Money services license in UK

Published:
June 6, 2023
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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.

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