FinTech

One of the benefits of working with SBSB is the legal support of fintech projects on a turn-key basis that we offer. You come up with the idea and we make sure its full implementation in the legal realm. Fintech projects are projects that leverage innovation and technologies to compete with traditional financial institutions, such as banks and financial market intermediaries.

We offer our experience and support with obtaining financial and payment licenses, including Payment Institution/API/Small PI licenses, E-money Institution/Small E-money licenses, SVF and MSO payment licenses, banking licenses for operations in Europe and offshore banking licenses.

The approach proposed by SBSB consists in end-to-end servicing of turnkey fintech projects, covering the selection of the jurisdiction for company incorporation, monthly legal support, design of software for banks and payment systems (e-money and PSP) and ultimately the full-fledged project launch.

The range of services offered for fintech projects includes:

1. Initial consultations.
2. Determination of the project’s business model, selection of the optimum jurisdiction and tax burden calculation.
3. Company registration, opening of settlement accounts.
4. Design of internal company regulations and
5. A comprehensive IT solution (software) and obtaining relevant standardization for the IT product.
6. Preparation of all documents and applications for the payment institution and e-money institution licenses.
7. Interactions with the financial authority, preparation for and personal support for the interview with the authority.
8. Choosing a local office and hire of qualified staff (AML and KYC officers, CEO etc.).
9. Connection to SEPA, issue of IBAN.
10. Business accounting, submission of financial statements.
11. Establishment of partnerships and correspondent relations with banks and external payment service providers.
12. Support with entering into partner agreements with MasterCard/Visa,

and other additional services tailored to the project.

Furthermore, we always have ready-to-operate companies with payment licenses. SBSB experts will provide you with detailed information.

EMIs (Electronic Money Institutions) are payment institutions authorized to issue their own electronic money, distribute the same online and exchange for clients’ fiat money. In order to incorporate a company and obtain an EMI license, one needs to consider project peculiarities and the nature of the services to be offered, and choose a jurisdiction that will help achieve the desired results promptly and efficiently.

With extensive experience in financial projects, we are capable of proposing a wide choice of countries suitable for the registration of payment systems. We offer electronic money licenses in European countries, including Lithuania, Malta, Czech Republic, Cyprus, Estonia, Bulgaria, Switzerland, Great Britain and Gibraltar, and outside Europe: Georgia, Hong Kong, Singapore and Belize.

Establishment of an e-money payment institution opens up great opportunities for doing business within Europe and beyond. An important benefit the European e-money license gives is the option of EMI license certification for the euro area.

The size of the authorized capital required in the EU for electronic money companies is 350,000 euro. However, a larger amount may be demanded to provide security for customers’ assets. On average, it takes 6 months from the date of company registration to obtain an e-money license in the EU.

The approach proposed by SBSB consists in end-to-end servicing of turnkey fintech projects, covering the selection of the jurisdiction for company incorporation, monthly legal support, tax burden calculation, design of payment systems software (e-money and PSP) and ultimately the full-fledged project launch.

PIs (Payment Institutions) are institutions providing payment services. Payment entities provide for financial intermediation of customer payments. A payment entity is a channel enabling movement of cash flows not belonging to the payment entity.

This is a great solution specifically for companies collecting utility payments and further distributing the funds among utility suppliers, or entities accepting payments on behalf of third parties (e.g. online merchants or mobile network operators).

The status of a payment institution offers ample opportunities for conducting business within Europe and beyond. The size of the authorized capital required for obtaining a Payment Institution license ranges from EUR 20,000 to EUR 125,000.

Should you plan to provide services to customers in a single EU country, you may get a Small Payment Institution license, subject to compliance with the turnover specifications. If this is the case, no authorized capital requirements will apply to a PSP company.

The average term of obtaining a PI license in the EU is 3 to 6 months from the company registration date. Where there are plans to conduct payment institution operations in other countries, the company may extend its license to SEPA (Single Euro Payment Area) countries.

With extensive experience in financial projects, we are capable of proposing a wide choice of countries suitable for the registration of payment systems.

We offer electronic money licenses in European countries, including Lithuania, Malta, Czech Republic, Cyprus, Estonia, Bulgaria, Switzerland, Great Britain and Gibraltar, and outside Europe: Georgia, Hong Kong, Singapore and Belize.

The approach proposed by SBSB consists in end-to-end servicing of turnkey fintech projects, covering the selection of the jurisdiction for company incorporation, monthly legal support, tax burden calculation, design of payment systems software (e-money and PSP) and ultimately the full-fledged project launch.

An SVF license in Hong Kong is equivalent to the EMI license in Europe. Getting the SVF license is relevant if the company operations involve electronic money issue. Such well-known financial companies as WeChat Pay, Alipay Wallet, Octopus Cards and TNG Wallet hold the SVF license in Hong Kong.

The SVF payment license in Hong Kong is quite expensive and is issued for a definite term (5 to 10 years). When this term expires, repeat registration is possible under a simplified procedure. With extensive experience in financial projects, we are capable of proposing a wide choice of countries and license types suitable for the registration of payment systems.

The Money Service Operator License includes the money exchange service or the money transfer service.
The MSO license is commonly valid for 2 years. The licensee must apply for a license extension before the license expires and needs to state that they wish to continue the money service operation.

A company seeking an MSO license must be registered in Hong Kong and maintain an office with local employees. One should keep in mind that all directors and shareholders need to be present to open a bank account with a Hong Kong bank.

The approach proposed by SBSB consists in end-to-end servicing of turnkey fintech projects, covering the selection of the jurisdiction for company incorporation, monthly legal support, tax burden calculation, design of payment systems software and ultimately the full-fledged project launch.

The major benefits of obtaining a banking license include unlimited financial freedom and security, and the opportunity to enhance one’s income. Financial companies, such as fintech and FX entities, family offices, payment systems, funds, investment companies, M&As, FAs and IAs, become aware at some point that their growth and operations are restricted and they are willing to go beyond the limits set by the banks. A natural step for scaling up the business for such companies is registration of an own bank.

European licenses are well-reputed but getting a banking license in the euro area is quite complicated. The minimum mandatory capital for applicants in the EU amounts to 1 million euro.

With extensive experience in financial projects, we are capable of proposing a wide choice of countries suitable for the registration of banks and payment systems. Obtaining a banking license with the help of SBSB is easy since we offer end-to-end servicing of turnkey fintech projects, covering the selection of the jurisdiction for bank registration, ongoing legal support, tax burden calculation, assistance with the software design and ultimately the full-fledged project launch.

A banking license can be obtained in any country worldwide but there are countries where this could be done easier and at a lower price. Offshore banks offer the advantage of preferential tax treatment as they either do not incur tax liabilities at all or they pay taxes at a reduced rate which is much lower than the one paid by resident banks.

Types of Offshore Banking Licenses

International banking license: the most popular offshore license enabling you to do business with customers only outside the country in which your bank is located.

General banking license: this license enables you to conduct business operations with customers both within and outside the country where your bank is located. The capital requirements for opening a bank of this type are much higher and the banks holding a general banking license face more stringent regulation.

Restricted banking license: banks holding the restricted license are generally operated to service exclusively a company group owned by affluent people or transnational corporations, in order to manage their international liabilities. The specific nature of banks holding a restricted license is that they are capable of entering into contracts only with a certain range of persons identified in the license.

We offer a wide selection of countries issuing offshore licenses: Saint Lucia, the Commonwealth of Dominica, Cayman Islands, the Bahamas, Panama and many more. Besides, we operate in Europe and offer banking licenses in the euro zone.

Turnkey offshore banking license, legal services:

• assistance with choosing the jurisdiction and license type;
• preparation of all regulations and documents to obtain a banking license;
• tax and ownership structure advise;
• authorized capital formation advise;
• support with the selection of office and management in the country issuing the license;
• follow-up on international certifications;
• assistance with correspondent accounts;
• support with banking software development.

Obtaining a banking license with the help of SBSB is easy since we offer a comprehensive solution for anything the regulating authorities may require, including licensing, personnel management, design of the business plan, statements, audits, major banking services and a variety of outsourcing solutions for your bank.
Make a call and we will help you launch your bank as quickly as possible.