REGISTRATION OF PAYMENT COMPANY | MONEY TRANSFER LICENSE
Registration of a payment company is a laborious procedure in terms of collecting and preparing a package of documents, requiring knowledge of the legislation, their features, as well as all relevant changes.
A money transfer license is a permissive document that must be obtained in order to transfer funds. A license to transfer funds is issued at the National Bank of Ukraine and requires the fulfillment of license conditions.
BMG has 10 years of experience in providing services for the creation and registration of payment company, as well as obtaining a license to transfer funds. BMG has successfully implemented over 1000 projects, opened over 100 financial institutions and received over 300 licenses for financial activities.
BMG services for setting up a payment company:
- Registration of payment company period: 1.5 months
- Money transfer license term of receipt: 2-6 months
- Service type: creation of a “turnkey” payment company
- Guarantee of obtaining a money transfer license: we guarantee the performance of services in full on time
- Payment method: according to the contract
- Registration of payment company cost: request a cost
- Money transfer license cost: request a quote
- Experience: since 2008
You can get a free consultation on registration of payment company and licensing of payment company by phone: +380442211110 or by leaving a request on the website, and we will contact you as soon as possible:
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Transfer of funds - the movement of a certain amount of funds for the purpose of crediting it to the recipient's account or issuing it in cash.
Payment system - a payment organization, payment system participants (payment system operators) and a set of relations arising between them when transferring funds. Transferring funds is a mandatory function that must be performed by the payment system.
Payment company is a legal entity that determines the rules for the operation of the payment system, which has a permitting document - a license to transfer funds, and also performs other functions to ensure the operation of the payment system.
A money transfer license (money transfer license) is a document of the National Bank that certifies the right of a non-bank financial institution to provide money transfer services in national currency without opening accounts.
A non-bank payment company is a legal entity that, in accordance with the legislation of Ukraine, is not a bank, provides one or more financial services and is included in the State Register of Financial Companies (Register of Financial Institutions) in the manner prescribed by the legislation of Ukraine.
Organization of the payment company
In order to create, register a payment company, you must:
- Registration of a legal entity
- Bringing to the standards of the financial company
- Company registration in the register of financial companies
- Conclusion of an agreement with the payment system
- Bringing to the regulations of the financial payment company
- Money Transfer License – Obtaining a License
Money transfer license
A license to transfer funds is issued by the National Bank of Ukraine to non-bank financial companies, subject to the following requirements:
1. Compliance of the financial condition of a non-bank financial company with a payment company.
The size of the equity capital of a non-bank financial payment company must comply with the requirements for setting up a financial company registration.
A non-bank payment financial company is obliged to disclose and confirm, along the entire chain of ownership of corporate rights of a non-bank institution, information on the sources of origin of funds that were used to form the own (authorized and / or additional) capital of this financial payment company.
The financial condition of a non-bank payment financial company must correspond to the volume and nature of its activities planned by it in the business plan. The calculations of income and expenses in the business plan must be reasonable. The National Bank has the right to require a non-bank institution to submit additional documents to justify the calculations provided for by the business plan.
The National Bank has the right to recognize the financial condition of a non-bank financial payment company as such that it does not meet the requirements if the business plan and / or financial statements show that there are no resources proportional to the planned volumes and types of activities of the payment company for the proper implementation of funds transfer activities.
A non-bank financial payment company that applies for a license to transfer funds must have sufficient funds to fulfill the business plan in the first year of its activity, but in an amount not less than UAH 500,000.
A non-bank financial payment company must meet the following requirements, must be absent:
- arrears in taxes and fees
- financial investments in the capital of key participants in its ownership structure, the total amount of which exceeds 25% of the equity capital of a non-bank institution
- significant breaches of financial obligations during the last year of its activity in relation to any bank or other legal or natural person
2. Compliance with the ownership structure of the non-banking institution
License for the transfer of funds, in order to obtain a license for a financial company, it is necessary to submit documents that reveal the ownership structure:
- notification of filing information on the ownership structure of a Payment Company
- details of the final key participants in the ownership structure of the Payment Company
- information about the owners of significant participation in a Payment Company
- schematic representation of the ownership structure of a Payment Company
3. No violations
The absence during the year preceding the date of receipt of documents, facts of violation of the non-bank payment company requirements of the regulatory legal acts of the National Bank, the legislation of Ukraine on the regulation of financial services markets (only for non-bank financial institutions), in the provision of postal services in terms of postal order ( only for postal operators), in the field of preventing and combating the legalization (laundering) of proceeds from crime, or the financing of terrorism, currency legislation and / or measures applied to it for violation of the specified legislation of Ukraine.
4. Compliance of the internal rules on the transfer of funds of a non-bank financial payment company with the legislation of Ukraine on the transfer of funds.
The rules for the transfer of funds should contain provisions on:
- conditions and procedure for the provision of funds transfer services (including a description of the payment instruments used to initiate and pay out the amount of funds transfer)
- technology of processing and execution of documents accounting procedure
- terms and procedure for storing information on the implementation of the transfer of funds
- procedure for internal control over the provision of money transfer services
- the procedure for returning funds to the initiator of the transfer if it is impossible to credit them to the account or pay them in cash to the recipient
5. Compliance of the non-bank payment company, its managers, owners of a significant share in it with the requirements for business reputation.
A non-bank payment company must meet the following integrity requirements:
- no sanctions were applied against the non-bank payment company, its managers, owners of substantial participation by foreign states (except for the state, carries out armed aggression against Ukraine), interstate associations, international organizations or Ukraine (the requirement is applied during the period of validity of the sanctions and three years after the lifting of sanctions)
- a non-bank payment company, its managers, owners of a significant stake in it are not included in the list of persons associated with the implementation of terrorist activities or against whom international sanctions have been applied (the requirement is applied during being on the list and for three years after a person is excluded from the list)
- a non-bank payment company, its managers or owners of a significant stake in it have not submitted false information to the National Bank or other state bodies (the requirement is applied within three years from the date of establishing the fact of providing such information)
- the heads of a non-bank payment company, individuals – owners of a significant share in a non-bank company have no convictions for committing intentional crimes, has not been canceled and has not been withdrawn in accordance with the procedure established by law.
Money transfer license
A license to transfer funds - a decision on its issuance or refusal to issue it, as well as stopping, renewing, revoking a license is made by the Board of the National Bank. The decision to renew the license to transfer funds, to issue a duplicate of the license is made by the Deputy Chairman of the National Bank or a person authorized by him.
The license for the transfer of funds comes into force from the date of its signing by the Deputy Chairman of the National Bank or a person authorized by him. The term of the license for the transfer of funds is unlimited.
A non-bank payment company has the right to start the provision of money transfer services from the date of signing the license for the transfer of funds by the Deputy Chairman of the National Bank or a person authorized by him, provided that the non-bank institution participates in the payment system, information about which is entered by the National Bank into the Register of payment systems, settlement systems , participants of these systems and operators of payment infrastructure services.
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REGULATORY ACTS REGULATORY ACTIVITIES
Legal and regulatory framework
01. Law of Ukraine: On Financial Services and State Regulation of Financial Services Markets
02. Regulation: On the State Register of Financial Institutions
03. Law of Ukraine On Payment Systems and Transfer of Funds in Ukraine
04. Regulation on the procedure for issuing a license to transfer funds in national currency without opening accounts
05. Regulations on the procedure for registration of payment systems, payment system participants and payment infrastructure service operators
06. Regulation on the oversight (oversight) of payment systems and settlement systems in Ukraine
PROCEDURE FOR REGISTRATION OF PAYMENT COMPANY
Stages of creating a financial company
01. Registration of a financial company
Preparation of statutory documents, approval of the position of director, registration of a legal entity
02. Bringing to standards
Formation of authorized capital, personnel training, audit, development of rules and regulations
03. Entry into the Register
Preparation of a package of documents, submission to the Commission, consideration of documents, entry into the Register
04. Obtaining a license
Development of rules and contracts, audit, preparation of documents for a license, submission to the commission, issuance of a license for financial services
WHAT CONDITIONS MUST BE FULFILLED
Requirements for setting up a Financial Company
ORGANIZATIONAL AND LEGAL FINANCIAL COMPANY
Special rules are created for: Pawnshops – in the form of a complete society; Credit unions – a legal entity whose members are at least 50 individuals; Insurance companies – in the form of a joint stock company or an additional liability company; Banks – in the form of a joint stock company and others …
Statutory documents must comply with the requirements of financial companies.
SIZE OF AUTHORIZED CAPITAL OF THE FINANCIAL COMPANY
For pawnshops – at least UAH 500 thousand or at least 1 million – if branches are opened.
For a financial company – at least UAH 3 million.
For a financial company combining several types of activities – at least UAH 5 million.
For the provision of certain types of financial services, separate requirements may be set.
The financial company must have a transparent ownership structure in which the ultimate beneficiaries and owners can be identified. The ultimate beneficiaries, owners must have confirmation of the origin of the funds.
FINANCIAL COMPANY ROOM
The premises must be equipped with appropriate computer equipment, which makes it possible to ensure compliance with the requirements for the submission of information to the National Bank of Ukraine / National Commission on Securities and Stock Market, established by the legislation governing the provision of financial services, and communications (telephone, Internet, electronic mail).
For certain types of financial services, their requirements for premises may be set.
For pawnshops, there is a place in the room for storing pledged property. A special place of storage of pledged property is a separate room or a separate territory, a place with limited access, which must meet the requirements established by law, be located at the location of the pawnshop or its separate subdivision or at another address and be equipped with the necessary means that must ensure the safety of the pledged items and the maintenance of the pledged items in good condition.
A credit institution must have a separate private or rented non-residential premises with limited access and a safe for storing money (funds) and documents, which makes it impossible to damage them.
Insurance companies must own or use premises, namely the non-residential part of the internal volume of the building, limited by building elements, with the ability to enter and exit, which is used exclusively by this applicant in the implementation of insurance activities, at the location.
Credit unions are required to have a separate room with limited access and a safe for storing money (funds) and documents, which makes it impossible to damage them.
PERSONNEL OF THE FINANCIAL COMPANY
- Requirements for the manager and chief accountant
- Professional requirements for specialists (for the securities market)
- Requirements for the person responsible for financial monitoring
The head of a financial company that provides the following financial services: lending, leasing, factoring, insurance, currency exchange, money transfer, construction financing, guarantees and sureties, are subject to the following requirements:
- have a higher education master’s degree or equivalent;
- undergo advanced training and pass an examination for the compliance of knowledge with professional requirements according to the standard training program for managers;
- have at least five years of general work experience, of which at least two years of work as a manager, in particular, at least one year as a manager in the financial services markets (for the chairman of the board of a credit union and a pawnshop manager – at least one year of work as a manager)
- have an impeccable business reputation.
The chief accountant of a financial company that provides the following financial services: lending, leasing, factoring, insurance, currency exchange, money transfer, construction financing, guarantees and sureties, are subject to the following requirements:
- have a higher education at least a bachelor’s degree;
- undergo advanced training and pass an examination for the compliance of knowledge with professional requirements according to a standard training program for chief accountants;
- have at least three years of work experience as a manager in the field of financial and / or accounting activities or work experience in the financial services markets in positions related to financial or accounting activities;
- have an impeccable business reputation.
Banks, participants in the securities market are set their own requirements.
Financial companies are subjects of primary financial monitoring, for this purpose the following requirements are set for the position of the person responsible for financial monitoring: have an impeccable business reputation, have a higher education, at least a year’s work experience in the field of preventing and combating the legalization (laundering) of proceeds from crime, take refresher courses and pass an exam according to the standard refresher training program for the subjects of primary monitoring.
For financial companies, participants in the stock and securities market, additional professional requirements may be set. So for an asset management company, in order to obtain a license for asset management, it is necessary to have at least 3 certified asset management specialists.
REGULATORY FOR REGISTRATION OF A FINANCIAL COMPANY
- The constituent documents must contain an exhaustive list of types of financial services that the financial company will provide as an exclusive type of its activity, including taking into account the restrictions on the combination of certain types of financial services. The constituent documents of a financial institution – must meet the requirements of a special regulatory legal act, according to which such a legal entity was created.
- A financial company has an internal document governing the procedure for the provision of financial services and model contracts with consumers of financial services must comply with the requirements of the law.
- Availability of an accounting system that meets legal requirements.
- Availability of accounting and recording systems (software and special technical equipment), which must comply with the requirements established by law, and provide for the maintenance of accounting transactions for the provision of financial services to consumers and reporting.
- Formation of the financial company of the authorized capital in cash, as well as the compliance of its size with the requirements of the legislation.
- Compliance of the manager and chief accountant with the Professional requirements for managers and chief accountants of financial institutions.
- The presence of the conditions necessary for the provision of financial services to consumers, namely: own or rented premises at the location of the applicant, indicated in the Unified State Register; appropriate computer technology, which makes it possible to ensure compliance with the requirements for the presentation of information established by the legislation governing the provision of financial services, and communication facilities (telephone, Internet, e-mail).
WHAT IS NECESSARY TO START REGISTRATION OF A FINANCIAL COMPANY
- Information about the Founders and ultimate beneficiaries.
- Data about the Premises (physical address where the company will be located).
- Information about the Manager, Chief Accountant, Responsible for financial monitoring (may be the person of the Director / Chief Accountant): passport, code, diploma, work book.
- The planned name of the Company.
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WHY CHOOSE US?
We know that the result is important to you, not the process. More than 10 years of work in the market, more than 1000 successfully implemented projects, we know how to get the desired result on time
More than 10 years of experience, more than 1000 successful projects throughout Ukraine
We employ practicing specialists with at least 5 years of work experience
We guarantee in the contract the implementation of a project
Years of experience