Payment Institution License in Cyprus

Payment Institution License in Cyprus

The market of e-payment systems is getting more sought-after among the population. Using the functionality, you can easily perform various types of remote payments as follows:

  • to pay for cable TV;
  • to subscribe to periodicals;
  • to book a travel ticket;
  • to withdraw funds to a bank account;
  • to place an order for any product/service on the Internet and so on.

All PS run 24 hours per day and are usually trouble free.  As per the rules of use, the client is not required to complete a range of supporting documents for eligible transactions in the electronic payment system.

The demand for access to electronic settlement is rising daily by using means of communication (mobile wap sites, SMS tools and other Internet protocols).

Several types of e-payment systems are developed and provisionally classified:

  • System with card products.
  • Cash operators
  • Hardware and software complex of payment reception process.

The prevailing share of e-PSs closely monitors the customer servicing. Users of Internet payments are offered a wide range of reliable contractors. All flaws of company activity may result in technical breaks and increase the cost of entrepreneurial activity.

Therefore, when choosing payment systems, one should pay attention not to details and features of e-payments and consider the location, jurisdiction and affinity of the company providing financial services.

The Republic of Cyprus opens high opportunities for all payment transactions and accounts of firms registered within the territory of the state. As per legislation of the country, the PSs may function based on the offshore company or the settlement account opened with the credit and finance institution of the country.

Main Benefits of Payment Institution License in Cyprus

Main advantages of Payment Institution License in Cyprus:

  • Lack of terrestrial attachment. Regardless of the place of stay of the user, the latter is given the opportunity to carry out any financial transactions with the open account.
  • Free access. There are no restrictions in terms of categories of individuals and business owners who intend to open and gain access to the personal electronic user profile.
  • Data transfer protection. Ongoing payments are effected securely through a variety of methods to ensure safety of personal data.
  • Simple interface. The client does not need to have professional knowledge to use payment systems.
  • Instant crediting. Due to the developed system of hardware and communication, all payments are effected for several minutes.

Currently, owners of electronic payment systems have been committing to improve procedures for financial service delivery. The biggest achievements of companies include:

— development of data storage platform and electronic money transfer;

— higher payment safety;

— development of the new complex for anonymity and confidentiality of personal data of users;

— reduction of the client dependence on the hardware.

Main benefits and opportunities of payment systems registered at the territory of the Republic of Cyprus

FEATURES

Peculiarities of company functioning that deliver financial payment services with remote access:

  1. All financial institutions established in the Republic and that are involved in financial activities are entitled to perform settlement transactions, exchange currency, distribute data received, store information shown in the formalized form, and to perform a variety of services not prohibited by the current legislation of the island.
  2. Regulatory legal acts of the state are developed to motivate and attract new counterparties. The legislative framework ensures regulation of all aspects of company functioning.
  3. Electronic payment systems that completed the registration procedure in the country are based on total safety, security of trade secrets. Minimum tax rates apply to entities.
  4. Financial facilities do not pay taxes on capital gains to the Treasury of Cyprus.

The common consolidated corporate tax base is fixed at the low level.

Certain types of transactions require license permit:

— with credit and debit products based on the use of plastic cards;

— installation of payment terminals (POS-terminals) or mechanical device designed to transfer the imprint of the embossed data on the card for the issued receipt (imprinter);

— conducting transactions via mobile and cellular communication;

— payments platform information systems for storing, processing and transformation of data.

Nuances and Specifications of Payment Institution License in Cyprus

The Securities and Exchange Commission is in charge for control of compliance with norms of the applicable legislation, compliance of contractual clauses with all financial facilities delivering payment services.

To file the application for the license, the company needs to meet the following requirements:

  • complete the registration procedure at the territory of the Republic;
  • the company manager should have good standing and business image. The newly appointed Director is required to meet special requirements in terms of professional experience and qualification obtained. In this case, the assigned manager is not adequate.

In addition, potential business owners should submit:

  • full description of all services to deliver;
  • detailed plan for the next three years;
  • official confirmation of the due amount of financial savings sufficient to form the share capital and able to cover all management, administrative and technical costs;
  • warranty to attract the qualified specialist of legal pattern, the auditor from the specialized company;
  • complete the procedure to enter the company with the register of the State Bank;
  • create a package of papers on all internal organizational activities for consideration of representatives of the Commission;
  • prepare an application along with scanned copies of all personal documents of business members.

To make a final decision, the Commission conducts the interview when all the documents are reviewed. The results are normally announced within four months as a package of papers is submitted.

The consulting company Private Financial Services shall deliver quick and efficient services to complete all stages of the organizational process. Thanks to the experience gained and honed, the company will help to save time and money of all clients.
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