Money services license in UK

June 6, 2023
london eye with river thames

The global economy must be able to assign money`s abroad. Such services have permanently been popular, but they are particularly in demand in countrysides with stable economies and good earning opportunities. This includes the UK, where billions of dollars are transferred abroad every year.

To furnish such money-transactions, you ought services that will furnish such opportunities. They ought a Money-Services Business License to make transfers legally. Without such a license, the actual transfers will be assessed money-laundering.

Getting a Money services license in UK is not very easy. But many entrepreneurs strive to occupy a niche in this market and develop their money transfer system. There are many further kinds of licenses in the UK legislation and co-founders of corporations need to apprehend which permissions are suitable for the operations they ought.

What operations require an MSB license in UK

Before launching the Money Services Business registration in UK, corporate representatives actively study the market and find out what conditions need to be met to start their work. They assess the risks of setting up such a business, the opportunities that can be obtained through MSB in UK, and the costs of the process. But it is extremely important to understand the local legislation and know what kind`s of permission to apply for.

MSB license is most often issued for legal entities that are engaged in:

  • exchange of foreign currencies;
  • providing money transfers;
  • cashing checks that are payable to consumers.

The above-mentioned services can be provided exactly with this appointment. In this case, it is not necessary to obtain the status of more highly-rated and expensive licenses such as EMI or PI. However, for more complex transactions or if you want to work with expenditure for goods or assistance in e-commerce, companies will have to buy licenses with broader credentials.

System for acquiring a license

Only an already registered company can get an MSB license in UK. Therefore, representatives of new corporations ought to prepare in advance and collect a package of documents for the registration of a legal entity. Once the data about your company appears in the state registers, you can start the procedure of obtaining this permission. This process takes place in several stages:

  • a preparatory stage, during which the potential licensee is consulted by representatives of the regulator and informed of what documents he will furnish (to collect the necessary documents, you can use both your employees, or contact our experts);
  • creation of bank accounts with minimum funds to start up and cover all necessary expenses;
  • enrollment on the platform FCA Connect (this is a unified UK portal, where you can follow the processing of all your license applications online and communicate with representatives of the regulator through a special chat room);
  • filling out the application for the selected license (in addition to the app`s potential licensees need to attach all the docs that they were told at the meeting by representatives of the regulator (including information about the owners and leaders of the company, info about the current financial situation, etc.);
  • payment of the application fee (from £500) and providing a bank statement as proof of payment.

After the corporation has sent all the necessary documents and paid the appropriate fees, the process of checking the application by representatives of the regulator. These officials can reject the application, approve it, or send it back for revision. The first stage of verification can take place in a time frame of 3 months to a year. If adjustments need to be made, the process can take longer.

Who can help with processing

The process of Obtaining an MSB license in UK can vary greatly in timing for different companies. You can miss out on millions of pounds during the paperwork process. That is why corporations must put together the right package of documents and get their license as quickly as possible.

We can help you achieve this goal. Our employees specialize in legal issues that may arise during the execution of documentation. Each of our managers has created such applications many times, so we know exactly what a perfect application for a British regulator should look like.

We can also tell you right away what kind of license you will implement for your corporation, and you will immediately apprehend what documents you will need to submit to the regulator. We also support our client’s applications up to the stage of full confirmation of the license issuance by the regulator.

With us, you will be several months ahead of your competitors because while they will be fixing the documents, you will already be making money thanks to the earlier receipt of the permit. You can contact our specialist in any way convenient for you.

How do I register a money service business in the UK?

It is critical to register a new legal-entity and acquire permission from the local regulator.

What is the money services business UK?

This is an interchange in the interaction of furnishing money-transfer kindnesses between individuals, companies, and mixed operations. To operate fully in the UK, you need to obtain the appropriate license from the local regulator and only then will you be able to make money.

Related insights

5 Best jurisdictions for Gaming license

In the vibrant realm of online-gaming, selecting a jurisdiction for achieving gaming permission transcends a mere adjustment formality; it’s a crucial decision impacting field access, tax obligations, and the brand’s prestige. A wise choice can unlock doors to profitable fields, build trust among players and partners, and ensure a stable legal framework conducive to growth….

Read more 17.04.2024

In which countries is it better to buy Real Estate in 2024?

In the ever-evolving landscape of global real-estate acquisition, the question of where to invest money is crucial. While the past may offer some insights, the future is where depositors aim to position themselves for success. Now, in 2024, various factors come into play when determining the best countries for real-estate acquisition. From economic solidity to…

Read more 16.04.2024

Top 6 Best Offshore Jurisdictions for crypto:

In recent years, the cryptocurrency field has witnessed exponential growth, attracting investors and enthusiasts alike from all corners of the globe. However, navigating the legal landscape surrounding cryptocurrencies can be complex, with adjustments varying significantly from one lawfulment to another. For those looking to establish a crypto-related business or simply seeking a favorable adjustment circumstances…

Read more 08.04.2024

What is important to know when buying Property in Turkey?

Whether you’re considering purchasing a holiday home, an investment in property, or relocating permanently, buying real estate in Turkey can be a rewarding venture. However, like any possessions purchase, it requires careful consideration and research to ensure a smooth transaction and avoid potential pitfalls. In this guide, we’ll explore the key factors to keep in…

Read more 21.03.2024

Top 6 Promising Countries for Real Estate Investment in 2024

In the dynamic world of Investment in Real estate, identifying promising terminus is essential for maximizing returns and mitigating risks. As we navigate through 2024, several states stand out as hotspots for real-estate funding, offering lucrative possibilities and favorable field conditions. From emerging fields to established hubs, investors are eyeing these top six states for…

Read more 14.03.2024

Forex dealer license in Samoa

Admission to foreign-sourced currencies deals is granted to those financially-set establishments, monetary transfer operators and exchange-offices officially-licensed by local regulative authorities – Central Banking facility. Possession of such a permit grants  rights to spread currencies exchanging services for capital-holders and corporate clients.  Possibilities and privileges of Forex-business in Samoa Conducting brokerage-activities on FX-platforms provides stable…

Read more 26.02.2024

Fund in Luxembourg

Because of its privileged location in central part of Europe and widely-extensive expertise in field of financial tools and mechanisms, this duchy remains in demand among entrepreneurs wishing to establish funding structures locally. Commonly-choosing status of the center in EU and second most-considered essential on global level after USA is because of well-developed regulative basis;…

Read more 26.02.2024

Forex Dealer License in Solomon Islands

In a rapidly-evolving financial environment, forex-markets are a rather complex and dynamic space. For those seeking to launch a brokerage firm in this country, getting foreign exchange dealer license is mandatory in accordance with local national laws. Forex trading legal in Solomon Islands: preparation for operation Getting money changer license starts directly with officially-approved registration…

Read more 26.02.2024

Crypto regulation in South Africa

Jurisdiction is quite welcoming and supportive of cryptoassets and promotes their active implementation in local market-spaces. Regulative framework-basis for crypto-sphere is quite ambiguous, nevertheless, any activities in crypto-market are covered by strict control. Country doesn’t set a single law governing crypto-currencies, but there’re a plenty of different normative acts applying to this niche, incl. Exchange…

Read more 26.02.2024

MSB license in Dubai

Dubai International Financial Center is rapidly becoming recognized as a premier hub for MEASA. According to the Global Index, published in March 2023, Dubai occupies a leading position among financial centers in the region. Over the past five years, Dubai has consistently maintained its high position worldwide, specifically for capital-holders wishing to enter financial services…

Read more 29.01.2024

Crowdfunding in Portugal

Such schemes in Portugal continue to expand. Country’s regulator has registered six management companies operating crowdfunding resources, predominantly in area of lending. As industry develops and the number of participants grows, changes are possible due to the adoption of the Regulation on European agents providing crowdfunding services for business-projects. There may also be a move…

Read more 24.01.2024

How to begin a Cook Islands Trust in 2023

In the realm of multinational affluence governance and acquisition safety, trust-companies have long been regarded as powerful tools for safeguarding purchases and ensuring monetary privacy. The Cook Islands, nestled in the heart of the South Pacific, has emerged as a jurisdiction of choice for establishing trust-companies due to its robust lawful substructure and favorable adjustments….

Read more 22.12.2023