRUS

With Payment Institution and e-Money license in Cyprus, you can do any services as bellow:

  1. Services enabling cash to be placed on a payment account as well as all the operations required for operating a payment account.
  2. Services enabling cash withdrawals from a payment account as well as all the operations required for operating a payment account.
  3. 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, including:
    • execution of direct debits, including one-off direct debits;
    • execution of payment transactions through a payment card or a similar device; and
    • execution of credit transfers, including standing orders.
  4. Execution of payment transactions where the funds are covered by a credit line for a payment service user, including:
    • execution of direct debits, including one-off direct debits;
    • execution of payment transactions through a payment card or a similar device; and
    • execution of credit transfers, including standing orders.
  5. Issuing and/or acquiring payment instruments.
  6. Money remittance.
  7. 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.

BENEFITS OF SETTING PAYMENT INSTITUTION AND E-MONEY IN CYPRUS

Local presence
Local presence
Plus
Settling licensing fee
Settling licensing fee
Plus
Application docu¬ments
Application documents
Plus
Minimum capital. PI €125K. EMIs €250K
Minimum capital. PI €125K. EMIs €250K
Equal
Licence
Licence

REQUIREMENTS FOR BUSINESS LICENCE IN CYPRUS

In assessing an application for the obtainment of an Electronic Money Institutions or Payment Institution, Central bank of Cyprus carries out a “fit and proper” test on the applicant. For the purpose of this test, the shareholders, directors and senior staff members must demonstrate solvency, competence and integrity in all their dealings.

Minimum requirement of capital for Electronic Money Institutions is 250,000 EUR and Payment Institution is 125,000 EUR.

PROCEDURE & TIMELINE

2 MONTHS: PREPARATION TIME

Compiling draft application documents incl. business plan and financial projections

3-4 MONTHS: PROCESSING TIME

Submit Licence Application

The Cyprus Central Bank reviews the application and carries out ‘Fit and Proper Test’’

In Principle’ Approval

1 - 2 MONTHS: COMPLIANCE TIME AND SYSTEMS AUDIT

Incorporating the company

Depositing share capital

Issuance of Licence and Commencement of Business Approval

Implementation and systems audit of the proposed infrastructure prior to going live.

Offshore Company Corp services

Legal and corporate services

Accounting, audit and risk management

Post-licensing support

Set up company in Cyrus Now

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