Share
Explore

UK Licensing Pricing Sheet

Detailed licensing application information on Small Payment Institution, Authorized Payment Insitution, Small Electronic Money Institution, and Electronic Money Institution.

United Kingdom SPI, API, SEMI, and EMI Pricing Sheet
0
Search
1
Description
SMALL PAYMENT INSTITUTION - SPI
AUTHORISED PAYMENT INSTITUTION - API
SMALL ELECTRONIC MONEY INSTITUTION - SEMI
ELECTRONIC MONEY INSTITUTION - EMI
2
Please note:
All fees mentioned below excludes HMRC or FCA Charges
All fees mentioned below excludes HMRC or FCA Charges
All fees mentioned below excludes HMRC or FCA Charges
All fees mentioned below excludes HMRC or FCA Charges
3
Our Fee
£7,500.00
£22,000.00
£22,000.00
£55,000.00
4
Compliance Manual (Anti-Money Laundering Policies)
£22,000.00
£28,000.00
£22,000.00
£32,000.00
5
IT Security Policy Outsourced
£12,000.00
£25,000.00
6
Time Frame (FCA)
3-6 Months
6-12 Months
6-12 Months
6-12 Months
7
Preparation Time (Before filing) - weeks
5
10
10
10
8
Package Includes
Drafting of Policies for SPI
Preparation of All the policies
Preparation of ALL document
Preparation of All the documents for EMI.
9
AML Policies
Business Plan
Preparation of Application forms
We also assist in Safeguarding account for EMI also as mentioned in API as this is the mandatory Requirement in EMI as well.
10
Risk Assessments
Financial Forecasts for the 3 years
Business Plans
Correspondence with FCA.
11
Program of Operations
Security and Incident Policies
Financial Forecasts
Replying to FCA Queries
12
Incident Handling Policies
Preparation of Forms for API Application
Reply to FCA Queries
Except IT and Security Policy that will be outsource to External Consultant and Invoice will be charged as Actual.
13
Security Policies
Qualifying Individual Forms
EMI is not required to Register with HMRC
14
Preparation of FCA forms
Payment services Individual forms
The Share capital of £350,000 is Mandatory Requirement to apply for EMI and Atleast 3 Experienced staff
15
Application for FCA SPI License
HMRC Registration Including all forms
The FCA Fee for the EMI Submission is £5,000 payable to FCA.
16
Online MLR Training for 1 Staff member (additional you will be charged at £600 per Person)
HMRC Correspondence
17
HMRC Registration
Drafting of Documents for HMRC Applications
18
Preparation of HMRC Application
19
Correspondence with HMRC
Apart from that We also Assist clients in fulfilling the Requirement of API that is Safeguarding account, We through our Partner bank in EU open safeguarding account for Client, The Safeguarding account is approved by FCA,
20
Preparation of HMRC Documentation
21
Applying for Fit and Proper Status of Directors
22
Requirements
To apply for the SPI licence, the following criteria must be met (from the FCA website):
The charges for Safeguarding account is £6,000 + VAT apart from the Original Invoice from Bank for Onboarding.
Application for S-EMI Application to FCA
Application for S-EMI Application to FCA
23
Share Capital Requirement of £20,000
EMD Individual forms for All directors
EMD Individual forms for All directors
24
the applicant must satisfy the FCA that its directors and/or any persons responsible for the management of the SPI, and where relevant the persons responsible for the management of its payment services, are of good repute and possess appropriate knowledge and experience to provide payment services;
The FCA Fee for the EMI Submission is £5,000 payable to FCA.
EMD form for MLRO
EMD form for MLRO
25
its projected average monthly payment transactions must not exceed €3 million;
EMD Qualifying Holding forms for all Shareholders over 10% Shares.
EMD Qualifying Holding forms for all Shareholders over 10% Shares.
26
none of the individuals responsible for managing the business has been convicted of offences relating to money laundering or terrorist financing or other financial crimes;
CV of Directors
CV of Directors
27
its head office and, where applicable, its registered office (or place of residence for natural persons) must be in the UK;
Passport of Directors (Copy)
Passport of Directors (Copy)
28
it must comply with the registration requirements of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, where those requirements apply to it;
CV of MLRO
CV of MLRO
29
where the applicant is a partnership, an unincorporated association, or a body corporate, the applicant must satisfy us that any persons having a qualifying holding in it are fit and proper persons having regard to the need to ensure the sound and prudent conduct of the affairs of a small PI; &
Passport of MLRO (Copy)
Passport of MLRO (Copy)
30
where the SPI licence applicant is a body corporate that has close links with another person (‘CL’) the applicant must satisfy us that those links are not likely to prevent our effective supervision of the applicant. If it appears to us that the CL is subject to the laws, regulations or administrative provisions of a territory outside of the EEA, the applicant must satisfy us that those foreign laws/provisions would not prevent our effective supervision of the applicant.
Proof of Address for All
Proof of Address for All
31
You must have UK-resident management for the business and a physical office. The FCA will reject any application where this condition is not met. You cannot have all non-resident directors/management. This is a priority issue now for the FCA when processing applications.
System Details (Screenshots)
System Details (Screenshots)
32
If you do not have suitable management with sufficient knowledge and experience for the business then your application will be rejected by the FCA.
Business Plan
Business Plan
33
Risk Assessment Policy
Risk Assessment Policy
34
Financial Forecasts Complete
Financial Forecasts Complete
35
Sensitive Payment data Plan
Sensitive Payment data Plan
36
Governance Arrangements
Governance Arrangements
37
Safeguarding Policy
Safeguarding Policy
38
Statistical Data Collection
Statistical Data Collection
39
Training for All Management
Training for All Management
There are no rows in this table

Want to print your doc?
This is not the way.
Try clicking the ⋯ next to your doc name or using a keyboard shortcut (
CtrlP
) instead.