How does one get a payment license in Ireland?
Electronic money issue is a fairly competitive type of activity in the financial sector. Until recently, Great Britain has been considered the most popular jurisdiction for obtaining a payment license but with Brexit the situation is bound to change. So which jurisdictions are worth looking at?
This article offers an overview of the licensing process in Ireland, the regulator’s requirements and the license issue period.
Who issues payment licenses in Ireland?
The Central Bank of Ireland is the authority issuing payment licenses and regulating and overseeing payment institutions. Local payment service providers are regulated in keeping with the European Communities Regulation (2009).
Getting a payment license in Ireland – Applicant Requirements
Those intending to obtain an Irish payment license must meet a number of requirements set by the Central Bank of Ireland which include but are not limited to:
- office in Ireland;
- minimum of 2 resident directors;
- local risk management officer;
- local official;
- audit and accounting – arrangement with a local audit firm;
- business plan and clear security policies;
- proof of financial and technical capabilities to maintain the operations;
- an official in charge of the main business.
Besides, the applying company has to make sure it has the minimum capital. The amount depends on the type of services that the applicant intends to provide.
Stages of payment license issue in Ireland
Licenses are issued and relevant documents are processed by the Central Bank of Ireland. The issuing process in Ireland may take up to 6 months.
- The process of getting the Irish payment license basically includes 5 stages:
- The applicant submits all necessary data and documents to the Central Bank of Ireland.
- The Central Bank confirms receipt of the license application and related documents.
- The Bank evaluates the application and requests additional information. One should note that there is a possibility that the Bank refuses to issue the license even in this stage so it is important to have experience in obtaining payment licenses.
- The Bank communicates the evaluation outcomes to the applicant.
- The Bank approves or declines the application.
If you want to be sure that the Central Bank of Ireland will not decline your application and to get the payment license quickly, it is best to refer to professionals. SBSB Legal Firm has an extensive portfolio of successful payment license issues in various jurisdictions. Our lawyers will be happy to advise you on any matters related to obtaining payment licenses.
What else is there to know before applying for the Irish payment license?
Before submitting your application for the Irish payment license we advise you to make sure that your business model meets the regulator’s requirements. Besides, it is strongly recommended to review carefully all the documents of the Central Bank of Ireland pertaining to the payment license issue process. If possible, you should meet a Bank manager in person.
Getting a payment license in Ireland is not an easy task, and it is better to entrust it to professionals who will help you avoid regulator’s refusal and save your time. SBSB’s lawyers have relevant knowledge and experience in obtaining payment licenses in miscellaneous jurisdictions. Join our Telegram chat for a free online consultation.