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

PSP license in Germany

Germany, as the largest and most stable economy in the Euro Zone, presents lucrative opportunities for businesses seeking to establish a presence in the country. This comprehensive guide outlines the process of obtaining a PSP license in Germany and emphasizes the advantages of operating a payment service provider license in Germany within this business-friendly and…

Read more 11.09.2023

VASP license in Guernsey

In the ever-evolving realm of the digital economy, VASPs have emerged as pivotal players in the world of virtual assets. Key to legitimacy of their turnover is the acquisition of a VASP license—a regulatory prerequisite that establishes a structured framework for offering virtual asset options. Guernsey, a prominent international monetary hub, has positioned itself as…

Read more 11.09.2023

How to make a St.Kitts and Nevis Trust in 2023

In the ever-evolving landscape of off-shore economic planning, inducting a St. Kitts and Nevis Trust in 2023 presents you a unique opportunity to safeguard your assets and diversify your holdings. By drawing from a plethora of reputable sources and the latest insights, this guide will navigate you through the intricate process of crafting a trust…

Read more 07.09.2023

Crypto regulation in Namibia 2023

In the heart of southern Africa, Namibia is embarking on a transformative journey through the intricate landscape of cryptocurrency regulation in the year 2023. As digital currencies and blockchain technology continue to redefine the global financial paradigm, nations across the world are grappling with the dual challenge of embracing innovation while safeguarding the integrity of…

Read more 07.09.2023

Cryptolicense in Australia

The use of digital-currency are topic to oversight to assure buyer conservation, monetary stability, and prevention of illicit actions. This article explores the current state of cryptos controller and licensing in country. Structure of Ordinance Country has taken a proactive antidote towards crypto-regulation, aiming to strike a balance between facilitating novation and safeguarding the interests…

Read more 06.09.2023

Crowfunding program in South Africa

In recent years, crowfunding has emerged as a powerful tool for individuals, and district initiatives to access funding and turn their innovative ideas into reality. South Africa, with its dynamic and diverse economy, has witnessed the development of crowfunding programs that furnish a unique avenue for raising capital and promoting socio-economic development. This article delves…

Read more 30.08.2023

Crypto regulation in Cayman Islands

The region’s leadership is improving the legislative framework, which will help attract crypto-assets and other instruments from companies in this field. Today, the Caymans are considered one of the main points on the globe where not only investment funds, but also the fintech industry is actively developing. For companies from this sphere, it is a…

Read more 30.08.2023

Offshore VASP license

In the dynamic landscape of the digital economy, Virtual Asset Service Providers (VASPs) have emerged as crucial intermediaries facilitating the seamless exchange of virtual acquisitions, such as cryptocurrencies. The regulatory framework surrounding VASPs has evolved rapidly to ensure economic security, combat illicit activities, and foster innovation. One avenue that has gained prominence is obtaining a…

Read more 30.08.2023

Create a trust in Luxembourg

In the intricate landscape of global finance, the small European nation of Luxembourg has emerged as a beacon of stability and sophistication. With a well-established reputation for economic services, governance offers an ideal surroundings for individuals and families seeking to rescue, manage, and optimize their wealth through the association of beliefs. This article delves into…

Read more 30.08.2023

Creation of a Trust in the Cayman Islands

Before setting up a trust, the co-founders of such corps conduct a thorough regional analysis and select the most attractive parts to work in. For most, it is more usual to choose regions with which they have previously dealt or know the specifics of local regulators. Others are guided by feedback from partners and choose…

Read more 30.08.2023

Gaming license in Comoros 2023

The gaming-assiduousness is actively developing and every year there are more and more legal entities that would like to work in this niche. Therefore, more and more online-casinos and betting-services appear. When corporation representatives consider the prospect of starting to work in this market, they need to decide on the place of registration of the…

Read more 30.08.2023

Gambling license in Antigua and Barbuda

This picturesque twin-island state located in the Caribbean has emerged as a key player in the multinational online gaming industriousness. This is largely due to its robust adjustment framework and the availability of gaming permissions that attract operators from around the world.  The Evolution of Online Gaming in Isles: State recognized the potential of the…

Read more 23.08.2023