The stability of the Irish monetary sector and the chances for development in this region make many Fintech companies establish their enterprises in this state. Therefore the demand to obtain a PSP license in Ireland grows exponentially every year.
But many investors are intimidated by the complexity of Irish legislation and the need to gather documentation to get a PSP license in Ireland. To help such firms, our staff provides appropriate consulting services for opening a firm. We are also ready to help in collecting the necessary documents for obtaining a PSP license in Ireland.
Why organizations should get a PSP license in Ireland
There are enough reasons for its registration. Firstly, firms wishing to buy a PSP license in Ireland receive a direct benefit, because:
- they can operate at a corporate tax rate of 12.5% (this rate is almost 2 times lower than in Europe);
- gaining access to other Euro markets because of the economic ties and the application of identical legislation in the EU
- avoiding the re-extraction of taxes in favor of other states in the presence of PSP for sale.
For some founders, such conditions seem sufficient. But in order not to be engaged in the foundation of a new legal entity, they suggest that to buy a company with PSP license in Ireland would be a better idea. But such a policy does not always lead to success. It is much more advantageous to turn to our specialists, who will quickly help to go through the registration procedures and create a legal entity with a clean history to obtain the necessary permits.
The conditions for obtaining it
Not everyone will eventually be able to buy a payment service provider license in Ireland. Obtaining this document is a very time-consuming process and a lot of work will need to be done before it is issued. First of all, it concerns the foundation of a legal entity.
To open it, you need to have the entire package of documents collected and the legal entity has already been formally established. After that, it is possible to proceed to the procedure by which the company created will be able to register a payment service provider in Ireland. But the final decision will depend on the country’s economic controller, which is the Irish CB.
Document necessities
To obtain a PSP request and issue a document, a company must meet all the requirements for a PSP license. The financial regulator most often requests the following data for analysis:
- details about the company itself;
- data regarding its surveillance and founders;
- details about the share capital and the amount in the account;
- details about the office address;
- data about the presence of employees and their qualifications;
- financial data;
- a plan for the operation and a multi-year strategy;
- information on obedience procedures.
Some of the above data may not be provided in the first stages. But most of the docs will be needed immediately. Corporations and their founders who do not comply with the requirements for payment service providers may lose the opportunity to obtain the approval they need to operate their businesses. Therefore, it is advisable to offer all of the requested details with accompanying docs immediately.
Settings and timing
Companies who plan to apply need to make sure in advance that their business model is suitable for the chosen stir. Otherwise, refusal to obtain a payment agent license in Ireland will be inevitable. It is also important to determine the volume of operations and capacity to meet obedience conditions regularly. After that, the corporation goes through the following steps:
- meeting with representatives of the CBI before applying;
- drawing up the application;
- confirmation of permit of the app from the CBI;
- verification of the data provided;
- assessing the riskiness of the corporation’s operations;
- providing the results of the check;
- notifying the client of the determination on the app.
During the first meeting, representatives of the new legal entity can ask all the questions to the employees of the CBI. They will answer them and provide a list of the critical papers for work. Then the company prepares an app and waits for the decision of the controlling body.
The CBI is obliged to notify you regarding the receipt of the application and start the inspection. During this stage, additional information or missing information may be requested. If these docs are not proffered, the application will automatically be rejected at this stage. Representatives of the corporation can advance a new app, but it will be reconsidered.
If there are enough details, the CBI begins to examine all materials and identify their compliance or non-compliance with the requirements for the licensee. This procedure must be completed within three months. If everything is in order, the client will receive a ready-made PSP for sale and can start working.
Who to call for help
To make the process of obtaining permits faster, you should contact our staff. We are ready to help with the most complex issues and accompany your transaction until you get an offshore PSP license in Ireland. Our employees submit many applications to the Central Bank every month and have a minimal percentage of returns for revision. Therefore, you will not lose precious days and will be able to bring your business to profitability faster and get a good income from it.
