Essential Activities
Services that allow cash deposits into a payment account
Services that allow cash withdrawals from a payment account
Execution of payment transactions (not covered by a credit line)
Execution of payment transactions (covered by a credit line)
Issuance of payment instruments or execution of acquiring payment transactions
Money transfers
Issuance of electronic money
Purposes of obtaining a license
Conducting banking business, obtaining Visa, MasterCard, and UnionPay licenses, registering with SWIFT and SEPA, opening a neobank, opening a cryptobank, etc.
Does a new neobank need a license?
This type of activity requires a mandatory license; without one, it is impossible.
Services that allow cash deposits into a payment account
Services that allow cash withdrawals from a payment account
Execution of payment transactions (not covered by a credit line)
Execution of payment transactions (covered by a credit line)
Issuance of payment instruments or execution of acquiring payment transactions
Money transfers
Issuance of electronic money
Purposes of obtaining a license
Conducting banking business, obtaining Visa, MasterCard, and UnionPay licenses, registering with SWIFT and SEPA, opening a neobank, opening a cryptobank, etc.
Does a new neobank need a license?
This type of activity requires a mandatory license; without one, it is impossible.
Geographical Coverage
Initially, one license may be sufficient, but in the long term, it is advisable to obtain a license for each region – the European Union, Asia, North America, South America, and Africa.
Optimal Jurisdictions
Canada, Malaysia, Thailand, Kazakhstan, the United Kingdom, Hungary, Lithuania, Poland, Slovakia, the Czech Republic, and Switzerland.
Licensing Costs
A good option is Canada, where project costs start from $19,000 with a processing time of three months. A more serious approach requires licensing in onshore jurisdictions of the European Union and Asia.
General Requirements
Local company registration, a strong owner reputation, a minimum number of employees, documentation preparation, system and software demonstration, authorized capital, and a physical office (in onshore countries).
Required Employees
In general, the required staff includes at least one director, an AML officer, and a compliance officer (to save money, they do not need to be full-time employees. In complex jurisdictions, employees such as the CEO, CFO, COO, CTO, and RAO will need to be declared). If necessary, we provide assistance in finding affordable specialists and nominees.
Documentation Preparation
This part of the project is its most critical component; the success or failure of the project depends on these documents. Our team always focuses on creating unique and detailed tools, which are created from scratch for each project to avoid overlap with other projects, as regulators scrutinize them meticulously. In general, we prepare tools such as manuals, policies, a business plan, a financial projection, a profit and loss statement, a business model, questionnaires, etc.
System and Software
This is the most complex element of the project, requiring meticulous attention. In this case, we recommend purchasing software from an accredited and reputable provider, having it audited by a specialized technical auditor, installing regulator-approved protection against DDoS, viruses, and hacker attacks, installing additional protection for client wallets, and taking other measures after consulting with us.
Licensing process (many processes are carried out simultaneously)
Company registration – on average, 1 week;
Collection of information (project description) and documents (passports, diplomas, CVs, etc.)
Document preparation, as described above – approximately 4 weeks;
Submission of an application to the financial regulator – from 1 day, depending on the workload of its system;
Opening bank and/or payment accounts (safeguarding, business) – from 1 month;
Answering questions and handling the regulator's objections, as well as providing additional information and documents – from 25 weeks;
Assisting the client on other issues (payments, system, consultations, etc.);
Obtaining a license after notification from the regulator about the license issuance – from 1 week.
Reporting to the Regulator after License Issuance
The licensee is required to submit monthly, quarterly, and annual reports on all client wallets and accounts on time, indicating the size of client assets, the licensee's own balance sheet and off-balance sheet assets, profits and losses, technical information, etc. Clients often overlook these reports in the euphoria of successful licensing. For their own convenience, most prefer to delegate this responsibility to us, as it requires specialized expertise.
Taxation
Profit tax rates vary significantly by jurisdiction, ranging from 10% to 30%. Some countries impose additional taxes (VAT, sales tax, dividend tax, etc.).
Accounting and Auditing
Annual financial statements are mandatory; some jurisdictions require quarterly accounting and/or auditing. Our team provides full assistance and support to the client on all these matters.
Our team is happy to assist you with this project and fully guarantees results. We communicate clearly, providing a complete turnkey service. During our consultations, we will work with you to select a suitable licensing country, request the necessary documents, and we'll handle the rest! A small advance payment is an essential part of our relationship, with the remainder paid upon successful completion.
Initially, one license may be sufficient, but in the long term, it is advisable to obtain a license for each region – the European Union, Asia, North America, South America, and Africa.
Optimal Jurisdictions
Canada, Malaysia, Thailand, Kazakhstan, the United Kingdom, Hungary, Lithuania, Poland, Slovakia, the Czech Republic, and Switzerland.
Licensing Costs
A good option is Canada, where project costs start from $19,000 with a processing time of three months. A more serious approach requires licensing in onshore jurisdictions of the European Union and Asia.
General Requirements
Local company registration, a strong owner reputation, a minimum number of employees, documentation preparation, system and software demonstration, authorized capital, and a physical office (in onshore countries).
Required Employees
In general, the required staff includes at least one director, an AML officer, and a compliance officer (to save money, they do not need to be full-time employees. In complex jurisdictions, employees such as the CEO, CFO, COO, CTO, and RAO will need to be declared). If necessary, we provide assistance in finding affordable specialists and nominees.
Documentation Preparation
This part of the project is its most critical component; the success or failure of the project depends on these documents. Our team always focuses on creating unique and detailed tools, which are created from scratch for each project to avoid overlap with other projects, as regulators scrutinize them meticulously. In general, we prepare tools such as manuals, policies, a business plan, a financial projection, a profit and loss statement, a business model, questionnaires, etc.
System and Software
This is the most complex element of the project, requiring meticulous attention. In this case, we recommend purchasing software from an accredited and reputable provider, having it audited by a specialized technical auditor, installing regulator-approved protection against DDoS, viruses, and hacker attacks, installing additional protection for client wallets, and taking other measures after consulting with us.
Licensing process (many processes are carried out simultaneously)
Company registration – on average, 1 week;
Collection of information (project description) and documents (passports, diplomas, CVs, etc.)
Document preparation, as described above – approximately 4 weeks;
Submission of an application to the financial regulator – from 1 day, depending on the workload of its system;
Opening bank and/or payment accounts (safeguarding, business) – from 1 month;
Answering questions and handling the regulator's objections, as well as providing additional information and documents – from 25 weeks;
Assisting the client on other issues (payments, system, consultations, etc.);
Obtaining a license after notification from the regulator about the license issuance – from 1 week.
Reporting to the Regulator after License Issuance
The licensee is required to submit monthly, quarterly, and annual reports on all client wallets and accounts on time, indicating the size of client assets, the licensee's own balance sheet and off-balance sheet assets, profits and losses, technical information, etc. Clients often overlook these reports in the euphoria of successful licensing. For their own convenience, most prefer to delegate this responsibility to us, as it requires specialized expertise.
Taxation
Profit tax rates vary significantly by jurisdiction, ranging from 10% to 30%. Some countries impose additional taxes (VAT, sales tax, dividend tax, etc.).
Accounting and Auditing
Annual financial statements are mandatory; some jurisdictions require quarterly accounting and/or auditing. Our team provides full assistance and support to the client on all these matters.
Our team is happy to assist you with this project and fully guarantees results. We communicate clearly, providing a complete turnkey service. During our consultations, we will work with you to select a suitable licensing country, request the necessary documents, and we'll handle the rest! A small advance payment is an essential part of our relationship, with the remainder paid upon successful completion.
Payment system licensing (EMI PI SEMI SPI MSO MSB SVF PSP)