PSP license in Cyprus

April 14, 2023
city rhodes greece with deep blue sea pale clear sky

The Cypriotics economy received a major boost due to the loyal attitude of local officials to foreign capital. Such actions have helped over the years to give the country incredible growth opportunities in the financial sector. The opportunities provided have resulted in many corporations seeking a PSP license in Cyprus and functioning from this island region. But accepting such an opportunity is not easy, although the opportunities are there for everyone.

A common mistake among non-residents is to assume that approval from the CBC is enough to obtain a permit. Of course, this will also be necessary, but to obtain a PSP license in Cyprus, there are many other tasks. First of all, it is a painstaking collection of documentation and many other nuances that not everyone pays attention to. To facilitate such procedures for non-residents, our company is ready to provide its services.

Why it is necessary to open a company with a PSP license in Cyprus

The monetary system of this country is one of the most stable in the world. That is why it is profitable to work from its territory and many businesses are eager to do so. Sometimes entrepreneurs try to buy a company with PSP license in Cyprus, but it is more effective to draw such a document for a new legal entity. In this case, your firm will not have a trail of work from the previous company`s owners.

It is profitable to open a lawful entity in Cyprus because of:

  • appealing taxation;
  • a network of professional companies to help speed up your business processes;
  • the globalization of the European economy.

If you analyze in detail each of these points, it becomes clear that buy a payment service provider license in Cyprus is an excellent acquisition that will pay off very quickly.

Underestimated fees for the benefit of the state

This is the main advantage of this region, and why companies tend to buy PSP license in Cyprus. Reduced taxes help reduce the cost of sales. PSP for sale in Cyprus also receives unique benefits. For example, net profits have the lowest corporate tax on the European continent. The sale of property rights and the payment of dividends are not subject to additional duties at all. For non-residents, there is an opportunity to avoid taxation on sources of dividends, interest, and royalties. For this purpose, the Cypriot charges have concluded more than 50 special additional agreements with other countries.

Globalization processes at work

The economies of Western and Central Europe have for many years shared common indicators of development and support. This globalization affects the blurring of borders between countries. So when a client can get a PSP license in Cyprus, then with this license he can provide his services on the territory of all the countries that are members of the EU.

It is very convenient because by avoiding double taxation, the company can receive minimal charges from the Cypriot authorities, but work without branches in other European countries, selling their products there. This is a direct benefit for the owners of this licensing format.

Kinds of activity for organizations with a PSP license

Many firms of payment services are afraid to obtain the so-called offshore PSP license in Cyprus because they assume that with it they will not be able to work in offshore areas. But the granted Cyprus license may include several types of conditioning and covers all EU countries. Most organizations with payment agent license in Cyprus can provide courtesies such as:

  • deposits cash in pay bills and servicing transactions to handle such tabs;
  • provision of cash withdrawal services from fee accounts;
  • performance of explicit debits (including one-time transactions);
  • performance of transactions using payment cards or other means of dealings;
  • making processes from recognition accounts;
  • to make dealings with credit lines (replenishments, payments, departures, etc.)
  • issuance of different revenue instruments for the realization of such payments;
  • acquiring services;
  • dispatch services concerning the provision of data on accounts.

By obtaining this license, companies will be able to provide a wide range of services, providing their consumers with all the necessary tools for conducting financial dealings.

Prerequisites for Acquiring a PSP

When involved in a PSP license the representatives of the corporation must understand that their lawful commodity will not receive this document unless it meets the following requirements for PSP license:

  • the enrollment of a permitted commodity in Cyprus has been finished;
  • an office has been opened in Cyprus;
  • a lowest initial assets of between 20,000 and 350,000 Euros.

In addendum to the documented data representatives of the company which wants to get ready-made PSP for sale must provide the following details:

  • program regarding the importance of procedures for each type of assistance;
  • a trading plan with budget forecasts and planned turnover for three financial years;
  • papers guaranteeing the presence of minimum share funds;
  • description of the instruments of management and control of illegal operations;
  • data on the director and investors;
  • presentation of the corporation’s structure with agents and open branches of the firm.

Only the corps, which meet these requirements for payment service providers, will be able to apply for the licenses. It is issued for six months.

Where to find firms that can help you get a PSP license fast

For many firms, the desire to register payment service provider in Cyprus ends at the preparatory stage. Not everyone understands the procedures for obtaining the necessary licenses, what kind of documentation must be collected, etc. For these purposes, many companies have been created in Cyprus.

Our workers are true professionals who will furnish you with legal support, and obedience usefulness and will help in the creation of an enterprise, which will bring investors a stable and high revenue for many years. The main thing is to trust professionals.

If you are looking for a firm that can help you go through the registration procedures and get a ready-made PSP for sale, our staff is ready to help you in this matter. We are worked with this kind of documentation for many years.

Most of our applications are carefully thought out and worked out. Our staff primarily works on the quality preparation of the required papers, not on the speedy filing of applications. This is why the percentage of returns for revision is close to zero. For detailed consultation and cost estimation of our assistance, we recommend calling our managers.

Related insights

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

Investment fund in UAE

The United Arab Emirates (UAE) has emerged as a global monetary powerhouse, renowned for its dynamic enterprise circumstances, strategic location, and depositor-friendly policies. One of the key drivers of the UAE’s monetary success is its robust acquisition landscape, which includes a diverse range of possibilities for local and global depositors. In this article, we will…

Read more 19.12.2023

Forex License in Estonia

In recent years, Estonia has emerged as a favorable destination for enterprises seeking to establish themselves in the European Union. The country’s progressive adjustment circumstances, digital infrastructure, and business-friendly policies have attracted a diverse range of industries, including the economic sector. Among the economic favors gaining traction is the FX(foreign exchange) industry, and many entrepreneurs…

Read more 15.12.2023

ESMA urges crypto-market contributors to begin conditioning for the transition to the MiCA adjustment

The world of cryptos is evolving rapidly, and adjustment bodies are striving to keep pace with this dynamic landscape. The Euro Securities and Markets Body (ESMA) has recently issued a clarion call to all cryptomarket contributors, urging them to start gearing up for the transition to the Markets in Crypto Acquisitions (MiCA) adjustment. As the…

Read more 12.12.2023

Crypto-tax rules, mandate data sharing from crypto-businesses

In an influential development for the cryptocurrency industry, the EU has recently adopted a groundbreaking law that imposes a mandatory requirement on crypto corporations to disclose consumer holdings. This new direction, known as the Eighth Directive on Administrative Cooperation (DAC8), signifies a pivotal shift in the adjustment terrain, aiming to enhance translucence and ensure conformity…

Read more 05.12.2023

How to sell a restaurant in 2024

Selling a restaurant is a complex method that requires careful planning, strategic decision-making, and a deep understanding of the current market trends. As we step into 2024, the dynamics of the restaurant enterprise continue to evolve, influenced by factors such as technology, changing consumer preferences, and economic conditions. In this comprehensive guide, we will explore…

Read more 05.12.2023

How to Buy a Restaurant: The 9 Steps from Inquiry to Closing

Hopping on the journey of owning a restaurant is an exciting yet complex endeavor, comprising nine crucial steps. This in-depth guide aims to provide aspiring restaurateurs with a detailed understanding and a strategic approach to navigate the intricate process of acquiring a dining establishment. Beyond the initial allure of selecting a restaurant and completing a…

Read more 04.12.2023

Instant Payments

In a groundbreaking development for the European Union and European Economic Area countries, the Council and the European Parliament have reached a preliminary consensus on the proposal for instant remittances. This innovative move is set to transform the economic landscape, enhancing the accessibility of instant payment options in euro to consumers and business-companies for consumers…

Read more 04.12.2023

VAT transactional reporting obligation for remittances

In the ever-evolving landscape of monetary adjustments, the European Union (EU) has introduced a consequential development known as the VAT transactional reporting commitment for remittances, commonly referred to as CESOP (Cross-Border Electronic Sales of Services and Payment). Effective from the year 2024, this directive mandates that all EU Payment Service Providers (PSPs) record and report…

Read more 04.12.2023

Forex license in Cook Islands

The Cook Islands, renowned for its breathtaking natural beauty and warm hospitality, has emerged as an attractive destination for commerces looking to obtain various monetary licenses. In this article, we will delve into the processes and advantages of securing Forex licenses, Securities Dealer permits, and Assets Exchanging permits in the Cook Islands. With a focus…

Read more 10.11.2023