SPS Legal
LICENSING OF BUSINESS ACTIVITIES
IN FOREIGN JURISDICTIONS
IN FOREIGN JURISDICTIONS
SPS Legal specializes in supporting licensing procedures for various types of activities in foreign jurisdictions. The team of lawyers of SPS Legal has successful experience in obtaining gambling licenses, licenses of payment systems, EMI and banks, as well as in structuring and obtaining licenses for investment funds and brokerage licenses. The SPS Legal team also has unique experience in supporting cryptocurrency projects and obtaining some of the first new types of licenses for cryptocurrency exchanges and cryptocurrency exchanges.
Our team of lawyers does not just obtain licenses for a company and hand over the project in such a state to the client, as many other companies on the market of such services do. Unique qualification and great experience allows SPS Legal experts to accompany the project at all stages right up to its conclusion in the operating mode and lead questions from certification required for the license to obtaining SWIFT codes and SEPA accounts and opening correspondent accounts. Each request for licensing is unique, so we offer you to schedule a free consultation where our experts will help you determine what type of license you need for your business.
Our team of lawyers does not just obtain licenses for a company and hand over the project in such a state to the client, as many other companies on the market of such services do. Unique qualification and great experience allows SPS Legal experts to accompany the project at all stages right up to its conclusion in the operating mode and lead questions from certification required for the license to obtaining SWIFT codes and SEPA accounts and opening correspondent accounts. Each request for licensing is unique, so we offer you to schedule a free consultation where our experts will help you determine what type of license you need for your business.
AVAILABLE TYPES OF LICENSING
AND PROCEDURES FOR SERVICES
INITIAL CONSULTATION, PREPAYMENT
Fill out an application for a consultation. An expert will contact you within 24 hours to help you determine the type of license and procedure
COLLECTION OF DOCUMENTS, PREPARATION AND FILING
Our experts will prepare all the documentation for the license application, as well as prepare all the necessary responses to the regulator
WORK WITH REGULATOR
Based on the results of the application, an additional stage of requesting information, compliance by beneficiaries
LICENSING AND SUPPORT
After successfully obtaining a license, we can additionally provide the preparation of all necessary documentation for the project
Banking licenses
To provide banking, credit and other financial services under the direct regulation of the Central Bank of Jurisdiction
Banking licenses are the most difficult licenses for payment institutions to obtain, allowing them to conduct a wide range of financial, payment and credit services. Control is exercised at the level of the Central Bank of the jurisdiction and is focused on protecting the interests of retail clients.
Getting a bank license
Receiving a banking license can be focused both on building an international and local payment business. After getting acquainted with the possible options of support, you can schedule a consultation with our specialist, who will tell you more about the procedure of obtaining a banking license.
Purchase of a ready-made banking license or share in a bank
SPS Legal offers services on purchase support, Due Diligence and subsequent organization of the transaction for the purchase of a company with a banking license. Our team has experience in supporting the purchase of banks and payment systems in the EU, Asia, CIS, Africa and the Caribbean. We always have information on available banks and shares in them for sale.
Licenses of payment systems
To provide payment services through fintech products and online payments
Payment systems and accounts from the customer's point of view are alternatives to bank accounts and are characterized by high speed of account opening, limited type of services provided, speed of verification and cashless nature of payments, as well as the possibility to perform all actions remotely. For the applicant - a payment license is a simplified service license, which can be obtained more easily than a bank license.
EMI Licenses in the EU
Requirements for the company receiving the EMI license in the EU:
- Contribution of authorized capital of 350,000 EUR to the company to be founded;
- An office with staff in the jurisdiction;
- Presence of Compliance Manager;
- The set of documents in most cases includes:
- Memorandum of Association or resolution;
- Articles of Association;
- A document confirming the existence of paid-up share capital;
- A list of shareholders (with identification of shares);
- Information on the shareholders owning the holding (if any) with a summary for each;
- Information on the members of the board of directors and management of the company with CVs for each;
- Information on companies in which the applicant or his manager's participation exceeds 20%;
- Information on the auditor of the applicant and the person(s) exercising internal control;
- A financial plan for three years;
- A business plan for three years;
- Information on IT systems and equipment;
- PCI DSS compliance (required in some jurisdictions);
- Description of organizational structure;
- Company policies or procedures;
- Internal AML/KYC Rules;
- Rules for retention of customer funds that have been received when issuing e-money;
- Two main forms of e-money existence are defined on physical media - smart cards, and virtually in the payment system server.
PSP LICENSES IN THE EU
The main requirements for a company obtaining a PI license in the EU:
1.Contribution of share capital of 125,000 EUR to the company to be founded;
2.Office with staff in the jurisdiction with a resident director and a compliance officer;
3.Set of documents in most cases includes:
1.Contribution of share capital of 125,000 EUR to the company to be founded;
2.Office with staff in the jurisdiction with a resident director and a compliance officer;
3.Set of documents in most cases includes:
- Memorandum of Association or resolution;
- Articles of Incorporation;
- A document proving the existence of paid-up share capital;
- List of the shareholders (with the definition of the shares);
- Information on the shareholders owning the holding (if any) with a summary for each;
- Information on the members of the board of directors and management of the company with CVs for each;
- Information on companies in which the applicant or his manager's participation exceeds 20%;
- Information on the auditor of the applicant and the person(s) exercising internal control;
- A financial plan for three years;
- A business plan for three years;
- Information on IT systems and equipment;
- PCI DSS compliance (required depending on the activity);
- Description of organizational structure;
- Company policies or procedures;
- Internal AML/KYC Rules;
- Rules for retention of customer funds that have been received when issuing e-money;
MSO license in Hong Kong
Specialized license of Money Operator in Hong Kong, which implies the provision of currency exchange services and implementation of money transfers on behalf of customers. It is a unique alternative payment license of electronic money issuer. It is issued for a period of 2 years with an annual review by HKCED. SPS Legal is experienced in maintaining licenses which have been renewed more than 3 times.
MSB licenses in Canada and the USA
Licenses focused on the North American market. It should be taken into account that in the U.S. MSB licenses are extended by each state. These licenses are also in demand for crypto-projects due to the fact that the legislation allows crypto-exchange operations
Payment licenses in other jurisdictions
Many jurisdictions offer the possibility of obtaining offshore payment licenses, which may be in demand in cases where the main activity of the fintech project is not focused on the EU or North America. A number of these licenses also provide for simplified rules of operation, for example, in the framework of SEMI licenses
Maintenance of payment licenses
Comprehensive support for the construction of payment infrastructure for the license
SPS Legal specialists have unique experience in supporting payment systems and banks from obtaining correspondent accounts in necessary currencies to obtaining SWIFT and Principal Member status for major payment systems. The peculiarity of this experience is in deep understanding of the technical side of the process and support of the client in formation of the proposed payment infrastructure.
Opening of correspondent accounts
Supporting clients in submitting inquiries, compiling a set of documents for the application and connecting correspondent accounts for the customer's company. Working with prepayment and success fee.
Obtaining SWIFT
Rendering services on preparing applications for connecting to the SWIFT international interbank system for transferring information and making payments.
SEPA connection
Services for connection and technical integration of client's payment services with the European payment system in EUR - SEPA as well as InstaSEPA.
Getting a Principal Member status
The SPS Legal team has successful experience in obtaining the status of a principal member of major payment systems to provide card processing services, as well as the issuance of plastic cards.
Cryptocurrency licenses
Support in structuring, licensing and subsequent support of projects related to blockchain technology and cryptocurrencies
The SPS Legal team has deep expertise in supporting more than 200 cryptocurrency projects since 2016, which includes not only obtaining the first cryptocurrency licenses, but even experience in participating in legislative initiatives, as well as participation as experts in topical forums with the participation of heads of state.
Licenses for cryptocurrency exchanges
The existing regulation applicable to cryptocurrency exchanges is gradually moving towards the requirements imposed on electronic money issuers. This process involves certain features and requirements for the identification procedure and the subsequent monitoring of the platform's clients.
Licenses for P2P crypto-exchanges
Often, small cryptoexchanges are not in need of serious licensing due to their lack of large turnover and limited customer base in a particular geographic region. In this regard, it may be more attractive for such companies to operate in licenses that have minimal requirements for operations, or in jurisdictions where virtual currencies activities are intentionally kept in a grey area.
Licensing cryptoprojects
Not every cryptoproject requires licensing, and often for its activities it is sufficient to establish a legal entity and advise the client on the order of work.
Financial services licenses
Financial intermediation and consulting services, such as financial consulting, robo-advisory and algorithmic trading, crowdfunding, crowdfunding and crowdfunding
A number of types of activities different from the activities of investment funds and brokers, for example - the provision of financial advice requires licensing in a number of jurisdictions. Our specialists have extensive experience in structuring the activities of algorithmic trading platforms and robo-advisors with the introduction of their activities to various international markets.
Financial advisor licenses (including algotrading and robo-advisory)
Services providing clients with recommendations on performing certain financial operations, as well as providing information on recommended investment strategies.
Investment fund licenses
Third-party asset management and investment structuring for large groups of companies
SPS Legal specialists have extensive experience in structuring both funds for work with unqualified investors (retail) and closed-end investment funds for a limited range of qualified investors or final beneficiary structuring its assets.
MIFID II funds
Structuring, establishment and subsequent legal support of European investment funds licensed under MIFID II.
Licensing of funds in other jurisdictions
Support for company registration and licensing for asset management outside the EU.
Brokerage licenses
Execution of customer orders
for purchase and sale of securities
for purchase and sale of securities
Supporting the licensing of securities transactions on behalf and at the expense of the client (including the issuer of securities at their placement on the stock exchange), as well as on its own behalf and at the expense of the client.
MIFID II broker license
Structuring, establishment and subsequent legal support of European brokerage companies licensed under MIFID II.
Forex Licensing
Support of registration and licensing procedures for companies providing Forex and binary options services.
Brokerage licenses in other jurisdictions
Support for company registration and obtaining a brokerage license outside the EU.
iGaming licensing and support
Gaming licenses and their support
The expertise of SPS Legal lawyers in the support of gaming projects is closely related to the support of iGaming projects. Our team provides services on legal organization of activities for online and offline projects providing services in the sphere of igaming
Betting and igaming licenses
Support in obtaining gambling licenses for companies operating online platforms, as well as offline operators.
Legal support for iGaming
Additional legal services for iGaming projects.
Start licensing your business with a free consultation
Our experts will contact you within 24 hours for details
License application
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Unit G, 6/F, Neich Tower, 128 Gloucester Road, 2630, Hong Kong
Unit G, 6/F, Neich Tower, 128 Gloucester Road, 2630, Hong Kong
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