If you are researching a place you would like starting an interaction, one of the best options would be Dubai. It is a true paradise for businessmen in different industries. The region is one of the top 10 best financial centers in the world. Therefore, to get PSP license in UAE is considered to be a great fortune. It is easier to work with this permit and the businessmen who have it are starting to get profits earlier than their competitors.
Today, thousands of companies have obtained PSP license in UAE and their founders believe that they have made the right choice. The region has fairly simple rules for obtaining a document and many prospects for work not only in the local but also in the global market. The local regulator is quite loyal to non-residents and allows all legal corporations to work.
Edges of getting a PSP license in Dubai
This region does not just take its place among the world’s financial zones. Over the past few years, the number of those wishing to apply for a payment service provider license in Dubai has grown manifold and there are many reasons for this. The most common ones are:
- low tax duties;
- a favorable economic climate;
- proximity to the major world markets;
- excellent infrastructure in the region;
- clear conditions for acquiring a due;
- transparency and honesty of the local regulator;
- compliance with international law in acquiring documents;
- well-thought-out protection of any payment dealings in the region and to other countries.
We recommend contacting out specialists to obtain a payment service provider license in UAE.
Why do we need such a license and who can use it?
Modern technologies make companies use less and fewer cash pays and more often use the non-cash payment`s form. Such incomes help not only to process payments faster. This method of remuneration dealings will also allow for quicker control over transfers between companies. It facilitates the work of regulators and allows faster detection of illegal transactions. Therefore, the presence of money remittance license in UAE is very important for the work of corporations in the financial sector.
To make mutual settlements with counterparties companies need to have access to different payment systems. To get it, you need to have permission to conduct such operations. Therefore, companies working with payment systems tend to buy payment service provider license in UAE.
Before applying for payment license in Dubai, you need to make sure that the corporation meets the minimum prerequisites for obtaining this kind of permit.
Prerequisites for the issuance of a license
To obtain a docs to operate a company must meet the requirements for payment service providers in Dubai. The FSA will determine compliance with the conditions for the issuance of the document. A company will have no problem obtaining a document if it:
- has a registered legal entity in Dubai with an official representative office (owned or rented office);
- the management of the corporation has the appropriate qualifications and experience in the field;
- among the staff hired a minimum of director, secretary, and compliance department;
- there are plans for the development of the business structure and the possible growth of assets and profitability;
- the min`s amount of assets for apps for ownership is 140 thousand dollars (for the most extensive licenses the value can be up to half a million dollars).
If a company complies with the above conditions, its representatives should not worry about getting due. The regulator will review the application and either approve or reject it or send it back for revision. In the latter case, it will be necessary to correct deficiencies or add some documents for the regulator to have a final opinion about the submitted app.
Who can help with the registration of the license
Payment agent license in UAE representatives can help themselves. But in most cases, after submitting their applications, the regulator either sends a refusal or forces them to provide a few optional additional documents. This delays the deadline for submission of the app and the company’s oversight loses money because they are unable to obtain permission to conduct operations longer.
To avoid such situations, we recommend that you turn to professionals. Our employees have been applying for various types of licenses in Dubai for many years. We thoroughly analyze all the apps submitted with our help. We give preliminary consultations and are ready to help you in getting the quickest response from the regulator.
To make an appointment for a consultation, dial the contact number on our website or fill out a feedback form and our manager will contact you within the specified time frame.
