Eternity Law International — News — Maltese payment license

Maltese payment license

Published:
November 23, 2022

Malta has an excellent infrastructure and conditions for payment organizations, which is why it is often chosen by foreign entrepreneurs. E-money and Payment Institution licenses in Malta require the correct submission of documents and compliance with all demands put forward by the local regulator. In order to avoid mistakes at one or another stage of licensing, we recommend turning to a specialized firm.

Conditions for payment institutions in Malta

Corporate tax is 35%. Taxable income is calculated by adding income to total capital gains. It offers special benefits for enterprises that are involved in R&D. Some preferential terms, which are calculated as a percentage (10.5-35%) of the costs of research activities, are deductible from tax liabilities. Thus, licensing a Malta Payment Institution has plenty of privileges.

Types of licensing a Malta payment institution

  1. Authorized payment firms.
  2. An electronics company.
  3. Small payment company.
  4. Small enterprise of e-means.

Registered capital of Malta payment institution

Amount needed to start providing Malta financial services is 25-125 thousand euros. It depends on the type of service you plan to offer. For an enterprise dealing with electronic money, you need to have at least 350 thousand euros to start working.

Employees

As set in payment institution license Malta, at least 2 workers must manage the enterprise. Individuals should have an excellent reputation and relevant experience in this area. The MFSA will conduct a fitness test.

E-money and payment businesses located in jurisdiction are able to outsource services if permitted by MFSA.

Documentation for getting Malta Payment Service Provider (PSP) License

  1. Activities plan for payment Institutions Malta with an overview of the types of operation you intend to do.
  2. Commercial plans that clearly describe organization and management, operating principles and supervising system for the next three years.
  3. How security-related user complaints will be monitored, processed and tracked.
  4. The mechanism for storing and tracking sensitive payment data, and how access to it will be limited.
  5. A list of actions to identify and eliminate critical operations.
  6. Principles and actions that will be applied to maintain statistics on the effectiveness of operations performed.
  7. Security policy with risk assessment.
  8. Supervision schemes within the company to prevent illegal circulation of funds and counter terrorism.
  9. Company structure.
  10. Obtaining a license for e-money in Malta needs reporting on fiscal transactions for the last 3 years, if any.
  11. Copies of documents of shareholders who own the majority of shares, the number, status and position of shareholders, and source of monetary means.
  12. Confirmation of identities of the employees who are appointed to manage the firm and the people who are responsible for managing the operation of the enterprise, proof of their clean reputation and the necessary experience and relevant knowledge in this area.
  13. Copies of documents of external auditors and enterprises involved in audit.
  14. Status of future company and address of office of the enterprise for receiving postal documents.
  15. A clear report that has been verified by a suitably qualified system auditor. The report should contain a description and assessment of the firm’s cybersecurity structure and other measures that are aimed at minimizing cyber risks.
  16. Actions to be taken to protect clients’ money.

Our experts will be happy to help at every stage of getting permission and quickly obtaining a Payment Services Provider License (PSP) in Malta, saving you extra effort and saving you time and means. We are ready to offer Malta payment institution for sale. Contact our specialists in any way convenient for you.

You can see our current offers in the categories “Cryptocoins and licensing of cryptocurrency operations”, “Ready-made companies”, “Banks for sale” and “Licenses for sale”.

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