Eternity Law International — News — PI license in UK

PI license in UK

Published:
April 7, 2023

To offer services in organization and implementation of money-transfers, payment-processing, attracting merchants or account-opening-services in a jurisdiction, it is necessary to obtain a permit such as a PI license in UK.

First stage of company-licensing is submission of an appropriate application – for this you need to contact FCA, which controls circulation and use of monetary assets and financial-instruments in jurisdiction. By possessing payment institution license in UK, you’ll be empowered to spread next-mentioned services:

  • performing operations with payment-account (depositing monetary means, withdrawals, payments);
  • carrying out activities with cards or similar devices;
  • transferring money, incl. another payment-system;
  • carrying out deals with credit-account;
  • providing account-information.

To set up payment institution in UK 

To obtain PI license in UK can:

  • approved payment-institutions;
  • small-payment-institutions;
  • account-data service providers;
  • account-information service providers registered in the EEA;
  • credit establishments;
  • issuers of e-money;
  • post offices with limited liability;
  • the Bank of England, EU Central Bank and national banks of the EEA countries other than the United Kingdom, unless they are acting as a monetary authority or performing other functions of a public nature;
  • state departments and local authorities, except in cases when they perform functions of a public nature.

UK FCA is jurisdiction’s fiscal-services regulative authority. It controls 59,000+ firms that offer financial-services.

Privileges of choosing to buy a company with PI license in UK

  1. Jurisdiction has the fifth largest economy in the world.
  2. Relatively low income tax.
  3. Low business costs.
  4. UK has a vast market for highly skilled labor.
  5. The rapid growth of the Fintech-industry and investments.
  6. UK has a good reputation in global financial-services sphere.

Key requirements for PI license in UK

  1. Having a minimum capital of 20,000 euros to set up payment-institution.
  2. Compliance with norms for protection of client assets.
  3. Excellent reputation, qualifications and experience of governing body of payment-institution.
  4. Compliance with the reputation of shareholders.

​Documents required to get PI license in UK 

To get PI in UK  license for sale, you’ll need to send next-mentioned documents:

  • all data about the company;
  • operations performed;
  • evidence of the availability of starting-capital;
  • business-plan and prospects of enterprise;
  • description of measures taken to ensure that customer funds are safe;
  • description of how security will be controlled within the company;
  • description of the system for controlling and responding to clients’ complaints;
  • the process of ensuring the confidentiality of customer data;
  • Security policy;
  • the measures that will be taken to ensure that the company operates continuously;
  • how we collect transaction, performance, and fraud data;
  • processes for monitoring within the company the fulfillment of obligations to combat money-laundering and terrorism-financing (AML/CFT).

We are ready to provide you with qualified assistance and complete support if you want to buy payment institution in UK. Qualified experts possess vast experience and extensive professional knowledge in the field of business licensing. In addition, we can offer you many ready-made companies and ready-made PI licenses in UK for sale – contact us right now without wasting any time.

You could be interested

Legal Due Diligence

As a rule, a legal audit or Due diligence is ordered by an investor. Less often it is done by the startup itself. Legal DD is a verification of title documents of a company, in which all existing assets of a given enterprise are subject to verification. The purpose of Legal DD is to study assets, risks...

Crypto License in France

Interest in cryptocurrencies and blockchain-technologies is rapidly increasing every day. This led to the fact that regulators and the state apparatus of jurisdictions needed to draw up and adopt certain rules and regulations regarding the regulation of cryptocurrencies, as well as any transactions and operations with them. Some countries actively support use of crypto-currencies, trying...

Regulation of cryptocurrency in Canada

Since the FinTech sector is getting more popular, many people are curious to what extent cryptocoins and related products are legal and usable. The brief answer is yes, buying and selling them is legal, however, Canada does not consider them legal tender. As this status often leads to misunderstandings, let’s take a look at the...

Ready-made company in Madeira

Madeira is located on the West Coast of the Atlantic Ocean and has been considered a link between the EU and the US since the time of Columbus. At the moment, Madeira is a member of the European Union and belongs to the Schengen area. The jurisdiction has a good economic situation, and many foreign...

MSB license in Dubai

In recent years, Dubai has emerged as a global hub for enterprise and finance, attracting entrepreneurs and investors from around the world. The city’s strategic location, modern infrastructure, and enterprise-friendly environment make it an ideal destination for various industries, including economic services. In this article, we will delve into the concept of Money Services Business...

Completion of large banks merger brings clarity and stability

In the ever-evolving landscape of the economic sector, mergers and acquisitions often stand as significant milestones that have far-reaching implications for both the institutions involved and the broader economy. The recent completion of a large-scale merger involving prominent banks has brought forth a sense of clarity and stability in an industry that has seen its...

Discover our services

The international company Eternity Law International provides professional services in the field of international consulting, auditing services, legal and tax services.

Ready-made companies for sale

Companies with a bank account around the world

Banks for sale

Established Banks for sale

Ready-made licenses for sale

Forex, cryptocurrencies, gambling, EMI, PSP, SVF, MSO, DLT

Licensing

Forex licenses, cryptocurrencies, gambling, EMI, PSP, SVF, MSO, DLT

Offshore company registration

Expert advice on the acquisition of an offshore company

Open a bank account

Open bank accounts in more than 120 banks around the world
Fill the blank:

Zurich

Dreikonigstrasse, 31A, Stockerhof
+41 435 50 73 23

Kyiv

Baseina street, 7
+38 094 712 03 54

London

Grosvenor Gardens, 52
+44 203 868 34 37

Washington

1629 K St. Suite 300 N.W.
+1 (888) 647 05 40 Toll Free

Vilnius

Gediminas Avenue, 44A
+370 52 11 14 32

Tallinn

Kesklinna linnaosa, Tuukri 19
+372 880 41 85

Edinburgh

Lochrin Square, 1
+44 203 868 34 37

Nicosia

Jacovides Tower, 5 floor
+371 665 550 51

Riga

Esplanade, 7 floor
+371 665 550 51

Hong Kong

18 Harbour Road, 35/F, Central Plaza, Wanchai
800938622 Toll Free

Singapore

Level 42, Suntec Tower Three, 8 Temasek Boulevard
+6531594300

Sydney

20 Martin Place
+61 2 888 00 365

Porto

2609 Avenida da Boavista
+351 800 500 206 Toll Free

Tbilisi

Revaz Tabukashvili Str., N 45, area N 7
+995706070360