SEMI license in the UK: how to get it in 2021
Great Britain is one of the largest states in Europe, a nuclear power. The capital of the jurisdiction is London - it is one of the largest cities in Europe and the financial center. The official language is English. The country is highly developed and has a partially regulated market economy. To get a SEMI license in the UK in 2021, contact the experts at IT-OFFSHORE.
Requirements for companies to get a permit
To obtain a SEMI license in the UK, companies need to comply with a number of requirements. Any system that involves issuing funds electronically can only operate with FCA approval. A payment system license can only be issued to a legal entity that has been registered domestically.
It is possible to buy AEMI (full) license in the UK only if you have a real office. What documents will need to be submitted in addition to the application:
- A detailed description of the business development plan for several years;
- Proof of the presence of share capital of 350,000 euros or more;
- Description of customer identification;
- List of transactions to be performed;
- Proof of ability to control risks;
- Details about shareholders, founders.
There are some conditions regarding the management of the company. The proportion of residents among the directors must be at least ½ of the total. The CEO must have the status of a resident of the UK. After a license is obtained, it is possible to create an account in a bank. Periodic reporting and auditing is required. The period of authorization can take up to 12 months.
Buying a SEMI license in the UK is easier, there are no strict requirements regarding share capital, and it may not even be required. One UK resident director are required.
Advantages of registration
Having special permission gives the possibility to create own internal IBAN accounts, have access to SWIFT, and issue payment cards with electronic funds. There are some restrictions: it is not possible to attract the clients' financial assets for interest-bearing deposits, and loans will not be given.
However, the authorization of the payment institution allows serving not only individuals but also legal entities. It is possible to work with other financial institutions, including those from abroad.
It is possible to optimize taxation legally. If a person is the owner of a neobank, it will be necessary to pay an annual income tax, no other taxes are foreseen.
Opportunities may vary depending on what type of permit is to be obtained. The AEMI permit is full, an online bank can provide services without restrictions in the EU.
SEMI is a small license, which allows a financial institution to provide services within the UK. There are no strict requirements for the applicant when obtaining this permit.