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.

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